bankruptcy chapter 11 definition

In short, can someone explain to me, the process of bankruptcy?

I think about the occupation in NY State and would like to know the pro's, Contra, no fees and the exact definition of the 11th chapter 5 stars for the winners.

Chapter 7 bankruptcy is the complete and final, in which the judge agrees that you can not pay your creditors anything that your debts far outweigh your assets and your ability to repay. Chapter 11 and it is, if you need help from your creditors and their collection efforts, but your ability and gain assets are too high to just discharge, without some money. The judge in one chapter. 11 provides a "workout plan" whereby all your debts are bundled together and make a payment to a Court appointed receiver a month (maybe 40 cents on the dollar debt to distribute) to each of your creditors. If this plan is met, usually 2-4 years, the balances of your debts are discharged and your bankruptcy has been settled. During this time your not allowed large assets (houses, boats, large Gifts to relatives), or any other debt without acquiring prior approval of the court. The disadvantages are that your credit card will need to cover up for re- be and it takes at least two years. The cost of filing, attorney and court costs should be between $ 2,000 and $ 5,000. Stay away from the lawyers, that run cattle operations and shop advertising on TV. Get a referral from your local bar association.

Uncharted 2 Walkthrough HD Part 18 Chapter 11 Keep Moving