How much debt or interest relief can be expected in a chapter 11 filing

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BSisRight
Nov 26, 2016 07:27 PM 0 Answers
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This is a legal question. The amount of releief is based upon a number of factors. The type of debt taxes, secured, unsecured, the amount of income and expenses on a monthly basis left overEssentially if you qualify to file a Chapter 11 bankruptcy you take all of your assets and all of your debts go into a fictitious bankruptcy estate. You are allowed to exempt certain assets. Your debts are classified by type. Government debt-usually taxes, debts owed to employees and similar type debts have first priority. Then you have secured debts which are debts based upon collateral. Finally you have unsecured debts. In a Chapter 11 you are typically a debtor in possession and make decisions subject to the Bankruptcy laws.

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