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Frequently Asked Questions

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.

How many years must be between Chapter 11 bankruptcy filings?

Following a Chapter 7 or 11 discharge, you must wait eight years before filing. If you previously filed a Chapter 12 of 13, however, you must only wait six years after discharge. Chapter 11 and 12

What happens when company files Chapter 11 bankruptcy?

If the company owes you any wages when it files Chapter 11 bankruptcy, as long as you continue in the company's employ, your paychecks should not be interrupted. The company will seek permission from the court to continue paying its employees as long as it continues doing business.

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