Chapter 11 As a Bankruptcy Option

When you are considering bankruptcy, you need to be aware that there are different types of bankruptcy that you can file for. While most individuals will want to apply for Chapter 7 bankruptcy, also known as "clean slate" bankruptcy, those who do not qualify will apply for Chapter 11 bankruptcy instead.

Although you may be able to discharge some of your debts under Chapter 11 bankruptcy, you will be asked to create a repayment plan to submit to the court. If you are a small business owner, your bankruptcy attorney will most likely advise you to file for Chapter 11 bankruptcy as you can often keep your business, or a portion of your business, rather than abandon it all.

The benefits of filing for Chapter 11 bankruptcy are numerous for those who are in financial ruin. However, it is a difficult process that can only be navigated with the help of a bankruptcy attorney. The right attorney will instruct you on how to create a repayment plan, what assets will be eligible to keep and much more.

Contact us to get help from a San Antonio bankruptcy lawyer!