A chapter 11 bankruptcy is a much more involved, complex, and time-consuming process that is more customized to the circumstances of one’s case. The fees are also higher, and it can take longer than five years. Chapter 11 is usually for businesses that plan to continue operating without the bankruptcy protection of chapter 11. This gives the business an opportunity to regroup, reorganize, and force a payment plan onto their creditors that the creditors were not willing to agree to without a bankruptcy in place.
When an individual files a chapter 11 bankruptcy, it is usually someone with multiple millions of dollars in debts. They usually have debts that exceed the chapter 13 debt limits.
Call Us To Schedule Your Complimentary Debt Relief
Strategy Session (Virtual Appointments Available)