While Chapter 11 bankruptcy was originally intended for businesses, the Supreme Court has ruled that individuals may be eligible to use it as well. In many cases, individuals who have filed for Chapter 11 have done so after shutting down their small businesses. This form of bankruptcy allows individuals to maintain their homes
and other assets while reorganizing their debt.
In some cases, those who file may be able to retain their businesses once their case is settled. Individuals who file for Chapter 11 bankruptcy may also do so when they have more than $383,175 in unsecured debt and $1,149,525 in secured debt
, which would make them ineligible for Chapter 13 bankruptcy.
If you need help with business debt or don't think that you qualify for Chapter 7 or 13 bankruptcy, call Rick today
. During your free consultation, he can review your financial situation to determine if Chapter 11 bankruptcy is right for you.