Chapter 11 bankruptcy is usually thought of as a business bankruptcy. If you own investment properties, you may qualify for Chapter 11 bankruptcy.

In Chapter 11 bankruptcy you can lower the principal balance of your investment properties down to current value and pay them back over 30 years. In a Chapter 13

you need to have the income to pay back your loans in 3 to 5 years. A Chapter 11 bankruptcy allows you to pay these loans back over 30 years, and sometimes even

40 years if you negotiate with the bank.

In a Chapter 11 bankruptcy you will have a repayment plan and you will make your payments directly to your creditors. The payments will be negotiated down to the

current value.

After your mortgages are negotiated in a Chapter 11 bankruptcy, your payments will hopefully be lower than what you recieve in rent on your investment property.

This will mean you have a positive cash flow. In most cases you can sell your investment property anytime you wish after the Chapter 11 bankruptcy. For example,

if your loan is lowered to $100,000 and it then increases in value to $150,000, you can sell the property, pay off your mortgage, and have a profit of $50,000.

Chapter 11 bankruptcy is also available for businesses. In Chapter 11, you can reorganize your business debts and have a positive cash flow. This will keep you

in business and will eliminate your bad debt.

A Chapter 11 bankruptcy won’t affect your personal credit score. Unlike the other chapters of bankruptcy, Chapter 11 will appear on your credit for a breif

period of time. Once your plan is accepted by the court, the bankruptcy will be removed from your credit. All of your creditors will start reporting you as

active and current. This will improve your credit score and give you a clean start.

If you have investment properties or a business and you want more information about Chapter 11 bankruptcy, please contact Vegas Law Site

at:http://vegaslawsite.com

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Mitchell and Hammond
512 NW 12th Street
Oklahoma City, OK 73103
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www.OklahomaBankruptcyAttorneys.com

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A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor’s remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101(41), 109(b). Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor’s debts or whether the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d) and (e). In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.

One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a “fresh start.” The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property. Source: http://www.uscourts.gov/

The Law Offices of Russell H. Hippe, III | Bankruptcy Lawyer
1360 Peachtree Street, Suite 1205
Atlanta, GA 30309
(404) 857-0456 ?

http://hippelawyer.com

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Learn more at www.TheVictoriaLawGroup.com

Or Schedule a FREE consultation

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1) You must open a special Debtor-in-Possession bank account and close your old bank account(s).

2) Review and fill out the paperwork for the United States Trustee’s office. This information, and your monthly reports, are your most important reporting duty to the UST. Note that you will need to also update your insurance policies, so that the UST can ensure that the policies remain in effect while the case is pending.

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