Debtor's Election of Subchapter V A Debtor's Election of Subchapter V is a legal choice made by a debtor to proceed under Subchapter V of Chapter 11 in the U.S. Bankruptcy Code, which is designed specifically for small business debtors. This election allows for a more streamlined and less costly reorganization process, providing small business debtors with mechanisms to facilitate quicker and easier debt restructuring.