With bankruptcy, chapter 11 is widely known as a corporate form of bankruptcy even though individuals can file as well. Chapter 11 offers a restructuring of the business (or individual's) finances so that they can avoid liquidating their assets in order to pay their creditors. What this means is that the businesses can continue running and the individual can keep their homes and cars as long as they adhere to the payment arrangements that have been introduced into courts. These arrangements are usually done with the help of consumer credit counseling agencies who will negotiate with creditors to lower either the interest rate, the principal or by some other means make the payments more manageable. Bankruptcy is a long and drawn out process and should not be considered lightly. If bankruptcy does seem to be the only option, one must carefully choose which form of bankruptcy they will declare. An attorney or even a credit counselor should be able to help with that. Since 2005, bankruptcy is not as easy as it was and it involves a lot more stress and aggravation now. People are advised to try to find alternate ways of dealing with their debt rather than filing bankruptcy; chapter 11 or otherwise.