Chapter 7, also referred to as the liquidation bankruptcy, is when the court appoints a trustee to oversee the sale of as many of an individual's assets as are needed to pay the creditors. Unsecured debt, like credit card debt, is usually erased. However, Chapter 7 does not forgive any taxes that are owed or student loans. Individuals are allowed to keep "exempt" property. Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor’s business affairs, debts, and assets, and for that reason is known as "reorganization" bankruptcy. It is most often used by large entities, such as businesses, though it is available to individuals as well. The main difference is that the entity filing for bankruptcy remains in control of operations and is not required to liquidate assets.