Chapter 11 Bankruptcy
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a very complex area. Luckily, most people who file for bankruptcy in Arkansas do not need Chapter 11 bankruptcy. You can read more about Chapter 11 below; however, in most situations, filing Chapter 11 is overkill for all but the most specialized of circumstances. If you want to learn more about your options, call Crawley Law Firm at (870) 972-1150.
Chapter 11 is a type of bankruptcy usually filed by businesses, but also available to individuals under specific circumstances. If an individual has assets in excess of the requirements to file Chapter 7 bankruptcy or has debts too high for Chapter 13, it may be appropriate. If you and your lawyer decide to file Chapter 11, this information below will provide an overview of the steps and timeline of the process.
Filing For Protection From Creditors
Developing A Reorganization Plan
Waiting On A Plan Confirmation
Securing A Discharge of Debt
As with any other kind of bankruptcy, not all debts are subject to being discharged. Debts for alimony, child support, some kinds of tax debt, and others will not be relieved by the filing.
For small businesses, the timeline of events is shortened, and some of the details of the process change. In fact, of all the bankruptcy options, Chapter 11 has the most variables. Each plan is individually tailored to the financial situation of the debtor, so it can be very complicated. It is important to approach this option with the help of a skilled and experienced lawyer to ensure it is the appropriate option for filing.