CHAPTER 11 BANKRUPTCYCHAPTER 11 BANKRUPTCY IN FLORIDA
CHAPTER 11 FOR IN-DEBT INDIVIDUALS
When you are facing bankruptcy, you may think your only options are Chapter 7 or Chapter 13. If you are not eligible for a Chapter 7 bankruptcy via the means test, you probably feel even more limited in your options. However, those aren’t your only choices! You also have the option of a chapter 11 bankruptcy in Florida. For individuals, Chapter 11 bankruptcy is a good choice for those who exceed the income and asset limit criteria for Chapter 7 but still need help managing debt.
Why would that happen? The truth is, a financial crisis can happen to anyone. The inability to manage debt is a problem that is relative to every person’s unique situation. Just because you are making more money than the limits of the Chapter 7 means test allow for doesn’t mean you can manage your debt. In many cases, the more a person who is struggling with debt’s income is, the greater the amount of debt they have. In these cases, Chapter 11 is a good fit.
Chapter 11 bankruptcy can be complicated. Because it is typically used for business bankruptcy filings, many people write it off as too tricky to navigate for personal debt relief. However, with the help of an experienced legal team, it is manageable – and could be the answer to relieving your debt. Let our knowledgeable team guide you through the process and help you find financial freedom. With our knowledge of both business and personal bankruptcy, we can help with almost anything!
FREQUENTLY ASKED QUESTIONS
CAN AN INDIVIDUAL FILE FOR CHAPTER 11 BANKRUPTCY?
Yes. While it’s true that Chapter 11 bankruptcy is typically applied to businesses, it can also apply to individuals who have a higher income or larger amount of assets than those who meet the eligibility criteria for Chapter 7 or Chapter 13 bankruptcy. Ask your attorney if you qualify.
WHY CHOOSE CHAPTER 11 OVER CHAPTER 7 OR CHAPTER 13 BANKRUPTCY?
As we mentioned, a Chapter 11 bankruptcy might be your best choice if your income or assets exclude you from eligibility from Chapter 7 or Chapter 13 bankruptcy. To find out if that’s true, you’ll need to apply the “means” test to your situation and also consider a number of factors. A Chapter 11 bankruptcy attorney can guide you in the right direction and help you make an educated decision.
IS CHAPTER 11 MY ONLY OPTION IF I AM A BUSINESS OWNER?
No. Chapter 11 is often a good choice for dealing with debt as a business owner, but you have other options as well. There are subchapters dedicated to businesses of different types and sizes, as well as business bankruptcies under Chapters 7, etc. Ask your attorney for details.
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There aren’t enough words to describe my satisfaction with this firm. Filling for Bankruptcy is not an easy decision to make but sometimes you have no way out. Aron and Kim helped me through the whole process and they are just great. When considering this option I will encourage you to go with the best Szabo Law Group. Thanks to them I can have now a new beginning.