Chapter 11 Bankruptcy

1. Chapter 11 Bankruptcy
NANCY L. KOURLAND

2. Chapter 11 Bankruptcy
Nancy L. Kourland, a Chapter 11 bankruptcy reorganization specialist, details the circumstances
under which an individual may file for bankruptcy under Chapter 11.

3. Chapter 11 Bankruptcy
Generally, individuals file for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code when
attempting to restructure their debts without liquidating all of their legally unprotected assets.
However, where an individual’s debts exceed the limits imposed by Chapter 13, assistance under
Chapter 11 may be available in order to avoid liquidating assets under Chapter 7.

4. Chapter 11 Bankruptcy
Chapter 11 bankruptcy proceedings, often called “reorganizations,” are generally used by
corporations and small businesses to restructure their debts while still continuing to operate.
However, under federal law, relief under Chapter 11 is available to individuals, as well. Chapter
11 debt reorganization may be particularly appropriate where an individual’s debt exceeds the
limits of Chapter 13, but the individual’s income is high enough to still consider a plan that
allows for restructuring debt. Under Chapter 11, an individual would typically be able to keep
property and acquire new assets during the proceedings, and would be able to propose a plan
that would allow debts to be restructured and perhaps paid from the individual’s future
earnings. This option gives those with both high debts and high income an opportunity to
negotiate a plan to repay a portion of their debts and avoid liquidating the bulk of their assets.

5. Chapter 11 Bankruptcy
Nancy L. Kourland is an attorney with Rosen & Associates, P.C, and is licensed in New York; she
specializes in Chapter 11 bankruptcy reorganization .