Joseph Seagle

Chapter 11 bankruptcy was originally designed for businesses but individuals may also file under this chapter Those individuals who exceed the debt limits of chapter 13 bankruptcy are required to file under chapter 11

In Bankruptcy cases, specifically Chapter 11 and Chapter 13, lienstripping is an effective tool in reducing the payments made to creditors In Chapter 13, the debtors reorganize their debts into a repayment plan whereas Chapter 11 is for businesses and individuals whose debts exceed the limits in Chapter 13

If you are considering bankruptcy because of tax problems, then you will benefit from reading this article Most people believe that taxes cannot be discharged in bankruptcy