Miami Bankruptcy Chapter 11 Individual

Can an Individual File Chapter 11?

Filing for bankruptcy Chapter 11 is available to individuals and businesses. Most Chapter 11 cases involve corporate restructures, but the process can be used for reorganizing personal finances.

Few attorneys successfully handle individual Chapter 11 filings, but at LSS Law, our Chapter 11 attorneys are fully equipped to assist you. Let us help you take advantage of a meaningful debt restructuring.

Chapter 11 Bankruptcy Eligibility

If you have too much disposable income after paying your expenses and you are unable to pass the means test, you may be considered ineligible to file a Chapter 7 bankruptcy. If you have borrowed a large amount of money, the Chapter 13 debt limits may not be sufficient. A Chapter 11 filing provides the best option for this type of consumer.

How Chapter 11 Can Help You

A Chapter 11 case is designed to handle even the most complex problems of an individual with a large amount of debt.

The means test does not apply to individual debtors in Chapter 11 cases, so any individual is eligible to file a Chapter 11 bankruptcy.
In Chapter 11, an individual debtor can modify secured debts, such as car loans and certain mortgages, whereas there is a time restriction in Chapter 13 cases.
In Chapter 11 cases, there is no time restriction.
There is no strict commitment period in Chapter 11 cases (as there is in Chapter 13) for the length of a repayment plan, so a debtor is not limited to either a 3-year repayment plan or a 5-year repayment plan; plans may last shorter or longer.
In most cases, an individual debtor in a Chapter 11 bankruptcy remains in possession of their assets and will continue to manage their finances under the supervision of the court.
An individual with income in excess of the median for the state does not have to apply the Internal Revenue Service standards in calculating available income. This allows a debtor to propose a repayment plan that more closely conforms to their actual budget than in Chapter 13.
Debtors can design Chapter 11 plans that classify creditors to allow for easier confirmation within reasonable limits.

Below are several benefits an individual can get from Chapter 11:

Hiring a Chapter 11 Attorney is Important (Even for Individuals)

Bankruptcy laws are very technical, and you are required to complete many official forms under penalty of perjury. While you are permitted to file your bankruptcy case without an attorney, it is extremely difficult to do so successfully. The Chapter 11 process is considered the most complex type of bankruptcy filing for individuals. Our bankruptcy attorneys provide individuals who need relief under Chapter 11 with cutting-edge knowledge, backed by vast experience, so that you can restructure your debt and move forward with your life.

Talk to an Expert Chapter 11 Lawyer

LSS Law has two offices conveniently located in Miami and Fort Lauderdale, Florida. We serve all of the Southern District of Florida, including Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, and St. Lucie counties.