Will Your Consumer Bankruptcy Be Complex? Chapter 11 May Be Right For You.
A Chapter 13 bankruptcy is often a good option for individuals and married couples filing jointly who have significant assets. However, even Chapter 13 may not be available to consumers with extra high incomes, assets and debts. As of 2022, the amount of debts an individual or couple can owe at the time of filing is capped at a total of less than $394,725 in unsecured debts and less than $1,184,200 in secured debts. For those with higher debts, a Chapter 11 bankruptcy – more often seen in business bankruptcies – may be an option.
Many bankruptcy law attorneys do not work with individuals and couples seeking to file Chapter 11 bankruptcies. The Bankruptcy Group in Roseville, Folsom and Huntington Beach, does not limit our clientele in this way. We have helped numerous individuals and couples restructure their high-dollar debts and assets through Chapter 11 bankruptcy.
Complex Documentation: Get It Right
Married couples may file Chapter 11 bankruptcy individually or jointly. Once you determine that Chapter 11 is the most appropriate debt relief method for you, we can help you meet the bankruptcy court’s requirements, including the filing of:
- Detailed reports of assets and liabilities
- Detailed accounting of income and expenditures
- A schedule of executory contracts and unexpired leases
- A statement of financial affairs
In addition, we can help you verify that you have fulfilled other requirements, including:
- Certification of completion of credit counseling
- Submission of any debt repayment plan prepared through such counseling
- Reporting of income and monthly net income
- Reporting of interest in federal or state qualified education or tuition accounts
A list like this may seem straightforward but many people spin their wheels when they are not sure how to complete each task in the manner the bankruptcy court expects to see. Our experience and assistance can streamline these processes even when assets and debts are complicated.
Schedule A No-Obligation Case Analysis
Learn how our law firm can be a source of guidance, information and moral support as you pursue a Chapter 11 bankruptcy for your complex personal debt relief.
Call 888-710-4334 or email us to request a meeting with a bankruptcy attorney serving California.