Chapter 11 For Individuals In Suffolk County
In the current economic climate, even those with high net worth and several investments may be feeling the financial crunch. You might be struggling with high payments resulting from personal guarantees on business loans or making high payments on your dream home that has reduced significantly in value.
If you have a high net worth but are still having financial difficulties, you might not meet the eligibility requirements for filing Chapter 13 bankruptcy. We encourage you to contact our Chapter 11 bankruptcy attorneys in Suffolk County to discuss individual Chapter 11 bankruptcy.
In order to qualify for a Chapter 13 repayment bankruptcy, individuals and couples must have secured debts of less than $1,184,200 and unsecured debts of less than $394,725. Given the home values on Long Island and the associated mortgages, some individuals may not be eligible for a Chapter 13 bankruptcy. However, Chapter 11 bankruptcy provides some of the same benefits as a Chapter 13 bankruptcy without the debt limits.
Benefits of Chapter 11 Bankruptcy
When you have a steady income which would allow you to pay your debts, if only the payments were more reasonable, the first option to consider is filing for Chapter 13 bankruptcy. However, if you have a high net worth including unsecured debt of more than $336,900, you will not meet the income requirements of filing for Chapter 13 bankruptcy. In this case, filing for Chapter 11 bankruptcy may still be an option.
Further, if you own a very expensive home, it has probably taken a significant hit in value. In many cases, the mortgage may now exceed the current value of the house. For example, the average house’s value on Long Island is probably $500,000, but many people owe more than $1 million and are now over Chapter 13 bankruptcy’s maximum secured debt threshold. Individual Chapter 11 bankruptcy will allow you to modify your mortgage, expanding the payments out.
Long Island Chapter 11 Bankruptcy Attorneys
At Macco Law Group, LLP, our individual Chapter 11 bankruptcy attorneys are experienced and well-versed in representing clients in Chapter 11 bankruptcy. Oftentimes, the steps of Chapter 11 bankruptcies are profoundly affected by the experience of the lawyers handling these cases. Our attorneys are very familiar with the local practice and custom of the Long Island bankruptcy judges.
We will carefully consider if filing for Chapter 11 bankruptcy would give a more favorable outcome than filing for Chapter 13 bankruptcy or seeking other options. We will be honest about what Chapter 11 bankruptcy can accomplish for you — and what it cannot.
Contact our Long Island Chapter 11 bankruptcy lawyers online or call us at 631-479-2869 for a free consultation at our full-service bankruptcy law firm before you make any decisions regarding disposition of your assets. It is all too easy to make unwise decisions when you are struggling with debt. We will help you regain financial stability and preserve your assets.
We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.