Bankruptcy
Jun. 9, 2011
Reorganization for One: Chapter 11 for High Net Worth Individuals
Why Chapter 11 is more desirable for high net worth individuals with significant personal assets in business or real estate. By Eric J. Fromme of Rutan & Tucker LLP
Most of us, when we think of Chapter 11 reorganization at all, look at it as a tool for business entities. And we think of Chapters 7 and 13 as the protections available to consumers who get in over their heads. Yet individuals not engaged in business, who may or may not be insolvent, are clearly entitled to file for protection under Chapter 11 of the Bankruptcy Code - and in California, increasing numbers of them are doing so. From 2007 through...
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