Chapter 11 Bankruptcy Lawyer

Nowadays it is not unusual that some big company has bankruptcy experience. But, not only big companies can have bankruptcy experience, even small business companies with smaller investing are facing bankruptcy today. With last year’s economic crises all over the world, a lot of good companies are on the verge of collapsing. So, the only solution for that is taking good decisions and tactical moves with constant contact and consultation with lawyer and bankruptcy attorney and stay in touch with new financial scriptures. There is lot of information about bankruptcy, but before you start with financial scriptures it would be good for you to know some of the types of bankruptcy chapters.

One of the chapters that are useful is Chapter 11 bankruptcy. It is a type, also known as “liquidation” or even “straight” bankruptcy. This kind of chapter is made for those debtors who have problems with finance and financial difficulties. Most problems that this kind of debtors has, is problem with repayment of their already taken debts. For Chapter 11 bankruptcy you will need to pass one test, known as Means Test, where you will be tested for eligibility for this type of the bankruptcy relief. So, the point is that if you don’t pass the test, you have opportunity to fill a Chapter 13 or converting Chapter bankruptcy into chapter 13.

It is also important to know that the goal of filing chapter seven is to get a discharge of the debts that you have from your creditors. But, if Court finds out that you had committed certain kind of fraud, you can be denied for discharging of the debt. But, no matter of discharging, what you need to know is that there are still debts existing which can be discharged. Debts such as taxes and loans for students, supported payments and alimony, criminal restitution, debts for death or personal injury caused by driving under influence of drugs or alcohol are debts for which you can be responsible.
With Chapter 11 bankruptcy you can be discharged of various debts, such as personal loans, credit cards, dentist bills and debts of similar nature. One thing that makes this discharge more painful is that you are usually required to surrender certain type of property. But, there are a lot of the people who would file for discharge under Chapter 11 bankruptcy and yet they have optional solution for some debts which are not wiped with this condition.

Another type of chapter bankruptcy is chapter 13 which is also known as repayment bankruptcy. One is chapter 11, for big business interests. But, the most similar with chapter 13 is chapter 12 which is reserved and used for family farmers. Other type of the chapter bankruptcy is chapter 9 and chapter 15, the former being for municipalities and governmental entities and the latter for providing effective mechanisms and property in more countries. So, for individuals in business, out of these chapters most suitable chapters are Chapter 11 bankruptcy and chapter 13.

Free Consultation with Chapter 11 Bankruptcy Attorney

If you have a chapter 11 question, or need to file a bankruptcy case, call Ascent Law now at (801) 676-5506. Attorneys in our office have filed over a thousand cases. We can help you now. Come in or call in for your free initial consultation.

What happens to health insurance after filing for Chapter 11 bankruptcy?https://t.co/IpioaL85zG pic.twitter.com/OYEdAAKolo

— Tim Cella (@TimCella2) October 20, 2022

Michael Anderson

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.

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