In August President Trump signed a law that significantly reforms Chapter 11 for individuals and small businesses. The law become effective on February 19, 2020.
When an individual or small business wanted or needed to restructure debt, there were two options. Chapter 13 was the preferred option, but it was not always available. It has a debt limit which can affect some debtors. It is also limited to individuals. If a corporation or LLC was owned by an individual or married couple we would treat it as a sole proprietorship. However, this approach had both tax ad and liability issues.