Chapter 11 Bankruptcy - Columbus GA Lawyer

Chapter 11 Bankruptcy - Explained in detail

Columbus GA Bankruptcy Lawyer

Chapter 11 bankruptcy filing does not have any initial eligibility requirements about the amount of debt that a debtor should owe or the type of entity that the debtor should be. However a Chapter 13 Debtor has to file a Chapter 11 if debt is in excess of than $336,900.00 in unsecured debt and $1,010,650.00 in secured debt according to 11 U.S.C. § 109(e). This means that any entity that is eligible to file a Chapter 7 Bankruptcy may file a Chapter 11 Bankruptcy. Chapter 11 Bankruptcy was specifically created in this manner. Both a large corporation as well as an individual debtor owing just slightly in excess of the Chapter 13 debt limits can each file a Chapter 11 Bankruptcy. This is a unique feature of Chapter 11 Bankruptcy and is designed to work for small individual debtors and also large corporate debtors. When a large corporation files Chapter 11 bankruptcy, the filing is generally reported in the news media.
At times a Chapter 11 bankruptcy filing may involve a partnership having one piece of real property that is in foreclosure. These single asset real estate Chapter 11 Bankruptcy filings tend to have relatively few problematic issues becausemost often all the debtor wants to do is to refinance or sell the property so as to avoid foreclosure and get some profit. Usually not much happens in such a proceeding until a secured creditor applies for relief from the stay or the debtor submits a plan of reorganization.
Many Chapter 11 bankruptcy debtors are running businesses. The filing of a Chapter 11 proceeding makes the debtor a debtor-in-possession. A debtor-in-possession is the functional equivalent of a bankruptcy trustee. The debtor-in-possession is empowered and authorized to conduct regular business activities without court approval unless needed by Sections §363, §364, or §365 of the US Bankruptcy Code.---------------------
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