Chapter 11 bankruptcy an option for individuals

Some individuals may be eligible to file for Chapter 11 bankruptcy protection.

2013-04-16

April 16, 2013 (Press-News.org) Chapter 11 bankruptcy an option for individuals

Article provided by Law Offices of Andrew H. Griffin III
Visit us at http://www.andrewgriffinlawoffice.com

Difficult economic times can result in even the most successful individuals experiencing money issues. Employers decide to reduce hours or salaries, and businesses struggle to meet sales and revenue projections. For people having difficulty making ends meet, it can be challenging to wait for the economy to rebound. Filing for bankruptcy is one way that individuals can rebuild their finances. Many are afraid to file for bankruptcy, because of the consequences that may result. This can include the impact on their credit, or being forced to part with some of their assets to repay debts.

Each type of bankruptcy offers a different path to recovery, and eligibility will depend upon each person's financial situation. Chapter 7 allows debtors to have their dischargeable debts eliminated with a one-time payment. This type of bankruptcy may require the individual to part with certain assets, but this will depend upon the bankruptcy plan that is created.

Chapter 13 is a repayment plan form of bankruptcy, which allows individuals to make payments over a three- to five-year time period to eliminate their debts. Once the time period required in the filing has been completed, the debtor's dischargeable debts will be considered to be repaid.

Chapter 11 is another type of bankruptcy that may benefit people with financial problems. Most associate Chapter 11 bankruptcy with businesses, not individuals. However, this type of bankruptcy allows individuals to get the time they need to regain control over their finances.

The specifics of a Chapter 11 bankruptcy for an individual are somewhat similar those in place for Chapter 13. Like Chapter 13, Chapter 11 involves a repayment plan, but there may not be a specific time period in place. The debtor works with his or her creditors to create a plan that allows the repayment of the debts owed.

Often, this type of bankruptcy works best for those individuals who have a steady income to depend upon. It also will potentially allow a person to keep assets while going through the process.

One of the biggest advantages that Chapter 11 bankruptcy provides is the protection offered by the automatic stay. Once an individual files for bankruptcy, he or she cannot be pursued by creditors for past-due debts. Any lawsuits must stop, and the debts will be included in the bankruptcy plan. This can be especially beneficial to homeowners on the brink of foreclosure.

If you are experiencing difficulty meeting your monthly obligations, speak an experienced Chapter 11 bankruptcy attorney to discuss your options. You will need to meet specific criteria to file under this type of bankruptcy, and waiting only increases the debts that you may owe.

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Chapter 11 bankruptcy an option for individuals

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