Chapter 11 for Individuals: Three Key Differences from Business Reorganizations

Chapter 11 is primarily a vehicle for businesses to reorganize, but can also be utilized by individuals.

Chapter 11 is primarily a vehicle for businesses to reorganize, but can also be utilized by individuals (i) who have debts that exceed the limits for “wage earner” repayment plans under Chapter 13; and/or (ii) earn too much to be eligible for a Chapter 7 liquidation. For example, Chapter 13 is only available to debtors… [More…]