My mother owns a business (s-corp) and has been hit pretty hard by the economy, cheaper competition and a maxed out credit line. She's contemplating chapter 11, and as the sole owner understands that she's ultimately liable for the debt, but doesn't want to lose her house. Her plans were to pay down the debt and sell the company or just close it, but it doesn't appear that that's going to happen. How long would it take for her to revoke s-corp status, reverting to a c-corp - and is this even possible? What might other options be?