Adayana, Inc., asks the U.S. Bankruptcy Court for the Southern District of Indiana to extend until April 14, , its period to assume or reject the remaining unexpired lease of non-residential. Chapter 11 is a type of bankruptcy that allows the reorganization of business affairs, debts, and assets. Businesses generally file Chapter 11 if they require time to restructure their debts. Most likely, you've heard about a major corporation like General Motors or Macy's filing, but it's . May 26, · The Small Business Reorganization Act of , which went into effect on Feb. 19, , added a new subchapter V to Chapter 11 designed to make bankruptcy .