Which is Best for You? Chapter 7 or Chapter 11?
If you ask businessman with regards to the type of bankruptcy that they would rather opt for, they would tell you that they would choose a Chapter 11 anytime. Why? This is because with a chapter 11, they would be given an opportunity to implement certain ways and means that could help them pay off their debts, and at the same time, collection calls are halted. Although bankruptcy filing statistics would show you that there have been a lot of chapter 7 filings compared to chapter 11, it still does not negate the fact, that Chapter 11 is still a better recourse than chapter 7.
