Eligibility for Chapter 11 Bankruptcy
Most businesses have some amount of debt, incurred either from the cost of starting up or as a result of the cost of operations. However, if this debt becomes too large, it can make it difficult or impossible to continue operations. When this happens, Chapter 11 bankruptcy may be the best available option for business owners. The benefit of Chapter 11 bankruptcy is that the business can continue to operate throughout bankruptcy proceedings.
If you or someone you know is considering filing for Chapter 11 bankruptcy, it is important to know the benefits and limitations of this type of financial process. Contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A., at 561-353-2800 today to talk to a qualified legal professional and learn more about your options.
Eligibility Requirements
For an individual or business entity to file for Chapter 11 bankruptcy protection, they must meet certain criteria. The following provide simple eligibility guidelines for Chapter 11 bankruptcy:
- Any business entity with a significant debt burden
- Must have filed a listing of assets and liabilities, current income, contracts and leases, and any other financial records
- Must not have filed a bankruptcy application which was rejected in the last 180 days
- Must have received credit counseling at some point within 180 days of the filing
If you meet these criteria, you may be eligible for financial reorganization under Chapter 11 bankruptcy.
Contact Us
If you or someone you know is going through difficult financial times with your business, Chapter 11 bankruptcy may be your best option. Contact the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800 to discuss your situation with a member of our dedicated legal staff.
