Chapter 11 bankruptcy

The requirements and concepts of Chapter 11 differ from Chapter 13. Depending on your situation, the potential benefits include saving property through loan workouts and restructuring mortgages. If you have significant debt, contact a Benjamin Brand bankruptcy lawyer in Chciago.

Yes, Individuals can file for Chapter 11 Bankruptcy in Chicago

Not just for corporations! Contrary to popular belief, individuals can file chapter. Unlike Chapter 13, there are no debt limits. As a result, it may help you find relief from overwhelming financial burdens caused by medical bills, unemployment and other circumstances beyond your control. Most consumer bankruptcy lawyers in Chicago do not represent individuals in Chapter 11.

Kevin Benjamin has more than 30 years of experience in dealing with severe debt. We can help find the best solution for you and your company.

Chapter 11 bankruptcy in Chicago

Benefits of Filing an Individual Chapter 11

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

Pay your arrears over the life of the loan rather than being limited to 60 months in a Chapter 13 plan.

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.

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.

Qualify without regular income

Advantages of Chapter 11 vs. Chapter 13

  • Flexibility – No formal plan
  • Duration – A Chapter 11 Plan is not limited to 5 years
  • Loan Modifications – Mortgage Strip-down can modify non-primary residences over more than 5 years
  • Auto Loans – No 910 day limitation on loan modifications
  • No debt limits – Removes a common obstacles found in Chapter 13
  • Control – Greater control over timing of case
  • Funding – Plan can be funded exclusively through the sale of assets or other sources
  • Payments – No requirement for periodic payments
  • Income – No requirement that the Debtor have regular income
  • Options – Debtor has standing to file preference and fraudulent conveyance claims
  • Start Date – Plan payments do not typically start until 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.

Contact a Chicago Bankruptcy Lawyer Near Me

Filing for Chapter 11 bankruptcy in Chicago is a complex legal process. Our experienced consumer bankruptcy attorneys can help you determine if it is the best option for you.

Contact us today or call 312.853.3100 and schedule a free no-obligation consultation.

We can help you navigate the complex requirements and begin rebuilding your creditworthiness.

The attorneys at Benjamin Brand LLP can help you file bankruptcy and wipe out debt while protecting your assets.

Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 312.853.3100 for more information about our areas of expertise and to find out if bankruptcy is the best option for you.

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