What is a Chapter 11 Bankruptcy?
Fresno Bankruptcy Lawyers Helping to Reorganize Debt
Among the more common forms of bankruptcy, Chapter 11 is the most versatile. Virtually anyone can file, whether you're an individual, corporation, partnership, or LLC. Chapter 11 is built upon debt restructuring instead of debt elimination. For a small business, a Chapter 11 bankruptcy allows you to keep your operations running. For individuals, it allows you to retain assets.
Chapter 11 differs from Chapter 13 in these ways:
- No income requirement
- No debt limitations
- No restrictions on who can file
- No trustee requirement
- No time limits on repayment plan
Though Chapter 11 offers more flexibility than Chapter 13, that versatility comes at a price. Generally speaking, a Chapter 11 bankruptcy is more complicated and expensive to file than a Chapter 13. Additionally, some debts that can be discharged in a Chapter 13 bankruptcy cannot be discharged in a Chapter 11 bankruptcy.
Learn more about how we can help by contacting our Fresno bankruptcy lawyers today.
Our Fresno Bankruptcy Lawyers Handle Chapter 11
At Fear Waddell, P.C. we have filed more than 1,000 bankruptcy cases in the last decade. Unlike many bankruptcy attorneys in Fresno, we handle business and consumer bankruptcies, giving us extensive experience with Chapter 11. After carefully evaluating your financial position, we can help you decide which option is best for you.
You'll find that Fear Waddell, P.C. is big enough to tackle the most complex cases but small enough to maintain the personal touch. Two of our Fresno attorneys are certified specialists in bankruptcy law by the State Bar of California. They teach other lawyers throughout central California about the intricacies of bankruptcy law. If that's the kind of experience and expertise you want guiding your financial future, contact the firm today by filling out a free consumer case evaluation.
Call (559) 418-3022 to reach us; the initial consumer consultation is free!