Your business, a closely held corporation with 4 other shareholders

Your business, a closely held corporation with 4 other shareholders, is in serious financial trouble. A lender has suggested that it might provide lending if you could reduce your current debt load by 50%. You have some good contracts that should yield profitable results over the next year, but the collective bargaining agreement with your employees may prove to be unduly burdensome. Should you utilize a Chapter 7, 11, or 13 bankruptcy?