If you are the owner of a large home but are struggling with finances, particularly increasing debts, you may not know which way to turn. If your outgoings are not matching up with your income although your income is high, it may be time to reconsider the way that you organize your finances, and the assets that you hold.
Large estates are comparable to businesses in the sense that they have very complex financial systems. This is why both businesses and individual estates can benefit from filing from bankruptcy under Chapter 11.
How does Chapter 11 bankruptcy work?
When a person is struggling with increasing debts, he or she may decide that filing for bankruptcy is the most lucrative option in order to get back on track. A person filing for a Chapter 11 bankruptcy can do so by filing a petition with the bankruptcy court. By making a voluntary petition, he or she will need to file all assets and liabilities, all current incomes and expenditures, all contracts and leases that are currently applicable, and in addition a general statement of financial affairs should be submitted.
What filing fees will I be subject to?
In order to file for bankruptcy, you will be subject to a $1,167 filing fee, as well as a $550 miscellaneous administrative fee. This should be paid at the same time as filing; however, the courts may permit the filer to pay in installments.
If you have a large estate and are considering filing for bankruptcy, it is important that you understand what your legal options are. An experienced attorney can provide the information you need to make informed decisions.