California Chapter 11 Bankruptcy Law
California businesses have a couple of options to deal with dire financial conditions, and filing for a Chapter 11 bankruptcy can be an attractive option. However, it can be a bit complex, and to be successful, the business should consult experienced legal counsel to prepare the necessary filings.
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Definition
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Chapter 11 in the federal Bankruptcy Code is specific to business and allows for a reorganization of debt and liabilities owed to creditors. Businesses most commonly affected by Chapter 11 include corporations, sole proprietorships, partnerships and other types of companies.
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California ABC System — Assignment for Benefit of Creditors 
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