Chapter 11 provides for a “reorganization” that allows parties to keep assets while going through the bankruptcy process to get a Reorganization Plan approved by the Court. Creditors get to vote in a Chapter 11 so its nice to have as many friendly creditors as possible! Corporations and LLCs must file a Chapter 11 or 7. Individuals file a Chapter 11 when they don’t qualify for a Chapter 13. Chapter 13 cases are only available to individuals who have less than about $1,080,000.00 in secured debt and about $360,000.00 in unsecured debt. Exceeding these debt limits for Chapter 13 means that only Chapter 11 is available for re-organization.
This chapter of the bankruptcy code is the most complicated of the bankruptcies. San Jose Chapter 11 Attorneys at the Law Offices of David A. Boone understand this complicated process and have confirmed dozens of Chapter 11 Plans for both our corporate and individual clients. The Chapter 11 Bankruptcy Attorneys at the Law Offices of David A Boone have a unparalleled record of success in their Chapter 11 Cases.