Chapter 11 bankruptcy isn’t only for organizations. There are lots of those with sufficient personal assets to require an idea that may manage their unique issues.
The typical aim of Chapter 11 bankruptcy would be to put together a debt reorganization and payment arrange for companies and folks with both significant financial obligation and significant assets. It offers security from undesirable creditor actions such as for example repossessions and legal actions and provides you the chance to turn your finances around.
While Chapter 11 bankruptcy is designed for companies, it really is a choice for many people aswell. When you yourself have high-end genuine home, such as for example a multimillion-dollar house, that you would like to guard throughout the bankruptcy process, Chapter 11 might offer you more protection than Chapter 13 and can even be your sole option to guard it. Many people who apply for Chapter 11 bankruptcy have actually numerous properties, including leasing properties, they wish to protect.
Fredericksburg Bankruptcy Attorneys
Fredericksburg Crisis Bankruptcy Attorney
Fisher-Sandler, LLC вЂ“ Fredericksburg, VA was helping Spotsylvania County residents declare crisis bankruptcy petitions since 1999. Continue reading “What exactly is Chapter 11 Bankruptcy in Fredericksburg?”