A Chapter 11 is a reorganization typically used by companies to continue operating a business and repay creditors through a court approved plan. However, a Chapter 11 can also be filed by high net worth individuals who do not qualify for a Chapter 7 or over the Chapter 13 debt limit.
Each chapter of bankruptcy has pros and cons and not all debts are dischargeable. In addition, some tax and/or tax liens may remain after your bankruptcy case. Due to the very complex nature of tax and the requirements for tax dischargeability in bankruptcy, many bankruptcy attorneys are not able to provide their clients a comprehensive analysis of their debt and how it will be treated in bankruptcy. Our firm is able to give clients a complete analysis and post-bankruptcy options for any debt that may survive the bankruptcy.