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A closer look at Chapter 11 bankruptcy

Every year, Americans throughout the country file for Chapter 11 bankruptcy in order to find debt relief. Whether the person filing for Chapter 11 bankruptcy is an individual or a small business owner, those who move forward with a successful bankruptcy plan are often able to turn their financial situation around. In Salem, New Hampshire, people who are considering an individual bankruptcy or business bankruptcy should thoroughly evaluate their situation before filing, make sure they understand the ins and outs of the bankruptcy process and address their debt as soon as possible.

On their website, the United States Courts published material on bankruptcy code which is very helpful for those thinking about filing for Chapter 11. Also known as reorganization bankruptcy, Chapter 11 cases begin when debtors file their petition in a bankruptcy court which serves their place of residence. Some petitions are voluntary (filed by the debtor), while others are involuntary (filed by the creditors). Bankruptcy courts charge case filing fees totalling $1,167 and $550 in miscellaneous administrative fees.

The U.S. Department of Justice also provides useful information on the reporting requirements for debtors and trustees in Chapter 11 bankruptcy cases. When someone files for Chapter 11 bankruptcy, they must submit a list of the 20 biggest unsecured creditors a debtor has. Furthermore, debtors are required to close all of their bank accounts when they file their bankruptcy petition. When it comes to filing for bankruptcy, there are a wide variety of considerations that debtors must recognize and it is imperative for those who file to ensure that every requirement is met.

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