If a company has more debt than its assets or revenue, it may apply to the court for reorganization. It is one of the last means to save the business. However, the enterprises in our country are mostly small and medium-sized, and lack of sufficient profitability to pay off the debt. Hence, the application of reorganization has often rejected by the court and the success of corporate reorganization case is not many.On the other hand, the American?companies?may?voluntarily?decide to seek Chapter 11 protection in court, and negotiate with the creditors. This view?looks?really interesting. For the most part, when a company under financial distress is applying to bankruptcy, neither a company nor a creditor can get much profit in the end. It is also difficult to pay?a?creditor in the full amount or even better. As the result of the Chapter 11 protection, it is not only to force creditors negotiating with debtor, but also the corporate can be regenerated finally. The?creditors'?claims,?as a result, are more likely to be satisfied than liquidation.Whether an application of a corporate in chapter 11 will be rejected by the court, in addition to the assets and liabilities of itself, the plan of reorganization proposed, the?possibility?of?implementation, the?admission?of creditors, fairness and honesty, the probability of repayment and so on, are the key points. Thus, this research will focus on the reorganization plan, and provide a reference for legislature to amend Act.