If you are loaded with debt that you are unable to pay and creditors are running after you left and right, it may be wise to file for chapter 11. It gives you a chance to start over and get a fresh start. The court will assign a trustee to take over your debts and your assets. He will be the one creditors will hound not you.
After your bankruptcy case has been filed and then discharged by the court, some people are actually able to get credit although unsecured ones. It is also a chance to build up your credit ones more.
