No one wants to file bankruptcy, whether it’s Chapter 11, 7 or 13. Unfortunately, though, sometimes it’s the only way out of a tough financial situation. And, if you equip yourself early in the process with both self-education and a great attorney, you can get back on your feet before you know it.
That’s why, in this Chapter 11 bankruptcy resource, we’re going to give you a short overview of the process. Keep in mind, though, that the best way to give yourself the highest chance of a favorable outcome will be to discuss your case with a professional and experienced bankruptcy lawyer.
An Overview of Chapter 11 Bankruptcy
The first thing you should know about Chapter 11 is how it’s different than Chapter 7. Chapter 7 bankruptcy is when you liquidate (or sell) all of your assets and pay off as much debt as you can, as decided by the court. For the most part, after a Chapter 7, you’re left with no assets other than the minimum allowed by law.
A Chapter 11 bankruptcy in Illinois is different. After a Chapter 11, you may still have control of your assets. Generally speaking, you’ll set up a payment plan that you submit for approval by the court. If the plan is approved, you’ll be forgiven for any debts not included in the payment plan that you had before the bankruptcy.
Illinois’ Attorney General points out that creditors will be allowed to vote on whether they approve of your repayment plan or not, but the court retains the final say.
When Do You Use a Chapter 11 Bankruptcy?
Only a qualified legal professional like the ones at the Law Office of Thomas W. Drexler can answer this question definitely. That said, a Chapter 11 bankruptcy may be appropriate for individuals that don’t qualify for a Chapter 13 bankruptcy due to the amount and nature of their debt, but still want to maintain control of some of their assets.
Call Now for Help with Your Chapter 11 Bankruptcy in Illinois
The Law Office of Thomas W. Drexler specializes in Chapter 11 bankruptcy in Illinois for individuals. To be sure, filing Chapter 11 as an individual is fraught with plenty of legal obstacles and challenges. So, you’ll want to have an experienced legal professional on your side.
To put your case in trusted hands, call +1-312-726-7335. Or send an email to td@drexlaw.com.