United States Bankruptcy Code,
There are six types of bankruptcy,located under the Title 11 of the  United States Bankruptcy Code,

Chapter 7: basic liquidation for individuals and businesses.
Chapter 9: municipal bankruptcy.
Chapter 11: reorganization, is mainly used by business debtors, but sometimes by individuals also.
Chapter 12: rehabilitation for farmers and fisherman.
Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income.
Chapter 15: other international cases.

Chapter 11 permits reorganization under the bankruptcy laws of the United States.This is available to every business, whether organized as a corporation or individuals, although it is mostly used by corporate …