Can individual file chapter 11 bankruptcy

Langdon of DelCotto Law Group in Lexington, Kentucky, costs and credit issues often prevent businesses from filing bankruptcy over and over again.

It could then file another Chapter 11 bankruptcy and get rid of any new debts by having a new plan approved. While this could happen several times over the life of a business, it rarely happens more than two or three times because of the expense and inability to get credit after several bankruptcies. The decision to file bankruptcy a second or third or fourth time is rarely an easy one. Fortunately, most bankruptcy attorneys offer a free initial consultation to help you determine your rights and options if you are considering filing again.

Home Legal Advice. Amy Carst, Contributor Amy Carst is a writer, human rights activist, and speaker. Amy lives in Vermont with her husband and three children. Upgrade to Premium. Get Advice. Lawyers Near You. See More ». Forgot your password? Premium Profiles. Find detailed information on Chapter 11 on the U. Courts Bankruptcy Basics Web page.

You can receive tax refunds while in bankruptcy. However, refunds may be subject to delay or used to pay down your tax debts. The unit is available Monday through Friday from a. If you successfully complete your bankruptcy plan you will receive a discharge of debt. A discharge releases you the debtor from personal liability for certain dischargeable debts. Some taxes may be dischargeable. There are exceptions to the guidelines above, however.

For example, time requirements may be reduced if you paid percent of unsecured claims or 70 percent in a good faith plan in your Chapter 12 or 13 bankruptcies. On the other hand, Chapter 11 and 12 guidelines might not be as easy and straightforward as stated above if you violated a court order or had a case dismissed during the days preceding your bankruptcy filing.

In either of these situations, you may not immediately qualify for another discharge. According to Dean A. Langdon of DelCotto Law Group in Lexington, Kentucky, costs and credit issues often prevent businesses from filing bankruptcy over and over again.

It could then file another Chapter 11 bankruptcy and get rid of any new debts by having a new plan approved. While this could happen several times over the life of a business, it rarely happens more than two or three times because of the expense and inability to get credit after several bankruptcies.

The decision to file bankruptcy a second or third or fourth time is rarely an easy one. Fortunately, most bankruptcy attorneys offer a free initial consultation to help you determine your rights and options if you are considering filing again. Home Legal Advice. Amy Carst, Contributor Amy Carst is a writer, human rights activist, and speaker.

Amy lives in Vermont with her husband and three children. Upgrade to Premium.