Chapter 11 Bankruptcy Law Services
This Filing Generally Provides for Reorganization, Usually Involving a Corporation or Partnership But Also Available for Individuals.
When businesses are in debt beyond their ability to repay, their owners look for relief. One tool often used by large businesses is a chapter 11 bankruptcy reorganization case. Under chapter 11, the debtor can present a plan for debt repayment and accompanying business and financial restructuring needed to accomplish that repayment. This plan must be approved by the courts..
Any business or individual can file for Chapter 11 bankruptcy protection. Businesses include anything from a sole proprietorship to a national corporation. Because it's commonly known by the public as a tool for large companies, individuals are often surprised that they, too, can use Chapter 11.
Chapter 11 is most often used by individuals when their debts exceed the limits allowed for a chapter 13, as of 2020 $419,275 for noncontingent, unsecured debts and $1,257,850 for secured debts. These limits are adjusted regularly based on the consumer price index.
Additionally, as in other forms of bankruptcy, a debtor seeking Chapter 11 relief typically must not have had a recent bankruptcy case dismissed for failing to appear in or comply with the court in the last 180 days. They must also have received credit counseling from an approved credit counseling agency within that time frame.
Recently, the Small Business Recovery Act was passed into law. Despite its title, it is also available to individuals and, under a new Subchapter V of the bankruptcy code, is a much less costly and complicated way to enter into a Chapter 11 filing. See this link for a comparison of former Chapter 11 filing with Subchapter V filing.
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