I am behind 6 months in payments, I have probably 10,000 more in other debt.
We can't possible know what is best, or what you qualify for, based on one sentence. You'll need to meet with a bankruptcy lawyer in your area. We can tell you a Chapter 11 would cost far in excess of your unsecured debt. Perhaps you meant Chapter 7 or 13.
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You really need to find a bankruptcy expert that does all three chapters, 7, 11, and 13 to get a proper consultation.
Chapter 11, for example, costs signfiicantly more, in attorneys fees, than a Chapter 13. However, in Chapter 11, you can do so much more than you can in a 13. The difference is incredible.
However, if you do not owe enough, and your circumstances don't warrant it, it won't be worth it. Only an attorney that does all three can give you a good idea of which is right for you.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.
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Chapter 7 Bankruptcy Attorney
Chapter 11 is a procedure for folks that have more than a million dollars in debt, so I am assuming that you meant to say Chapter 7 or 13. The devil is in the details, and in your situation, the most important details will be your budget. If you aren't ready to meet with a bankruptcy attorney for representation just yet, I would urge you to check out pre-bankruptcy credit counseling to put together a budget. There are in person and online programs to do this, and you have to complete a course before you file any bankruptcy, so it is not like this is extra work. Hope this perspective helps!
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Chapter 11 Bankruptcy Attorney
Your questions begs for an answer that requires you to speak with a bankrutpcy attorney. Even though i may deduce from your question that your intent is to save this property, still there are too many details needed in order to properly evaluate your specific situation (i.e. how much debt do you currently have). Just know that generally, a chapter 11 bankruptcy is far more expensive and lengthy than a chapter 13. So take that into consideration. But please speak with an attorney who knows bankruptcy.
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Chapter 13 Bankruptcy Attorney
Chapter 11 is a reorganization bankruptcy usually filed by corporations. Some individuals file chapter 11, also. Generally, individuals file chapter 7 or chapter 13 bankruptcies. Chapter 13 bankruptcy may allow you to stop foreclosure and propose a plan to keep your property by curing the mortgage arrearage with payments over time. Reach out to a bankruptcy attorney in your area to find out your options and what type of bankruptcy is best for you. Don't wait, there are time limits that apply. You may deprived of the option to save your home if you miss the deadline.
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