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Video: Who can file for Chapter 11 bankruptcy?

Chapter 11 is known as re-organization. Most people have heard that word, reorganization. The entity or persons that can file; any corporation, any partnership, any limited liability company is eligible to file a Chapter 11. Most people don't know this but individuals can also file a Chapter 11. Chapter 11 gives these persons and entities a chance to restructure their debt and come out on the other side with a reorganized plan and move forward after a bankruptcy. The entities that generally cannot file a Chapter 11 are banks and insurance companies.