BANKRUPTCY
Also called a Business Reorganization, is for professionals that have a very high net worth
and/or a business with high debts.





































~~~~~~~~       ~~~~~~~~

The reorganization process
may take
from 36 to 60 months
, depending upon your situation.

After completing your plan or reorganization, the bankruptcy court may issue
you a
discharge of any remaining unsecured debts (provided that the debts
are, in fact, dischargeable).

Those in a Chapter 11 re-organization may elect to
convert to another Bankruptcy
Chapter
should their circumstances change during the course of the reorganization.
Income: A person who makes too much to file a Chapter 13 bankruptcy can elect to file a
Chapter 11. It is not often that an individual needs to file for relief under this chapter.

The following professions typically have high net incomes:

    *Doctors
    *Lawyers
    *Dentists
    *Real Estate Investors
    *Contractors
    *Actors
    *Athletes
    *Musicians

If you are above the average income then we will have to compare your income and
expenses to a
means test to see if you need to file a Chapter 11.

The bigger your family the more income you can make and still qualify.

You should also note that any
household income will be calculated into your means test
(such as a spouse, relative, or renter who might be living with you).
Any business that needs to reduce its unsecured debt and restructure itself to get back on
track can file a Chapter 11.

This is often done to maintain the business name or any contracts that the business might
have.

You can reduce the pressure and focus on paying back your creditors without incurring
more interest and with set payments directed by the court.
You can call us for a free phone consultation at
(248) 544-6890
to speak with an attorney regarding your situation.
Chapter 11 Bankruptcy:
Businesses
Copyright 2010 Lawrence J. Lucido, attorney at law. All rights reserved.
Law Office of Lawrence J. Lucido | 22655 S. Chrysler Dr. | Hazel Park, MI 48030 |  Phone: (248) 544-6890 | Fax (248) 544-6891


Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be
formal legal advice nor the formation of a lawyer/client relationship.
South Oakland Professional Building
Phone: (248) 544-6890 // Fax: (248) 544-6891
22655 S. Chrysler Dr.
Hazel Park, MI 48030