Can I keep my house in a Chapter 11 bankruptcy?

Yes, you can keep your house in a Chapter 11 bankruptcy in South Dakota. Chapter 11 bankruptcy is a type of reorganization bankruptcy available to individuals, businesses, and farms. The main purpose of Chapter 11 is to allow the debtor to remain in control of his or her assets and work out a payment plan with his or her creditors. The debtor will be able to keep their assets while developing and proposing a reorganization plan that is agreeable to both parties. In South Dakota, Chapter 11 bankruptcy can allow a debtor to keep their home and other real estate if the debtor successfully submits a reorganization plan. The debtor will be able to continue making payments on the mortgage and other debts associated with the real estate. In most cases, the debtor will need to continue their mortgage payments and other real estate payments according to the terms of the reorganization plan. When filing for Chapter 11 bankruptcy in South Dakota, an individual debtor should work closely with their attorney or the court-appointed trustee to review the specifics of their case and develop a reorganization plan that works for all involved. It is important for the debtor to remember that Chapter 11 bankruptcy is intended to give the debtor a fresh start and to ensure that the debtor’s assets are not taken and liquidated. With the right plan and the help of a qualified attorney, it is possible to keep your home in a Chapter 11 bankruptcy in South Dakota.

Related FAQs

Can I keep my house in a Chapter 11 bankruptcy?

Related FAQs

Related Blog Posts