In chapter 11 bankruptcy, a business (usually) is trying to stay open by modifying its debts and getting rid of some. In a chapter 7 bankruptcy, a business is liquidating itself and usually has to shut down as a result.
Chapter 7 is discharge of all debt. Chapter 11 is the business (or rich individual) version of Ch 13 and allows you to reorganize your debt. In either case, you should contact an attorney. Business...
Chapter 7 bankruptcy is a final liquidation of the company. Assets are sold off to pay debt. Chapter 11 bankruptcy is a rehabilitation bankruptcy. The company (or individual) is given a chance to...
To somewhat oversimplify: Chapter 11 is "reorganization" for Corporations or a business, & Chapter 13 is a very similar thing for people. Debts and life are paid off/down and things re-organized....
There are MAJOR differences between the three types of bankruptcy that demand you familiarize yourself with them and decide which, if any, is the best option for you. Proceedings under Chapter 7,...