Saint Charles Chapter 11 Bankruptcy
Chapter 11 bankruptcy is sometimes known as business bankruptcy. Though individuals, married couples, partnerships, and corporations are all eligible to file Chapter 11, it is typically used for businesses. As it does elsewhere, Chapter 11 in Saint Charles allows businesses to reorganize and restructure debt without having to cease operations. Businesses who choose to stay open while in Chapter 11 must do so under the supervision of the bankruptcy court.
Chapter 11 Bankruptcy for individuals
Individuals may consider filing for Chapter 11 if their debts exceed the limits for filing for Chapter 13 bankruptcy. To file for Chapter 11 as an individual in Missouri, you must have more than $336,900 in unsecured debt (debt that is not tied to specific property, such as credit card debt) or more than $1,010,650 in secured debt (debt tied to specific property, such as a mortgage). It is much more common for businesses than for individuals to pursue a Chapter 11 bankruptcy filing.
Saint Charles Business Bankruptcy
You have the opportunity to develop a reorganization plan with your attorney and propose it to the court if your filing bankruptcy in Saint Charles. Your creditors will be able to vote on the proposed plan and the bankruptcy court must approve it. Once you file for Chapter 11, your creditors are barred from continuing to harass you in attempts to collect on your debts.
Both small and large corporations can file for business bankruptcy in Saint Charles. Chapter 11 bankruptcy is not a liquidation of your business or assets and, as such, you may be able to emerge from Chapter 11 with a renewed business model. However, the process is difficult and complex. It is certainly not the right option for every individual or business. You should retain the services of an experienced attorney to help you understand if Chapter 11 is right for you and to guide you through the filing and reorganization process.
Saint Charles Chapter 11 & business bankruptcy - Seek help
It is vital you consult a bankruptcy lawyer right away if your business is facing serious financial hardships and you are considering filing for Chapter 11 bankruptcy. While the Chapter 11 bankruptcy process is very complicated and can be confusing, the experienced Saint Charles bankruptcy attorneys at Blackwell & Associates, P.C. can help you explore all of your options. Let us guide you through each step of the process.
Contact the Missouri law firm of Blackwell & Associates or call 1-866-476-0168 to learn how legal experience can help you work out your business or personal bankruptcy issues.