How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

What is the best way to avoid chapter 11 oe 13 bankruptcy

Resolved Question:

What is the best way to avoid chapter 11 or 13 bankruptcy. We owe over 400k in unsecured debt;1million on a home that is worth 650k..home is rented and rent covers mortgage;15k in equity loan in an apt that is worth 60K; 150 in student loans
We gross 160k in our jobs and net 60k in our business. We live in nj.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

Thank you for your question.

A chapter 11 bankruptcy would likely not be helpful. A chapter 11 bankruptcy is similar to a chapter 13 bankruptcy in that they are both reorganizations however a chapter 11 bankruptcy is typically more complex and expensive than a chapter 13.

It seems that it would be more advisable to retain local counsel to negotiate your debt. Your other option would be to reduce your income so that you qualify for a chapter 7 bankruptcy and discharge all of your unsecured debt
Ellen and 2 other Bankruptcy Law Specialists are ready to help you