TAMPA BANKRUPTCY ATTORNEY'S
Chapter 11 Bankruptcy
A Chapter 11 Bankruptcy is a reorganization of debt by a corporation or an individual with a too much debt to be in a Chapter 13
Bankruptcy or that is looking to revalue the mortgage or secured loan on property outside the permissions of Chapter 13. The
case starts with the creation of a plan of reorganization in which you pay a portion of your debt back. The repayment plan in
part is based on a repurchase of non-exempt assets from the bankruptcy estate; accordingly you may keep most, if not all, of
your assets. Your Tampa Bankruptcy Attorney will use a goal oriented approach to your case-- as such most Chapter 11 cases
will focus on the value of secured assets and an attempt to reset the principal of the mortgage or loan to the value of the secured
asset at the time of filing the case.
How Chapter 11 Bankruptcy Works:
A chapter 11 is a highly personalized reorganization of a company or individual. Often a personal case may be filed along with a
corporate case to help deal with co-signors or co-debtors and other pledged assets. Please click below to learn about the
difference between personal and business Chapter 11 Bankruptcies.
Click Here to learn about an Personal Chapter 11 Bankruptcy
Click Here to learn about A Corporate Chapter 11 Bankruptcy
Chapter 11 Bankruptcy
A Chapter 11 Bankruptcy is a reorganization of debt by a corporation or an individual with a too much debt to be in a Chapter 13
Bankruptcy or that is looking to revalue the mortgage or secured loan on property outside the permissions of Chapter 13. The
case starts with the creation of a plan of reorganization in which you pay a portion of your debt back. The repayment plan in
part is based on a repurchase of non-exempt assets from the bankruptcy estate; accordingly you may keep most, if not all, of
your assets. Your Tampa Bankruptcy Attorney will use a goal oriented approach to your case-- as such most Chapter 11 cases
will focus on the value of secured assets and an attempt to reset the principal of the mortgage or loan to the value of the secured
asset at the time of filing the case.
How Chapter 11 Bankruptcy Works:
A chapter 11 is a highly personalized reorganization of a company or individual. Often a personal case may be filed along with a
corporate case to help deal with co-signors or co-debtors and other pledged assets. Please click below to learn about the
difference between personal and business Chapter 11 Bankruptcies.
Click Here to learn about an Personal Chapter 11 Bankruptcy
Click Here to learn about A Corporate Chapter 11 Bankruptcy
Tampa's Best Bankruptcy Attorney: 1112 E. Kennedy Blvd. * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211
www.Galewski.com
www.GalewskiTitle.com
www.Galewski.com
www.GalewskiTitle.com
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Chapter 7
Chapter 13
Chapter 7
Chapter 13
Tampa Bankruptcy Attorney 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
Bankruptcy Attorneys at the Galewski Law Group provides Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense and loan modification representation to clients throughout the
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Bankruptcy Updates:
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
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