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OptimusLaw® Bankruptcy Law Help Center Home
What Is Bankruptcy?
Should I File For Bankruptcy?
Alternatives To Filing Bankruptcy
Should I Hire A Lawyer?
Bankruptcy Laws
What Is The Difference Between Chapter 7 And Chapter 13?
Which Chapter Of The Bankruptcy Code Is Right For You?
Are You Eligible For Chapter 13?
What Are The Advantages Of Filing Under Chapter 7?
What Are The Advantages Of Filing Under Chapter 13?
Considerations For Business Owners
What Is Involuntary Bankruptcy?
Where Should I File For Bankruptcy?
What Are The Negative Effects Of Filing Bankruptcy?
What Will It Cost To File Bankruptcy?
Will I Lose My Home, Car Or Other Property If I File For Bankruptcy?
Will Bankruptcy Stop Creditors From Calling?
Will All Of My Debts Be Discharged In A Chapter 7 Bankruptcy?
How Long Will It Take To Complete A Chapter 13 Bankruptcy?
Creditors' Rights
Debtors' Rights
Dischargeable Debts
Nondischargeable Debts
Secured Debts
Unsecured Debts
Priority Of Claims
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
Credit Counseling Services
Approved Credit Counseling Agencies
U.S. Bankruptcy Code
Chapter 7 - Liquidation
Chapter 11 - Business Reorganization
Chapter 12 – Family Farming Business Reorganization
Chapter 13 – Adjustment of an Individual’s Debts
What Are The Procedures For Filing Bankruptcy?
Filing A Petition
Automatic Stay
Appointing A Trustee
The Chapter 13 Plan
Creditors File Proof Of Claims
Meeting Of The Creditors
Creditors File Objections
Confirmation Hearing
Accumulation And Distribution Of Funds To Creditors
Discharge Hearing
Trustee's Final Report
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Considerations For Business Owners

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Considerations For Business Owners

If a business debtor prefers to remain in business and avoid liquidation and/or the going-concern value of the financially troubled businesses is more valuable than its liquidation value, a reorganization under chapter 11 or chapter's 12 and 13, if eligible, may be the most attractive debt relief alternative.

Chapter 11
Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay
creditors over time.  Chapter 11 reorganizations are expensive, complex and require experienced legal representation.

Chapter 12
Chapter 12 is designed for family farmers or family fishermen with regular annual income. It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years.  Chapter 12 eliminates many of the barriers family farmers or family fishermen debtors would face if seeking to reorganize under either chapter 11 or 13 of the
U.S. Bankruptcy Code. Chapter 12 is more streamlined, less complicated, and less expensive than chapter 11, which is better suited to large corporate reorganizations.

Chapter 13
Individuals who are self-employed or operate an unincorporated business, are eligible for chapter 13 relief as long as the individual's
unsecured debts are less than $307,675 and secured debts are less than $922,975.  These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not file chapter 13. 

Where can I get legal advice about my Bankruptcy issue or case?

If you have a Bankruptcy Law issue or case and want legal advice for your specific situation, call the law firm below to schedule an initial consultation. 


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