Some debtors attempt to file for a Chapter 13 bankruptcy debt reorganization only to learn that their resources and estates exceed the debt limits set forth in the United States Bankruptcy Code.
In those instances, it may be necessary to file (or perhaps, refile) under Chapter 11 for individuals. This, too, is a debt reorganization and very similar to a Chapter 13. It does not wipe out debts entirely the way a Chapter 7 bankruptcy does.
One of the requirements for individuals filing for bankruptcy under Chapter 11 is that they must, except in very limited circumstances, have completed a credit counseling course from an approved agency prior to filing. You also may have drafted a debt management plan as a result of the credit counseling. That plan also has to be filed with the bankruptcy court in order to proceed.
Bankruptcy is a very complex and intricate branch of the law. It can be very easy for a person attempting file their own bankruptcy to make errors that can jeopardize their filing status and put them at risk of having their case tossed out of court due to a simple technicality.
That's why we always recommend that our clients allow us to assist them with filing for bankruptcy. The more assets you have, the more complex your bankruptcy case will be. Few debtors understand the law and the bankruptcy code well enough to successfully file their own case, complete the legal requirements of the debt reorganization plan and have their remaining debts discharged at the completion. We can help you achieve the best possible outcome from your Chapter 11 bankruptcy.