Chapter 11 Bankruptcy Attorney in Chicago, IL

Yes, you, as a person, can also file Chapter 11

Contrary to popular belief individuals can file chapter 11 (it's not just for corporations) and individuals are not subject to being over the Chapter 13 limits in order to do so. Most consumer bankruptcy lawyers do not represent individuals in Chapter 11 or understand the concepts of chapter 11, the differences from Chapter 13, and the potential benefits a Chapter 11 brings in saving property and the benefits it can afford in loan workouts and restructuring mortgages better then in a Chapter 13!

All hope is not lost after you hire us because we have more than 20 years of experience in dealing with severe debt. We can help find the best solution for you and your company.

Filing an Individual Chapter 11 may be the best way to save your property and restructure you loan payments.:

  • A Chapter 11 may allow you to pay your arrears over the life of the loan rather then being limited to 60 months in a Chapter 13 plan.
  • A Chapter 11 may allow you to re-work your loan payments and extend them for the life of the loan rather the doing a modification which is temporary and limited to 5 years.
  • A loan workout and restructuring in a Chapter 11 is permanent, not like the "Loan Modifications" that lenders claim is permanent but really not and there are not "trial payments" like with the lender HAMP programs.
  • In a Chapter 13 you need "regular income" to qualify but not in a Chapter 11

Advantages of Chapter 11 Over Chapter 13

  • Chapter 11 Plan structure is more flexible; no formal plan
  • Chapter 11 Plan duration is not limited to 5 years
  • Mortgage Strip-down can modify non-primary residences over more than 5 years
  • No 910 day limitation on modifying car loans
  • No debt limit issues in qualifying for Chapter 11
  • Greater control over timing of case
  • Plan can be funded exclusively through the sale of assets or other sources
  • No requirement for periodic payments
  • No requirement that the Debtor have regular income
  • Debtor has standing to file preference and fraudulent conveyance claims
  • Plan payments do not start until the "Commencement Date," usually 30 days after Plan confirmation
  • Where there is a requirement to pay all "projected disposable income" over a commitment period, in Chapter 11 the payout to all creditors is considered, while in Chapter 13 the payout to unsecured creditors is considered. This can result in a significantly lower payout to all creditors in Chapter 11

Call the Attorneys at Benjamin Brand, LLP now at 312.853.3100 for a free consultation on how the benefits of a Chapter 11 may relate to your situation.

Call us now! 312.853.3100 . Do not delay call us now!

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Why Choose Us?

  • You can meet with an experienced law Partner in the Firm not some associate.
  • We concentrate in foreclosure defense and bankruptcy so we have more options to offer you then other attorneys
  • We also represent individuals in Chapter 11's that offer better loan workout and restructuring options then Chapter 13 and most bankruptcy lawyers do not know how to do it.
  • We offer a free no obligation consultation where we will discuss your option or options, tell you the pros and cons of each one, the fees and costs and help you make an informed decision. There can be more then one solution!
  • We offer affordable payment plans and fixed fees in most cases.