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Feeling Overwhelmed By Debt? Let’s Talk About a Chapter 11 Bankruptcy.It Maybe Your Solution.

What is a Chapter 11 Bankruptcy?

Reorganization.

To best understand if a Chapter 11 Bankruptcy is for you let’s discuss who is eligible:

  • Individuals
  • Married Couples
  • Corporations
  • Partnerships
  • Joint Ventures
  • LLC’s

Chapter 11 Bankruptcy does not have debt or income requirements or limitation. Filing a chapter 11 bankruptcy allows debtors to continue running their business and propose a plan on how they can reorganize their finances to pay of creditors. Some selling points to a Chapter 11 are:

  • Ability to retain property to keep your business operational
  • Time to sell assets you do not need or can afford, to pay off creditors
  • Modify payment terms on secure debts (i.e. real property or work related equipment loans)
  • Discharge debts that cannot be paid off over the plan term
  • Debtor does not have to turn over “disposable income”- the value of debtor’s plan payment equal at least the amount of his or her “disposable income”

Normally, a Chapter 11 has a term life of 3-5 years. This can be modified by the court, if you need more time to make the required payments.

In in a Chapter 11 bankruptcy, the appointment of a trustee is the exception and not the rule. The Court reserves the right to appoint a trustee for cases of gross mismanagement or fraud.

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