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Bankruptcy

Chapter 11

Chapter 11 Bankruptcy For Individuals

Although best known for businesses, Chapter 11 bankruptcy can be a great tool for some people to restructure their debts and solve their financial problems.  Chapter 11 bankruptcy is the most complex and challenging of the Chapter 7, 11, and 13 bankruptcy options because it was designed for businesses. If Chapter 11 is the best bankruptcy solution for you, then make sure to hire an attorney with the experience and knowledge to take on the difficult challenge of a Chapter 11 bankruptcy filing.

At The Law Firm of Ullian & Associates, P.C., in Braintree, Massachusetts, our attorneys are experienced in Chapter 11 bankruptcy.  We have handled numerous Chapter 11 cases and are happy to report that the vast majority were successful in getting a plan confirmed.

An Individual in Chapter 11 Bankruptcy

Although Chapter 11 is thought of as a business bankruptcy, individuals can also file a Chapter 11 bankruptcy in order to reorganize and restructure his/her debt. A couple of common examples of situations warranting individual Chapter 11 filings will help demonstrate this:

  • A person owns a multi-family property and the value of the property is substantially less than the amount owed on the mortgage.  A Chapter 11 may help to restructure the mortgage. The mortgage balance may be reduced to the value of the property and the mortgage recalculated as a new 30-year repayment schedule.  The unsecured creditors in the Chapter 11 would be repaid a percentage of the amount owed to them over an extended period of time, such as five years.
  • If an individual needs a financial reorganization such as Chapter 13 bankruptcy allows, but the person has more than the permissible amount of unsecured debt or secured debt allowed in Chapter 13, then Chapter 11 may be a good alternative.

Each type of bankruptcy has specific advantages, and it is best to discuss your questions with John Ullian or Amy Puliafico, our experienced bankruptcy attorneys, who can explain the differences and help you decide which type of bankruptcy is best for you.

Thinking about a Chapter 11? | Free Consultation

To schedule a free consultation to discuss your options for a fresh financial start with an experienced bankruptcy attorney, contact the firm online or call 781-848-5980.

The Law Firm of Ullian & Associates, P.C., is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.

What Our Clients Say

“ Dear John – As Thanksgiving approaches, I always reflect on my life during the prior year to determine what situations or individuals I owe thanks to – and believe me, you are at the top of my list! John, I hope I can express to you, my gratitude for the tremendous change that has occurred in my life within these past six months … since my [bankruptcy] filing, I have made every effort to look toward the future – towards a life that would have been impossible without your help. … ”

S.D.

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