Chapter 11 bankruptcy is intended primarily for the reorganization of businesses with heavy debt burdens, most often associated with corporations but available to small businesses as well. Although it's uncommon, consumers may file for Chapter 11 some rare instances. Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which may include trmming costs and seeking new sources of revenue or income, while temporarily holding creditors at bay. Chapter 11 has certain advantages for those that qualify, including more time to file a plan and the opportunity to reotrganize, it is more time-consuming and costly than other forms of bankruptcy.
Contact an experienced New Jersey Bankruptcy Lawyer today and find the solutions to your financial problems. Call for a free consultation at (201) 489-5500