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If your business is currently struggling, you should consider Chapter 11 bankruptcy as a serious option. At Hong Law, PLC, our Cedar Rapids Chapter 11 bankruptcy lawyers know how difficult facing financial insecurity can be.Who qualifies for a Chapter 11 bankruptcy?
There are no debt limitations in Chapter 11. Also, there is no regular income requirement whatsoever in Chapter 11. A Chapter 11 bankruptcy can be filed for an individual who has no income but has assets that can be voluntarily liquidated through a Chapter 11 repayment plan, and the proceeds can be used to fund the plan.