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A debtor initiates a Chapter 7 bankruptcy by filing a Petition with the bankruptcy court. The bankruptcy petition is a standard federal form that covers substantial financial information about the debtor and their family. Debtors must sign their petitions under oath.

Unlike other types of consumer bankruptcy, Chapter 11 bankruptcy does not strictly define what will happen to debts. Certain types of debts (such as student loans, unpaid child support, and unpaid taxes) are not dischargeable, so if these are part of the bankruptcy, the plan must include a way to pay those back.

Chapter 11 reorganization is not necessarily terminal for a business. It can provide relief from unsustainable debt levels, the ability to unravel burdensome contracts, and breathing room to develop a plan. Once a debtor and its creditors reach agreement, the business starts fresh with a new balance sheet.

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.

In Florida, Chapter 13 bankruptcy is a court-supervised payment plan whereby the bankruptcy debtor pays their secured and unsecured creditors a monthly amount based upon the debtor's family income and reasonable expenses.

The Chapter 12 process provides family farmers and fishermen with an opportunity to reorganize in a manner that is tailored to fit their circumstances better than Chapters 11 or 13. Chapter 11 reorganizations are ideally suited for large companies with strong existing management or for sole proprietorships.