Primarily a corporate function of reorganization.
Judicial oversight typically resolves the financial difficulties under this filing.
Chapter 12 (farmer/fisherman) or Chapter 13
Individual reorganization and rehabilitation.
Statutory relief may be granted without creditor approval.
This chapter is often referred to as the 7 years of bad credit to avoid an immediate foreclosure option.
Creditors must be paid pursuant to a 3-5 year plan.