September 26th, 2009 by Reed Allmand 
Chapter 11 bankruptcies are filed by individuals and businesses whose debt levels fall outside of the amounts allowed for a Chapter 13 bankruptcy or Chapter 7 bankruptcy filing. If a debtor owes more than $336,900.00 in unsecured debt or more than $1,001,650.00 in secured debt, he/she will need to file Chapter 11 bankruptcy. Even if a debtor wanting to file Chapter 13 bankruptcy owes slightly more than the allowable debt levels, he/she may be forced to filed Chapter 11 bankruptcy. Usually, the following types of high income debtors need to file Chapter 11 bankruptcy:
- Professional Athletes
- Lawyers
- Doctors
- Celebrity Actors, Singers
- Real Estate Developers
- Business Executives
- Business Owners
Most common reasons for filing Chapter 11 bankruptcy include:
- IRS Troubles
- Lawsuits
- Vicious Divorce Battles
- Losing Professional License
- Business Failure
- Foreclosure
- Medical Emergency – High Medical Debt
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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