Hi There , Can I file Chapter 7 for my individual debts and Chapter 11 for my single commercial real estate with 1 tenant to reorganize . This commercial real estate is owned by Inc . And I'm the only officer with 1990s owner ship .
That is not something to do with internet advice from lawyers who know little about your case. Since you'll need a lawyer anyway for the CH. 11, make some appointments. Not only might you risk your interest in the corporation (if it has value), many Judges do not like debtors running debtors, and are quicker to lift the stay, convert or appoint a trustee. See a lawyer who handles Chapter 11 cases.
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Chapter 7 Bankruptcy Attorney
No bankruptcy filing should be taken lightly, especially Chapter 11. You should definitely look into other options, as many Chapter 11 cases that begin with the hope of staying in business end up going to Chapter 7 anyway (because of enormous attorney fees, usually from a number of hearings and disputed issues between creditors).
Depending on your income, you may not qualify for Chapter 7, and Chapter 13 may be a better choice. You should definitely consult an experienced, knowledgeable bankruptcy attorney before proceeding.
Disclaimer & Helpful Information: This answer is intended to provide legal information- not legal advice. Such materials are for informational purposes only and may not reflect the most current legal developments. Customized legal advice for your particular situation should be provided by a licensed attorney only after full disclosure of all relevant facts and after signing a retainer agreement with an attorney or law firm. SALMU LEGAL SERVICES PLLC: Alex Salmu, Attorney At Law | www.salmulegal.com | firstname.lastname@example.org | Phone: (248) 877-1016
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There is nothing that legally prohibits what you want to do, but as others have pointed out, it might not be the better thing to do. Your attorney will be able to help you devise the best strategy.
I am licensed only in Texas. Offering information of a general nature in response to a question is not intended to be legal advice in your state.
The answer is yes. You can file a chapter 11 for the single asset real estate and file a chapter 7 for your individual debts. However, not everything that can be done, should be done. The chapter 11 case for the corporation is a very complicated matter. Chapter 11 has a lot of requirements. Single asset cases have additional requirements to protect the lenders and make sure the cases move along quickly. The lawyer that handles the chapter 11 may have a conflict of interest and not be able to handle the chapter 7 for you individually at the same time. The fact that you are a chapter 7 debtor can affect your pending chapter 11 case. There are many instances where individuals file chapter 7 cases, after their business chapter 11 cases are completed. You need to find a lawyer in your area that handles single asset chapter 11 cases. That lawyer will be able to review your entire situation and advise you on the best way to proceed with both cases.