A case filed under Chapter 11 of the United States Bankruptcy Code has historically been referred to as a "business reorganization bankruptcy." However, Chapter 11 is also a valuable tool for many individuals, and Parker & DuFresne, P.A. Files more Individual Chapter 11 bankruptcies than most any other bankruptcy firm in the country. One of the main reasons people file Chapter 11 bankruptcies is that they can cram down the balance owed on any secured debt to the fair market value of the collateral, including any house not resided in by the debtor. Under Chapter 11, you may continue to operate your business and personal affairs, but your creditors and the court must approve a plan to repay your debts. The plan determines the treatment of various classes of debts, meaning who will get paid what during the duration of the plan. Once this plan is "confirmed", you will start paying your debts in accordance with the confirmed plan. Once all plan payments have been made, the Court will enter a discharge and your Chapter 11 case will be closed.