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Chapter 11

The attorneys at DelCotto Law Group routinely represent individuals in Chapter 11 reorganization proceedings who are not “means test” eligible for Chapter 7 bankruptcy or exceed the debt limits for reorganization in Chapter 13. Chapter 11 has offers benefits similar to Chapter 13, including the ability to pay priority tax debt over a five-year period. Chapter 11 also has its own unique features, including the ability to manage your own assets as a debtor in possession as opposed to trustee involvement and the flexibility to file a reorganization plan exclusively within 120 days after filing bankruptcy. By comparison, debtors in Chapter 13 must file plans within 14 days after filing bankruptcy. This flexibility is ideal for individuals with high income, significant assets, or substantial debt. Whether a client’s concerns are taxes, secured debts, or unsecured debts, the attorneys and paralegals at DLG work closely with clients to develop an individual Chapter 11 plan that is feasible and confirmable.

As with all of our other consumer, individual, and family clients, we fully understand that especially higher-income professionals and individuals feel a dread in even thinking about exploring whether bankruptcy may be necessary. Many of our Chapter 11 individuals are forced to consider filing due to business debts and personal guarantees, or other unique circumstances, many of which were outside of their control. We are committed to offering a private and thoughtful analysis of the pros and cons of possible bankruptcy. While bankruptcy is not always recommended, we believe our clients are doing themselves a disservice to not fully understand the relief it might bring to their own financial circumstances.