CHAPTER 11
You hear about big companies, K-Mart, the airlines, et cetera, filing Chapter 11 to re-organize while they keep operating.
But small businesses, even individuals, can file Chapter 11. It cost more than other chapters, and there is a boatload of paperwork, but gives you greater control.
Unless the court appoints a trustee, rarely done and only for specific reasons, you will be the trustee of your case, what is called the debtor in possession. That means you keep your business running, whether it is renting out houses or commercial property, operating a store, whatever it is.
Unlike Chapter 13, you have 120 days, maybe more, to file your plan dealing with creditors. An you are not bound by the 5 year chapter 13 limit on plan length.
There is a debt limit for filing Chapter 13; if you owe more than that, you can still file a Chapter 11 case.
Kurt O’Keefe, Esq.
OFFICES IN WAYNE, OAKLAND AND MACOMB COUNTIES
Phone: 313-962-4630
Fax: 313-216-2999
email kurt@stopcreditor.com
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