REPRESENTING YOUR CHAPTER 11 BANKRUPTCY
Reorganization for Individuals
Many believe that a Chapter 11 is only available to businesses. However, under certain circumstances, an individual may not qualify for Chapter 13. For instance, there are debt limitations in a Chapter 13. Your unsecured debt cannot exceed $392,725, and your secured debt cannot exceed $1,184,200. In these cases, you can file for Chapter 11 bankruptcy and go into a repayment plan much like Chapter 13. There are no debt limitations in chapter 11. Also, there is no regular income requirement whatsoever in chapter 11. A Chapter 11 bankruptcy can be filed for an individual who has no income but has assets that can be voluntarily liquidated through a Chapter 11 repayment plan, and the proceeds can be used to fund the plan.
Reorganization for Businesses
Businesses, corporations, and partnerships that are struggling to stay afloat but want to remain open for business may benefit from filing for Chapter 11 bankruptcy. Under this specific chapter, business owners can reconsolidate their debts into a low monthly payment and repay their lenders over time. This option may be right for businesses that wish to keep their operations going without risking liquidation. If you are struggling with capital, investments, and returns, now is a good time to seek legal counsel from a Fairfax bankruptcy attorney. Call New Day Legal today and schedule your free, in-person consultation with our office.
When you choose to work with our firm, we can thoroughly review your case and determine whether bankruptcy is the right option for you. We are sensitive to the fact that your investments are on the line and we understand that each person’s unique debt situation will vary from the next. You need to ensure that you are working with an experienced and dedicated bankruptcy attorney from our team. Choosing to file for bankruptcy can greatly benefit your situation and provide you the peace of mind that comes from knowing that you can soon become debt free. To determine whether this option is right for you, consult our legal team at New Day Legal today!
Why work with our Fairfax bankruptcy lawyers?
By hiring New Day Legal, you can benefit from:
- More than 25 years of experience
- Flexible payment plan options
- Evening and weekend appointments
- Handling your case by phone and internet
- A seven step plan to help you restore your credit score to 720
At our office, we are fully prepared to assist individuals and business owners with obtaining the most from their bankruptcy petitions and we have successfully helped businesses, corporations, and partnerships stay open while repaying their debts. We understand that this time in your life may be stressful but we assure you that you will be in good hands when you choose to work with New Day Legal.