About Chapter 11
Typically most people think of large corporations as being the users of Chapter 11. However, this is inaccurate as Chapter 11 is suitable for consumers as well. For instance, consumers with large or complicated estates and assets can be better served by filing for Chapter 11. Small businesses with solid revenue can get relief through Chapter 11. Single asset LLCs can get streamlined treatment through the chapter 11 process. It is rare but does occasionally occur that a consumer has too much debt for a Chapter 13 and therefore must proceed with the Chapter 11. As of April 1, 2013, if your secured debts (mortgages and liens) add up to more that $1,149,525, or your unsecured debts add up to more than $383,175, Chapter 13 is not available to you. If you are over these figures and you don’t qualify for a chapter 7, you are the rare debtor who may only have chapter 11 are your sole viable option.