How do I know if I am eligible for a Chapter 11 bankruptcy?

If you’re in Indiana and considering filing for Chapter 11 bankruptcy, you should first determine if you’re eligible. To be eligible to file under Chapter 11, you must be an individual, a partnership, a corporation, or any other business entity. You must also have been unable to pay your debts as they become due, meaning you must be insolvent. If your total liabilities exceed the fair market value of your total assets, or if you’re unable to pay your debts as they become due, you may be eligible for Chapter 11 bankruptcy. Additionally, you must have a realistic plan for reorganizing your finances. A court will review the plan to make sure it’s feasible and in the best interest of your creditors. To be eligible for Chapter 11 bankruptcy, your plan must be proposed in good faith, meaning that you must not be using it to further commit fraud or to try to hide assets. Finally, you must also have the financial resources to maintain your plan. Additionally, the court may require that you pass a means test, which looks at your income and expenses to determine if you’re eligible for Chapter 11 bankruptcy. To determine if you’re eligible for Chapter 11 bankruptcy, you should consult with a qualified bankruptcy attorney, who can advise you on your options. Your attorney can also help you create a feasible plan to reorganize your finances.

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How do I know if I am eligible for a Chapter 11 bankruptcy?

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