Chapter 11 Bankruptcy is also called a Reorganizational Bankruptcy or a Corporate or Business Bankruptcy..
What is a Chapter 11 Bankruptcy? A Chapter 11 Bankruptcy is a reorganizational bankruptcy similar to a Chapter 13 Bankruptcy. However, there are limits on how much debt you can deal with in a Chapter 13. In Chapter 13 bankruptcy you can only have about one million, $1,000,000, dollars in secured debt. In a Chapter 11 there is no debt limit.
Also, you file a Chapter 11 for not only yourself as an individual but also for LLCs, Corporations, or Partnerships; you cannot file a Chapter 13 for those kinds of businesses.
There are several reasons to choose a Chapter 11 Bankruptcy:
You want to Reorganize your Debt for your business
You want to Stop one or more Foreclosures and have more than $1M in mortgages
You want to Strip a Second (2nd) Mortgage or HELOC loan from your home or investment properties
You do not qualify for a Chapter 7 or Chapter 13 Bankruptcy but still need protection
Chapter 11 Bankruptcies are more complicated and cumbersome (more expensive) than Chapter 13 Bankruptcies. However, when protecting your assets is important and you have significant assets and liabilities, the Chapter 13 may just be the solution for you or your company.
Call 253-631-6484 to talk to your bankruptcy attorney today.
We can make your life easier and less stressful. I guarantee it.
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