What are the requirements for filing a Chapter 11 bankruptcy?

In New York, anyone seeking to file a Chapter 11 bankruptcy must meet certain requirements. One of the most important is that the individual must be insolvent. This means that their debts must exceed their assets, and they can no longer pay their debts. The individual must also be able to demonstrate a financial need that can only be met through bankruptcy. This includes providing proof of income and expenses, including bank statements, pay stubs, tax returns, and proof of any other financial obligations. In addition, the individual must have a repayment plan laid out. This must be approved by the court and must show how the individual will pay back all or some of their debt. This plan must include a detailed budget of income and expenses, and must be realistic and feasible for the individual to achieve over time. Lastly, in order to file for Chapter 11 bankruptcy, the individual must also provide proof of credit counseling. This involves attending a session with an approved credit counseling agency and obtaining a certificate of completion. This certificate proves that the individual has received the necessary advice regarding their finances and bankruptcy options. Once all of these requirements are met, the individual can file for Chapter 11 bankruptcy in New York and begin the process of reorganizing their finances.

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What are the requirements for filing a Chapter 11 bankruptcy?

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