Chapter 11 is the reorganization chapter commonly used by businesses, but it is also available to individuals.  In Chapter 11, creditors vote on whether to accept or reject a plan, which also must be approved by the court.  While the debtor normally remains in control of his assets, the court can order the appointment of a trustee to take possession and control of the business.   

Corporations, partnerships, and sole proprietors wishing to remain in business and reorganize their financial affairs may choose to file a Chapter 11 bankruptcy. Under a chapter 11, debtors seek to restructure their debts, either by reducing the debt or by extending the time to repay. A liquidation of all or a portion of the debtor's assets may occur when filing this chapter of bankruptcy. Under chapter 11, the debtor normally goes through consolidation and reorganization to reduce the debt load.  

Chapter 11 is available to all persons who are eligible to file under Chapter 7, including railroads; however, stock or commodity brokers are not eligible to file under Chapter 11.  

Read more about Chapter 11 Reorganization