When considering personal bankruptcy, most people consider Chapter 13 and, even more so, Chapter 7. But there is another popular chapter, too: Chapter 11.<\/p>\n
\u201cAlthough originally intended for businesses, individuals can be required to file for this chapter if their debt exceeds the limits of Chapter 13 bankruptcy,\u201d said Reginald Osenton<\/a> of Osenton Law Offices<\/a> in Brandon, Florida.<\/p>\n Currently, the limits of Chapter 13 bankruptcy are $1,081,500 for secured debt and $360,525 for unsecured debt. The threshold changes every three years in proportion to the Consumer Price Index.<\/p>\n Chapter 11 bankruptcies can be more advantageous in some cases for individuals. Here are some examples of how:<\/p>\n -Chapter 11 has no debt limits, unlike Chapter 13. As more and more consumers have taken advantage of larger amounts of credit that are being extended, this is an important point.<\/p>\n -Chapter 11 gives the debtor more freedom because there usually is no trustee appointed. This also saves the cost (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" When considering personal bankruptcy, most people consider Chapter 13 and, even more so, Chapter 7. But there is another popular chapter, too: Chapter 11. \u201cAlthough originally intended for businesses, individuals can be required to file for this chapter if their…<\/span><\/p>\n