Chapter 11 Bankruptcy

Chapter 11 Bankruptcy

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

For most people reading this website, Chapter 11 bankruptcy will not be the type of bankruptcy you will file.

Chapter 11 is a reorganization plan, that provides repayment different from the contracted terms.  It can lower the balances paid on some loans, can alter the time to pay, and reorganize other contractual terms.

Chapter 11 bankruptcy is a repayment plan for corporations, or for individuals who owe more that the Chapter 13 debt limits.
As of 2012 under § 109(e) the debt limits for eligibility for Chapter 13 was unsecured liquidated debt under $360,475.00; and secured liquidated debt under $1,081,400.00.

(The debts adjust from time to time so if you are close to the limits above, current numbers may have changed.)

If you are a consumer of modest means, middle class, or an 'ordinary' person, more than likely what you are interested in is a Chapter 13 reorganization bankruptcy.

Chapter 13 is similar to Chapter 11, but a lot easier & faster.

Chapter 13 is for individuals, consumers and small business sole owners.  It requires much less paperwork, moves faster and has lower legal fees.

The most common reason for Chapter 13 filing is that it helps people pay debt if they have the means to do so, allows them to keep property that they are at risk of losing without bankruptcy protection, or have secured debts or taxes that they need time to pay or catch up.

1701 Scott Avenue Charlotte North Carolina 28203
phone: 704 / 377-0776
fax: 704 / 377-0775
DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. Personal opinions may also be expressed. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.

The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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Charlotte NC Bankruptcy Lawyer Concentrating In Consumer Bankruptcy Since 1988
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