Many people today are considering filing bankruptcy. According to statistics from the American Bankruptcy Institute, California experienced about 49,655 bankruptcy filings in the second quarter of 2012, and approximately 44,352 filings in the third quarter of the same year.
There are many things to consider when filing bankruptcy, such as the type of bankruptcy. For instance, Chapter 7 bankruptcy information entails the liquidation of assets to erase large amounts of debts. However, an individual can keep certain exempt properties from the liquidation proceedings. Information on Chapter 13 bankruptcy includes the fact that the debt limit for unsecured debt is $360,475. And, then there is chapter 11 bankruptcy information that includes rehabilitative procedures.
You may want to get more Chapter 11 bankruptcy information if you have the ability to pay off some debts, while others are discharge. This Chapter 11 bankruptcy information applies to both individuals and corporations.
When you apply for this type of filing, you will include in your court papers Chapter 11 bankruptcy information that will include debts and assets. You will also be asking for relief from debts. A trustee will be assigned to go through the Chapter 11 bankruptcy information provided. A plan will be developed to pay off some debts that may include such things as child support, taxes, alimony, and the like. Chapter 11 bankruptcy information will also make a list of those debts that can be partially repaid. As with other types of bankruptcy filings, there are assets that are protected from liquidation including vehicles and primary residences.
Companies and certain individuals may have to file more complex chapter 11 bankruptcy information, and may have a greater degree of supervision. It is possible that the trustee will actually take over the operations of a business, or even the assets of an individual. An examiner may be appointed to oversee the Chapter 11 bankruptcy information of a corporation and the activities of the business. Shareholders will also be notified of this Chapter 11 bankruptcy information, as they own part of this debt.
While creditors have to stop collection proceedings during bankruptcy, the bankruptcy code includes punishments for falsifying any documents that may attempt to hide assets. If you want to know how do you file bankruptcy or the benefits of filing bankruptcy, you should contact an attorney for more Chapter 11 bankruptcy information. Read more about this topic at this link.