Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Chapter 11 bankruptcy is for corporations who need to reorganize their debts and occasionallly for very wealthy individuals who have unsecured debts that total more than $336,900.00.
If you are a d/b/a (which usually means that you are operating as a sole proprietor) then the proper BK for you would be a chaper 7 liquidation or a chapter 13 personal reorganization plan.
Under both chapter 7 and chapter 13 there is the possibility of discharging a personal guarantee on a loan. It just depends on what you are trying to accomplish.
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