Chapter 11 Bankruptcy Eligibility
Although filing for bankruptcy may seem unappealing at first, it can actually help individuals and businesses handle their debt so that they can get back on their feet. There are several different types of bankruptcy, each offering different benefits to debtors. Chapter 11 bankruptcy allows individuals and businesses struggling with their debts to liquidate some of their debts and reorganize their payments to creditors.
If you are a consumer or a business owner struggling to make payments on your debts, filing for chapter 11 may be a beneficial option. Contact the Arizona chapter 11 bankruptcy attorneys of the Harmon Law Office today at 480-829-0494 for a free case evaluation. Together, we can begin the process of a successful filing so that you can recover from this difficult time.
Who Can File for Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is appealing for many reasons including the fact that are less restrictions on chapter 11 debtors than those of chapter 7. For example, chapter 7 filers must wait 6 years before they are able to file again, whereas chapter 11 does not have time limit of this sort. There are many different parties who are eligible to file for chapter 11 bankruptcy including:
- Individuals
- Corporations
- Partnerships
- Business trusts
- Unincorporated associations
- Limited liability companies
However, chapter 11 bankruptcy does not include stockbrokers and commodity brokers. Instead, these entities may file for chapter 7 bankruptcy. Additionally, any person or business owner planning on filing must also undergo credit counseling.
Contact Us
If you have been struggling with your bills, there is no reason to despair. There are ways to deal with, and recover from, your financial problems. Contact the knowledgeable Arizona chapter 11 bankruptcy lawyers of the Harmon Law Office today at 480-829-0494 for a free consultation.