Subscribe to E-Mail Updates.
Join Us on Facebook!
Watch Us on Youtube.
Follow Us on Twitter!Who Files Chapter 11 bankruptcy?
Filed in Chapter 11 Bankruptcy on Sep.26, 2009
Chapter 11 bankruptcies are filed by individuals and businesses whose debt levels fall outside of the amounts allowed for a Chapter 13 bankruptcy or Chapter 7 bankruptcy filing. If a debtor owes more than $336,900.00 in unsecured debt or more than $1,001,650.00 in secured debt, he/she will need to file Chapter 11 bankruptcy. Even if a debtor wanting to file Chapter 13 bankruptcy owes slightly more than the allowable debt levels, he/she may be forced to filed Chapter 11 bankruptcy. Usually, the following types of high income debtors need to file Chapter 11 bankruptcy:
- Professional Athletes
- Lawyers
- Doctors
- Celebrity Actors, Singers
- Real Estate Developers
- Business Executives
- Business Owners
Most common reasons for filing Chapter 11 bankruptcy include:
- IRS Troubles
- Lawsuits
- Vicious Divorce Battles
- Losing Professional License
- Business Failure
- Foreclosure
- Medical Emergency – High Medical Debt
This website uses IntenseDebate comments, but they are not currently loaded because either your browser doesn't support JavaScript, or they didn't load fast enough.
Leave a Reply