In this video, you will learn about a chapter 11 bankruptcy attorney. When filing for bankruptcy, there are a few options you have. With that being said, there are specific lawyers that handle the types of bankruptcy.
Chapter 11 is the reorganization of bankruptcy. MAny large companies file for chapter 11. This allows a company to declare bankruptcy and reduce debt without having to shut down. Chapter 11 is not only for large businesses. Many people who file for chapter 11 are individuals. Chapter 13 restricts the person to millions of unsecured debt. This allows people with higher incomes to declare bankruptcy. For chapter 11, the debtor has more time to plan for the repayment process. Liquidation is the most common form of bankruptcy restitution. Chapter 11 is a reorganization. They can protect assets and businesses so they can operate as normal. The first step is to file for chapter 1 11 and pay the fee. The debtor needs to show the trustee that they have a plan to repay their debt. The debtor can continue to run their business. If you are interested in learning more, keep watching this video for more information.