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

If you are in debt and reside in Massachusetts, you may be eligible to file for Chapter 11 bankruptcy. To determine eligibility, you must meet certain criteria. First, the debt must be primarily for business purposes, such as to acquire assets used in a business, or to pay business expenses. Second, the amount of debt must be at least $336,900. This amount is adjusted annually to account for inflation. In addition, you must prove that you are insolvent. This means that your liabilities must be greater than your assets. You must also show that you are unable to pay back the debt with reasonable efforts. Finally, you must also demonstrate that you filed your taxes for the last four years and have not missed any payments. If you meet all of these qualifications, you may be able to file for Chapter 11 bankruptcy. It is important to note that filing for bankruptcy may not always be the best solution to your financial issues. Speak to your lawyer if you are considering filing for bankruptcy and they will be able to give you customized advice.

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

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