Bankruptcy
Mar. 3, 2011
More Homeowners Forced into Chapter 11 Bankruptcies
Snagged by collapsed real estate prices, many middle-class homeowners have too much debt to file bankruptcy with a simple Chapter 13 and instead the must use the complicated Chapter 11 procedures intended for struggling businesses.
Daily Journal Staff Writer
Sometimes when she asks an attorney for some report needed for a homeowner's Chapter 11 bankruptcy, U.S. Bankruptcy Judge Erithe Smith stuns the clueless counsel into a silence so profound she can hear crickets.
That happens, Smith said, when a lawyer who normally files Chapter 13 bankruptcies on behalf of middle-class people must instead use the complicated Chapter 11 procedures designed f...
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