|Brett Weiss literally wrote the book on
individual Chapter 11 cases.
As co-author of Chapter 11 for Individual
Debtors, published by
LexisNexis, along with his over thirty years as a practicing
attorney, Mr. Weiss has the depth of knowledge, insight and
experience necessary to help you with your complex financial
Chapter 11 lets you pay back your creditors, in whole or in
part, over an extended period of time. Perhaps the biggest
benefit of Chapter 11 is its ability to let you restructure
mortgages on your investment property. You may be able to
lower, or “strip down,” the principal balance of your
mortgage to the current market value of the property,
reduce the interest rate, wipe out arrearages and reamortize
the loan. You can remove second and third
mortgages and judgment liens from underwater properties,
including your home. You can catch up payments owed to the IRS
and state taxing authorities (including property taxes). Unlike
Chapter 13, there is no limitation
on the amount of debt, or its type, to qualify for Chapter 11.
The filing of a Chapter 11 will stop pending foreclosures and
lawsuits. It can stop wage garnishments, bank attachments,
liens and levies (even IRS tax levies).
Sound too good to be true? It's not. That's simply what a
Chapter 11 filing is designed to do.
A Chapter 11 starts when your petition
is filed with the Court. Documents relating to income and
expenses, debts, property (real estate as well as personal
property—your “stuff”), and other financial disclosures
must be prepared and filed.
Filing a petition under Chapter 11 stops most collection
actions. The automatic
stay stops foreclosures, garnishments and attachments—as
well as creditor calls and letters—as soon as you file the
Most Chapter 11 cases take between six and twelve months
between filing and when your Chapter 11 Plan is approved, or
confirmed, by the Court.
Chapter 11 cases are the most difficult and complex under the
Bankruptcy Code. Chapter 11 wasn't really designed for
individuals and small businesses, and many of the hoops you
must jump through are the same ones that a large company must
jump through. You need bankruptcy counsel who isn't put off by
a Chapter 11. It's an involved and complex process. And to be
honest, it isn't cheap. But the benefits of a Chapter 11 can be
enormous. Very few consumer and small business bankruptcy
attorneys have the knowledge or experience to handle your
Chapter 11 case.
Listen to an
interview with Brett Weiss and Dan Press, authors of Chapter
11 for Individual Debtors, in the LexisNexis Legal
Call for a