Chapter 11 Bankruptcy Is Not Only for Businesses
Most people think of Chapter 11 as creditor relief for commercial entities. In fact, the protections of Chapter 11 bankruptcy can also be invoked by business owners, real estate investors or any individual who has too much personal debt to qualify for Chapter 13 relief.
The David F. Cannon law firm in Nashville has represented high earners and other debtors across Middle Tennessee in filing for Chapter 11 reorganization. We work to protect your assets and determine if it is feasible to restructure your debts. Arrange a consultation today.
Nashville Lawyer for Chapter 11 for High Individual Debt
Individuals may be ineligible for Chapter 13 bankruptcy, and thus forced to reorganize under Chapter 11, if either of the following apply:
- More than $360,475 in unsecured debt (credit cards, personal loans, medical bills, judgments or any combination thereof)
- More than $1,081,400 in secured debt (mortgage, auto loans, boats, other collateralized loans)
The terms of an individual Chapter 11 filing are similar to a Chapter 13. You must present to the bankruptcy trustee a viable plan to pay back creditors over 60 months, based on disposable income after allowed expenses.
Chapter 11 filers are able to retain or redeem nearly all assets. But Chapter 11 has its own rules and exemptions, and it is critical to hire a lawyer who is knowledgeable about bankruptcy for high debt. David F. Cannon is certified as a Consumer Bankruptcy Specialist by The American Board of Certification and The Tennessee Commission on Continuing Legal Education and Specialization. He has handled thousands of bankruptcy cases, including successful Chapter 11 petitions for individuals.
Call our Tennessee debt reorganization attorney at 615-800-3725, toll free at 877-696-8680, or e-mail our law office today to arrange a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
