Eric Lester Leinbach, Esquire
While individuals are eligible to file for Chapter 11 Bankruptcy, it is not usually cost effective, necessary or warranted. This is the type of Bankruptcy filed by corporations and individuals who cannot meet the eligibility requirements of Chapter 12 or Chapter 13, Examples of individual filing Chapter 11 are :
. Chapter 11 Bankruptcy is very expensive in terms of legal costs and attorneys fees. Just to file a Chapter 11 Bankruptcy you must pay a filing fee of $1,717.00 upon filing a petition, plus a quarterly administrative fee to the Court of at least $325.00 per calendar quarter. Attorneys fees to start a chapter 11 Bankruptcy usually require an up front fee of $10,000.00-$50,0000.00 at a minimum. and frequently much more. If a corporation wants to reorganize then, it must file a Chapter 11 Bankruptcy, since a corporation is not eligible to file a Chapter 12 Bankruptcy or Chapter 13 Bankruptcy. If you are not a corporation you generally want to file a Chapter 12 or 13 Bankruptcy in order to reorganize your financial affairs; it is far less expensive. If you are an individual who needs to reorganize, and can not meet the eligibility requirements for Chapter 12 or Chapter 13, then Chapter 11 may be your only alternative. However, most individuals can meet the eligibility requirements for Chapter 12 or Chapter 13.
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1603 Butler Street, Easton, PA 18042
Serving all of Eastern Pennsylvania
and Northern and Central New Jersey.
Disclaimer and Limitation of Use : The information on these pages is not intended as legal advice but rather general information. Reading or using the information on this website does not establish an Attorney-Client relationship. Such a relationship can only be created with the express written consent of an Attorney and the Client. The Bankruptcy Statute and Court Rules are complex. The answers to frequently asked questions at this site are only intended to provide a general information concerning the bankruptcy statute and rules. Individuals should always consult with an experienced bankruptcy Lawyer before making any decision or taking any action. We are proud to be a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. I offer a free initial consultation by appointment only. I am licensed to practice in both Pennsylvania and New Jersey.