Florida businesses that are in trouble with their debts may choose to reorganize them through filing of a Chapter 11 petition. Through this mechanism, the business's debts can be reorganized while the debtor is able to remain in possession of the business. In some cases, a business's creditors may force a business to file Chapter 11 bankruptcy as well.
A Chapter 11 bankruptcy proceeding begins with filing the petition and paying the filing fee of $1,167 along with a $500 administrative fee. In addition to the bankruptcy petition, the debtor must also file a schedule of liabilities owed and assets owned, an income and expenditures schedule, a statement of financial affairs and a statement of all unexpired leases and executory contracts.