Yes, Chapter 11 bankruptcy is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. You need to keep in mind that the rate of successful reorganizations is very low.
Chapter 11 is not commonly available to indivduals, only Corporations.
no
trinity components
No.
File a proof of claim
C-11 is virtually always for Corporations.
no
Chapter 11 applies to individuals, partnerships, corporations, unincorporated associations, and railroads, although corporations are almost always the petitioners.
It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.
Yes it's true. However with the new bankruptcy reform it will be more difficult for consumer's to file a chapter 7. If the debtor has even a small amount of nonexempt assets, they will be required to file a chapter 13 consolidation bankrupcy rather than a chapter 7.
A business, or anything, generally can't file C-11, unless it is Incorporated.
Yes, if it is not considered insolvent and is profitable, it is likely the judge will allow the subsidiary to stay out of Chapter 11, especially if the judge determines that Ch11 would hinder the subsidiary.