Chapter 11 bankruptcy is becoming increasingly rare but is most commonly used by large businesses, corporations or individuals who wish to restructure large quantities of debt, while maintaining many assets. Businesses plan to continue operating after filing. Chapter 11 bankruptcy requires a big time and financial commitment; your business will be involved in the course of action for five years, communicating with and making quarterly payments to the U.S. Trustee’s Office. You will need the experience of a qualified lawyer to walk you through the process.
Who qualifies for Chapter 11 Bankruptcy?
If you have a secured debt of over $1,010,650 and unsecured debt of over $336,900, you may have to file for Chapter 11 bankruptcy instead of Chapter 13, unless you are willing to file for Chapter 7 bankruptcy. If Chapter 11 is determined to be your best course of action, we will put our most qualified lawyers on the case.