Legal Question in Bankruptcy in Virginia
bankruptcy
what is the difference between chapter 11 & chapter 13
Asked on 8/27/08, 4:18 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: bankruptcy
Chapter 13 allows individuals with debts up to certain limits to reorganize and repay debt in full or in part over time, with a simplified procedure and a discharge somewhat broader than Chap. 11. Chap. 11 is available to corporations as well as individuals, has no debt limits, is more flexible, but more expensive and more complex.
Answered on 8/27/08, 7:27 pm
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