While there may be options for your small business bankruptcy such as the chapter 7 and chapter 13 there is also the chapter 11 option. No matter which of these you are wanting to qualify for, be sure that you seek out an experienced bankruptcy lawyer to help you and represent you at your bankruptcy
While there may be options for your small business bankruptcy such as the chapter 7 and chapter 13 there is also the chapter 11 option. No matter which of these you are wanting to qualify for, be sure that you seek out an experienced bankruptcy lawyer to help you and represent you at your bankruptcy procedure.
Chapter 11 bankruptcy is much more complex although the other two options can be as well. You may not have a choice but to go with this particular form of bankruptcy relief. It will come into effect if you have a partnership business, a LLC, or incorporated business. Although chapter 11 is used for these particular types of business it can be used for personal bankruptcy in Indiana if an individual is not able to meet the chapter 7 and chapter 13 requirements.
You may hear in the news occasionally of large corporations that have gone bankrupt and usually it will have gone through the chapter 11 process. Basically the chapter 11 bankruptcy is much like the chapter 13 where it re-organizes the finances and develops a payment plan, but it is much more elaborate. In the other bankruptcy reliefs usually a bankruptcy trustee is appointed to head the bankruptcy. In a chapter 11,often there is a committee that is appointed this task. Generally speaking a chapter 11 bankruptcy is far more expensive. For the small business most likely they will not fall into the category of having to resort to the chapter 11 bankruptcy as they will be able to qualify for the other forms.
