What is Chapter 11 Bankruptcy Protection?

stack of papers about chapter 11 bankruptcy and glassesEveryone hopes to avoid bankruptcy, but if it becomes your only option, it is important to know the types of bankruptcy available. One of the types of bankruptcy in Utah is Chapter 11 bankruptcy.

Alta Legal provides Taylorsville bankruptcy attorney advice and services for those in need of help. We can help you better understand the choices you have in this matter. Keep reading to learn more about Chapter 11 bankruptcy.

What is Chapter 11 Bankruptcy?

Chapter 11 is a bankruptcy option. A Chapter 11 bankruptcy attorney in Taylorsville UT can help you navigate this option to see if it will work for you.

In general, this is a “reorganization bankruptcy.” This means that you will need to pay back your debts through a repayment plan.

Although in some cases, this type of service is also applicable as a liquidation option – meaning, you will not pay back some debts. A bankruptcy attorney Taylorsville can take you through the details of this often complex option.

What are the Benefits?

This option protects the home, care, and other large assets. It can also work on stopping foreclosure and avoiding garnishments and repossessions. Once Chapter 11 got completed, it will enforce an automatic stay to creditors so that they can no longer pursue you for payment.

Who Qualifies?

This option is often recommended to very particular people.  The best way to determine if you qualify is to talk with a Taylorsville Chapter 11 bankruptcy attorney.  It qualifies:

  1. Business owners;
  2. Those with substantial debt or complex debt;
  3. Those who do not qualify for Chapter 13.

How Can an Attorney Help You

Bankruptcy is a legal action that can help you reset your finances. To make the most of this option, you will need a knowledgeable attorney by your side. A trained bankruptcy lawyer understands the intricate details of these types of legal services.

If you require a bankruptcy attorney Taylorsville, please call us at Alta Legal today!

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