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Indiana Chapter 11 Bankruptcy


Real estate owners and investors or other high-income individuals with extensive real estate holdings may find themselves "upside down" on multiple properties and in need of debt relief. Other people may accrue several hundred thousand dollars in unsecured debt they cannot repay. However, many of these people have too much income to qualify for Chapter 13. .Individuals who file for Chapter 11 bankruptcy are persons whose debts exceed the debt limitations for Chapter 13 or have the need for the more flexible structures of debt relief available in Chapter 11. Chapter 11 gives individuals an opportunity to reorganize their debts in a manner that will allow them to get back on track financially.If you are an individual whose current debt exceeds the debt limits of Chapter 13 bankruptcy, you will need to discuss the intricacies of Chapter 11 bankruptcy with an experienced  bankruptcy attorney. Chapter 11 bankruptcy will offer you the protection you need, but you will need solid legal support navigating the Chapter 11 process.


Chapter 11 is unique in that the Debtor remains in possession of all his assets and his ongoing business. In other words, the Debtor itself (or himself or herself) is the Trustee for the estate. While this is a great advantage, it does not come without its costs.  There are great powers afforded to Chapter 11 Debtors, such as the ability to object to your creditors' claims, avoid liens, reject leases and contracts with no penalty, extend the time for repayment to your existing creditors or even reduce the amount owed or paid to them.


Chapter 11 bankruptcy may be the most difficult type of bankruptcy. Typically, there is litigation associated with any Chapter 11 case, either with the Debtor attacking the creditors, or vice versa.  It requires the help of an experienced bankruptcy attorney. While an individual can represent himself or herself in a bankruptcy case, a company, partnership, LLC or other legal entity must have an attorney for court proceedings. An experienced attorney can be the difference in successfully reorganizing a business or in having the business fail. You will need advice on many topics including dealing with creditors, filing required reports, defending creditors actions to repossess or foreclose on collateral, structuring a plan of reorganization and other aspects of chapter 11.  As a result, Chapter 11 is very expensive and time consuming. There are constant administrative burdens which must be met. Reports must be filed and fees must be paid. Since Chapter 11 cases can last from several months to several years, the professional fees (attorney, accountant, C.P.A.) can be large.


The key to a successful Chapter 11 case is pre-bankruptcy planning. Very few Chapter 11 cases are successful when the Debtor arrives at the attorney's office needing to file the petition immediately. This is true with any chapter of the bankruptcy code, but is particularly true in a chapter 11. Why? Because the administrative burdens, time constraints, financial pressures, and other problems are so great, that a failure to plan ahead, and prepare as much documentation as possible prior to filing, will usually spell disaster. All you will end up doing is paying your attorney several thousand dollars for a few months' breathing room, only to end up where you were to begin with.


The ultimate purpose of a Chapter 11 case is to get a Plan of Reorganization (repayment) confirmed by the court. This is by no means a simple task and the requirements for doing this are rather complex and will not be discussed here.  The Plan is basically a contract with one's creditors as to how they will be repaid, and from what source. There are many ways to formulate a Plan and an experienced attorney can be the difference in successfully reorganizing a business or in having the business fail. 

Indiana Attorney Explains Chapter 11 Bankruptcy

Contact the law firm of Steven P. Taylor, P.C. at (317) 271-1111 for answers to your questions about Chapter 11 of the Bankruptcy Code is right for you.  Chapter 11 bankruptcy may be available to overcome complex debt problems for high-income individuals and cannot qualify for Chapter 7 or Chapter 13 bankruptcy that provide a path to financial recovery.  Attorney Steven P. Taylor will advise you as to your options for filing bankruptcy under Chapter 11 bankruptcy.


We are a debt relief agency. OUR DEBT RELIEF LAWYERS help people file for bankruptcy under the united States bankruptcy code. IF YOU NEED DEBT RELIEF, OUR LAWYERS ARE READY TO HELP.