This type of bankruptcy is available for business, to allow troubled companies (or even individuals in business) to reorganization or restructure debt so that the business can continue to function.  The idea is that a going business will probably be better able to pay debts, that liquidating a defunct business.  A detailed plan or reorganization must be submitted by the debtor to all creditors approximately four months after the case is filed.  Creditors are allowed to vote for or against the plan.  If a majority of creditors fail to vote for the plan, the Bankruptcy Court may still approve the plan in certain circumstances.