What are some examples of Chapter 11 bankruptcy?

As such, chapter 11 is generally intended to provide business debtors, like corporations and limited liability companies, the opportunity to reorganize their debt. Conspicuous examples of chapter 11 bankruptcy include Lehman Brothers in 2008, General Motors in 2009, and Kmart in 2002.

What is Chapter 11 bankruptcy?

Chapter 11 bankruptcy is the formal process that allows debtors and creditors to resolve the problem of the debtor’s financial shortcomings through a reorganization plan; see Tamir v. United States Trustee . Accordingly, the central goal of chapter 11 is to create a viable economic entity by reorganizing the debtor’s debt structure.

How do I file for bankruptcy under Chapter 11?

An individual seeking bankruptcy protection under Chapter 11 must have completed credit counseling and file a petition with the bankruptcy court that includes his or her identifying information, required documentation of income, property, and debts, and intent to file a plan of reorganization.