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How to determine candidacy for Chapter 11 individual bankruptcy

Figuring out if you are a candidate for Chapter 11 bankruptcy as an individual does not have to be as difficult as many make it seem. Yes, there are requirements you need to meet before you can file. Yes, some individuals do get denied when they file but wind up getting approved the second or subsequent time they file. You need to make sure that you are a candidate before you file the first time so you don't have to go through the hassle multiple times.

A big requirement of filing for bankruptcy is having attended some sort of credit counseling. Credit counseling helps people attempt to get their finances back on track when it debt. It helps them understand how they got into debt, how they can create a budget, and how to stick to that budget.

Another requirement of filing for Chapter 11 is that you have moved well past the limits set forth by Chapter 13. This means that you have too much secured and unsecured debt to your name that cannot be reorganized using Chapter 13 bankruptcy. This automatically moves you into the Chapter 11 category.

People looking to file for Chapter 11 bankruptcy typically do so because they have received a recent discharge in another category, which limits them from filing under the same category within a certain period.

As you consider your options for reorganizing your debt, don't rule out Chapter 11 bankruptcy in Tampa, Florida. You just need to make sure you hit all of the requirements for filing so you are not denied.

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