Tampa Chapter 11 Bankruptcy Attorney 813-222-8210
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. Note that many of the Judges have moved away from dismissing chapter 13 cases for being over the Debt limit, and often we can save thousands by filing a case under a Chapter 13 instead of Chapter 11 -- call us
to discuss how your case would fit into this trend.
An individual should consider chapter 11 over chapter 13 bankruptcy when their secured debt exceeds $1.1 million or their unsecured debt exceeds $275 thousand. The Courts have often allowed generous exceptions to this rule and you should carefully evaluate your case with a qualified bankruptcy attorney.
Give us a call today at (813) 222-8210 for a free consultation
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
Galewski Law Group, P.A.
1112 E. Kennedy Blvd
Tampa, FL 33602
Local: (813) 222-8210
Fax: (813) 222-8211