Thank you for your new question.
A bankruptcy may remain on a credit report for 10 years under the Fair Credit Reporting Act.
I am not certain why you would file a Chapter 11. A Chapter 11 is a reorganization for a business.
As an individual, there are two types of bankruptcy available. A Chapter 7
and a Chapter 13
. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.
A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.
A Chapter 13 bankruptcy is a repayment plan
for an individual. It may require that you repay some of your unsecured credit card debt
over a 3 -5 year period. However, you may retain assets that exceed your exemption.
I would be happy to tell you what the exemptions are for your state if you let me know what state you reside in