The answer is "yes," but a consumer rarely is in a position when this is needed or desirable. Chapter 11 is a type of bankruptcy that is suited to businesses just as Chapter 7 and Chapter 13 are designed to benefit consumers. An individual is not prohibited from filing for Chapter 11 bankruptcy -- other types of bankruptcy are often more suitable -- but it's worth learning more to compare this bankruptcy with other types.
For a moment, we would like you to consider the life of a young adult who just graduated from college. He or she is going out into a world where the job market, though much better than the depths it plunged into in recent years, is not exactly forgiving. They have accrued an immense amount of debt as a result of their college education, and they are just trying to find a job to start their career.
That's something you don't hear every day. Who associates personal bankruptcy with something that might be beneficial, especially to older New York consumers?