The gift property will be part of the bankruptcy, so I don't know how this will help you. Your creditors could ask the court to sell the house and use the money to pay your debts.
Disability income is exempt, as is life insurance, but not if you use the cash value for your own benefit.
In Chapter 11, you are the trustee, and it's up to you to craft a plan that will work. Chapter 11 is quite expensive. It's not clear from your facts that you cannot qualify for a Chapter 13. Moreover, if you are underwater with everything, then the only thing that you would prevent you from filing Chapter 7 would be if you have non-retirement account assets (brokerage/investment/CDs/etc.) of substantial value.
Way too little info in your post for any definitive analysis. Not sure how much you want to reveal in this public forum.
Most bankruptcy lawyers give free first consults and a good one will have a computer system capable of analyzing your financial circumstances.
For a bankruptcy lawyer referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=TN and www.martindale.com.
If I can help, I will -- just let me know.
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