A Chapter 11 Bankruptcy is available for businesses who want the opportunity to reorganize their debt, whereas businesses that opt for a Chapter 7 Bankruptcy are past the point of reorganization and must liquidate any non-exempt assets to pay off debts. Similar to other forms of bankruptcy proceedings, a Chapter 11 bankruptcy begins with he filing of a bankruptcy petition. If the debtor is an individual or a married couple, additional requirements to the filing of the petition. There are filing fees for the filing of the petition that can be paid over time (only with court approval), or all at once upon filing. Typically, a trustee is not appointed for a Chapter 11 bankruptcy (though with sufficient cause the Court can appoint one), and instead the debtor is known as a “debtor in possession.” While the debtor is still the operator of the business, the Court must approve any major business actions such as sales of major assets, lease transactions, retaining of counsel, and other such matters.