QUESTION
Who is responsible for the chapter 11 bankruptcy allowance determination?
Asked on Jun 11th, 2011 on Bankruptcy - Georgia
More details to this question:
For Chapter 11 bankruptcy, who determines how much is deducted from my total income to pay the creditors and how much is allowed for my necessary expenses, such as food, mortgage, utilities, prescriptions, transportation, etc. - the bankruptcy court, or my bankruptcy lawyer?
2 ANSWERS
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William Rubendall Attorney at Law
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Chapter 11 is the most complicated type of bankruptcy. Most individuals would file a chapter 13 if a payment plan is the goal. The debtor determines how the expenses are allotted in a budget called Schedule I and J. There also is a requirement of what is called a "means test" which will determine the minimum payments to creditors. You should consult with a bankruptcy specialist to see if you qualify for chapter 11 or chapter 13 or chapter 7.
Answered on Jun 15th, 2011 at 6:45 AM
Glen Edward Ashman
Are you sure you mean Chapter 11? Very few individuals file Chapter 11.
Answered on Jun 14th, 2011 at 10:23 AM