Can I file a ch. 11 bk for my business, if I filed a ch.7 personal 5 to 6 yrs. ago? 14 Answers as of July 21, 2011

I am a licensed contractor and like so many of us in this economy am on the verge of going belly up. The problem is my wife and I found it necessary about 5 1/2 years ago to file a ch. 7 bk for our personal bills. We were able also to take care of my business debts@ the same time. Most the debt I owe is through my business and am wondering, is ch. 11 is an option?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
If your business is a separate legal entity, such as a corporation or LLC, it is eligible to file bankruptcy, regardless of when you personally filed bankruptcy. To see if Chapter 11 is an option and to see what option is best for you, call me.
Answer Applies to: California
Replied: 7/21/2011
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
Yes.
Answer Applies to: California
Replied: 7/19/2011
Ray Fisher Law Offices
Ray Fisher Law Offices | Ray Fisher
Yes.
Answer Applies to: Texas
Replied: 7/19/2011
Law Office of Harry L Styron
Law Office of Harry L Styron | Harry L Styron
Yes you can. You can also file a Chapter 13 even though you filed the Chapter 7. And you can file a new Chapter 7, but you cannot obtain a discharge if you were discharged in the previous Chapter 7 within 8 years of the new filing. Note that a Chapter 11 is necessary only if secured debt is more than $1,000,000 (approx) and unsecured debt is more than $350,000 (approx). A Chapter 11 bankruptcy is very expensive (>$25,000) and requires the cooperation of your creditors, so if you are within the Chapter 13 limites it is much less difficult and much less expensive.
Answer Applies to: California
Replied: 7/19/2011
Engberg Law Office
Engberg Law Office | Harry A. Engberg
The question is if your business is a corporation? If it is it can file its own bankruptcy.
Answer Applies to: South Dakota
Replied: 7/19/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    If the business is a corporation or LLC then it can file a Chapter 11 assuming it is otherwise eligible. In fact, if it is a corporation or LLC it does not matter what you file since the business is a separate business entity and it is not affected by your personal bankruptcy. If your business is not incorporated you might want to consider a Chapter 13 because you are personally eligible for a Chapter 13 discharge after four years of having filed a Chapter 7 in which you received a discharge. You are also eligible for a personal Chapter 11 assuming the business is not incorporated and are not eligible for Chapter 13. The only thing you cannot do is another personal Chapter 7 because you will not be eligible of a discharge for about three more years.
    Answer Applies to: California
    Replied: 7/19/2011
    Sariol Legal Center
    Sariol Legal Center | Frank R. Sariol
    If your business is a Corporation, Limited Liability Company (LLC) or a Limited Partnership, you can file chapter 11 regardless of when you filed chapter 7. If you are a Sole Proprietor, then you can also file a chapter 11 four years after your chapter 7.
    Answer Applies to: California
    Replied: 7/19/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    There is an 8 year bar to discharge for chapter 7. There may be a good reason to file another case and not receive a discharge. Check with a bankruptcy specialist for a detailed review of your situation.
    Answer Applies to: California
    Replied: 7/19/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    11 is an option, see an experienced attorney. I am assuming the business is incorporated or and LLC.
    Answer Applies to: California
    Replied: 7/19/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    If by your "Business" you mean an entity which is a corporation or partnership, then yes you can file either a Chapter 11 or Chapter 7 for the business entity. It doesn't have anything to do with you or your personal bankruptcy.
    Answer Applies to: California
    Replied: 7/19/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Chapter 13 would be a better option. Pay a small percentage of all your debt from 3-5 years.
    Answer Applies to: California
    Replied: 7/19/2011
    Rosenberg & Press, LLC
    Rosenberg & Press, LLC | Christopher D. Hite
    It really depends on the debts/assets of business in both amount and nature. Typically, a ch.11 is an expensive and difficult process that is only practical for larger businesses in a narrow range of situations. I would be happy to discuss it with you further.
    Answer Applies to: Connecticut
    Replied: 7/19/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Very few small businesses can afford to file Chapter 11. It would be highly unusual to see even a simple 11 that costs less than $20,000 in total fees. However, it is much more likely that total costs and attorney fees for a Chapter 11 bankruptcy will exceed $100,000. Again, this amount can vary greatly depending on the attorney's hourly rate and the number of disputes filed by creditors.
    Answer Applies to: Georgia
    Replied: 7/19/2011
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