Chapter 11

Chapter 11 Bankruptcy Attorney in Monterey

Personal bankruptcy options are typically limited to filing for Chapter 7 or Chapter 13 protection. However, Chapter 11 may be appropriate for individuals and married couples who don't qualify for Chapter 7 or Chapter 13, particularly if several properties are involved. At Central Coast Bankruptcy, Inc., our Chapter 11 bankruptcy lawyer serving Oakland, Monterey County, San Benito and Santa Clara County will work closely with you to find a debt relief plan that will best suit your particular situation.

Is Chapter 11 Right For You:

When filing for a Chapter 7 or Chapter 13 bankruptcy, there are certain limits to the amount of income you may have, or the amount of debt that you have. These limits are much higher with a Chapter 11 bankruptcy. 

Filing Chapter 11 May be Right for You:

• If you have a significant household income
• If you own a significant amount of property
• If your debts exceed the Chapter 13 debt ceilings.
• If you have in excess of $1,149,525.00 in secured debt and/or $383,175.00 in unsecured debt.

Chapter 11 is thought of as a "Super 13" filing.

Filing for Chapter 11 and can give you the protection you need to hold onto your valuable assets, while giving you time to get your financial situation under control.

How Does Chapter 11 Bankruptcy Work?

• Chapter 11 requires that you have the ability to repay the secured debt you intend to retain and the ability to repay a portion of your unsecured debt (in most cases).
• Payments to creditors are negotiated and a Plan is presented to the Court and creditors for approval, once the Plan has been approved payments must be made to creditors in accordance with the Plan.
• The term of repayment plan varies from case to case and on ability to pay required debt.
• You can strip/remove junior lienholders from real property if certain criteria are met.
• You can "cram down", or reduce the amount owed on any rental and/or other investment properties.

Corporations and Chapter 11:
The criteria for corporations are the same as above; however debt amounts do not apply. Corporations may owe less than the amounts listed above and still file for Chapter 11 Bankruptcy.

If you are struggling with debt, we can help. Contact our California Chapter 11 bankruptcy attorney online or call 831-783-0260 for a free phone consultation.

Monterey Chapter 11 lawyer, Jason Vogelpohl, specializes solely in bankruptcy law. This helps to ensure a thorough, well planned bankruptcy that can help you get out of overwhelming debt.