Individual Bankruptcy - Chapter 11 - Restructuring
An individual may file for Chapter 11 Bankruptcy protection when their debt exceeds the limits of $360,475 of unsecured debt and $1,081,400 in secured debt.
The debtor, be it an individual or a business, becomes a debtor and debtor-in-possession. The debtor-in-possession has the majority of the rights and responsibilities of a bankruptcy trustee, except for the right to compensation. The debtor-in-possession can file lawsuits to avoid transfers of money to creditors; obtain loans for the debtor; and accept or reject contracts. Many of these powers must be exercised with court approval.
A Chapter 11 Bankruptcy stays on an individual’s credit report for 10 years from the date of filing the petition.
Feel free to contact Tony at (347) 464-8277 or [email protected] with any questions.
The debtor, be it an individual or a business, becomes a debtor and debtor-in-possession. The debtor-in-possession has the majority of the rights and responsibilities of a bankruptcy trustee, except for the right to compensation. The debtor-in-possession can file lawsuits to avoid transfers of money to creditors; obtain loans for the debtor; and accept or reject contracts. Many of these powers must be exercised with court approval.
A Chapter 11 Bankruptcy stays on an individual’s credit report for 10 years from the date of filing the petition.
Feel free to contact Tony at (347) 464-8277 or [email protected] with any questions.