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In filing a Chapter 11, the debtor presents a plan to creditors which, if accepted by the creditors and approved by the Court, will allow the debtor to reorganize personal, financial or business affairs and again become a financially productive individual or business. Credit Counseling must be obtained prior to filing Bankruptcy.When should you file Chapter 11 bankruptcy?
Chapter 11 is most often used by individuals when their debts exceed the limits allowed for a Chapter 13, specifically $394,725 for noncontingent, unsecured debts and $1,184,200 for secured debts. These limits are adjusted regularly based on the consumer price index.