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Posted by: xanadu90 Date: Friday, October 03, 2008 6:03:15 PM
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What does Chapter 11 and Chapter 7 mean?
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Chapter 11, Title 11, United States Code
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Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals with unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00 as of April 1, 2007.

http://en.wikipedia.org/wiki/Chapter_11

Investopedia
http://investopedia.com/printable.asp?a=/articles/stocks/06/bankruptcy.asp