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Is there still chapter 11 bankruptcy

Laurel, MD |

I'm considering filing for bankruptcy due to overwhelming back taxes

Attorney Answers 5

Posted

Please provide more facts before any lawyer can provide helpful advice. Thanks.

This answer does not create an attorney-client relationship. This answer is not legal advice and must not be construed as such.

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Posted

This question is far too specific to be answered on a general website. Moreover, you should consult an attorney to determine which type of bankruptcy -- chapter 7, chapter 11, chapter 13, etc. -- is right for your particular situation. Each chapter has its own requirements, so it's best to let an attorney review your situation for your best option. But yes, Chapter 11 does still exist although it is not as common as Chapter 7 or 13.

DISCLAIMER: Brandy A. Peeples is licensed to practice law in the State of Maryland. This answer is being provided for informational purposes only and the laws of your jurisdiction may differ. This answer based on general legal principles and is not intended for the purpose of providing specific legal advice or opinions. Under no circumstances does this answer constitute the establishment of an attorney-client relationship. For legal advice relating to your specific situation, I strongly urge you to consult with an attorney in your area. NO COMMUNICATIONS WITH ME ARE TO BE CONSTRUED AS ARISING FROM AN ATTORNEY-CLIENT RELATIONSHIP AND NO ATTORNEY-CLIENT RELATIONSHIP WILL BE ESTABLISHED WITH ME UNLESS I HAVE EXPRESSLY AGREED TO UNDERTAKE YOUR REPRESENTATION, WHICH INCLUDES THE EXECUTION OF A WRITTEN AGREEMENT OF RETAINER.

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Posted

Yes, chapter 11 bankruptcy still exists. However, it would be rare, but not unheard of, for an individual to use chapter 11 bankruptcy. Meet with a qualified bankruptcy attorney, one experienced in handling tax matters to figure out if bankruptcy is a good option, and if so, which chapter is best.

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Posted

Chapter 11 still exists, and can be a useful tool for dealing with tax debt where the individual is ineligible for Chapter 13. We handle individual Chapter 11 cases, and wrote a book on them, including the treatment of taxes. Chapter 11 may or may not be the right option for you, so consult with an attorney experienced in handling individual Chapter 11 cases to go over your options.

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Posted

Your question is unclear. If all you are asking if chapter 11 exists (possibly for individual's such as yourself) then yes. I suggest you speak with a lawyer to see if chapter 11 is right for you.

Legal disclaimer: This message does not constitute legal advice and does not create an attorney-client relationship. Any statements are made for general informational purposes and do not constitute legal advice. No attorney-client privilege is created by this communication. Attorney is licensed in California only.

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