Bankruptcy Filings for Individual with their Assets in Miami, Fort Lauderdale, Weston, Orlando and surrounding areas
Chapter 11 Individual Bankruptcy Lawyers
Filing for chapter 11 bankruptcy allows a person an opportunity to reorganize their debts. Filing for chapter 11 gives the debtor an automatic stay, which means they get immediate relief from the enforcement action of creditors. The filer also remains in control of their estate (in most cases) while a trustee might be appointed for cause, if so required.
It is important to work with a qualified attorney when filing for chapter 11 because the rate of success is typically low without professional guidance. Individual debtors must complete a credit-counseling course from an approved agency prior to filing in the Southern District of Florida. Szabo Law Group, as a trusted firm for bankruptcy cases, can assist individuals as they go through the chapter 11 process.
Chapter 11 Personal Bankruptcy Overview
Chapter 11 is a fairly complex process, which is why it is most often used by businesses. However, chapter 11 is at times the only recourse for individuals, especially if the income is greater than what is allowed by the chapter 7 means test. Also, secured debt in excess of what is allowed in chapter 13 will also push an individual to chapter 11. As is often the case with individuals in chapter 11, they have a large amount of real property but insufficient liquidity to pay debts.
The benefit of chapter 11 for individuals is that they are able to keep assets beyond the statutory exemptions that are common in chapters 7 and 13. Another benefit is that individuals can modify secured debts, like car loans and various mortgages, and unlike chapter 13, there are no time limits in modifying secured debts. However, because so many chapter 11 cases for individuals are unsettled, it’s advisable to seek legal counsel.
Debtors in chapter 11 can design their plans to classify creditors, which allows for easier confirmation within reasonable limits. Chapter 11 gives debtors more control over their assets, giving them the opportunity to improve their financial situation, which is a benefit to creditors. Again, the technical nature of bankruptcy laws, especially in chapter 11 for individuals, necessitates the inclusion of a legal professional with experience in bankruptcy law.
Szabo Law Group is committed to assisting individuals through their financial obstacles. Aron Szabo meets with clients and carefully studies their circumstances. Szabo Law Group makes a commitment to review clients’ particular financial circumstances and provide guidance needed to get through chapter 11 personal bankruptcies. Contact the Szabo Law Group today at (954) 210–6054.