Maine Bankruptcy Chapter 11

Maine Bankruptcy Chapter 11

It  is the only reorganization option available to individuals who don’t meet the eligibility requirements for Chapter 13. It is also the reorganization Chapter available for businesses, though small businesses can be disincorporated with assets and liabilities transferred to the proprietor before he or she files Chapter 13. It is an expensive process in which creditors have much greater control over the outcome of the case. Most of my clients who are eligible for Chapter 13 prefer that route. However, Chapter 11 is a viable alternative.