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Chapter 11...Individual...for the serious only or if you need to feel better

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    Question Chapter 11...Individual...for the serious only or if you need to feel better

    Long story short...I'm considering converting my Ch13 to a Chp11. I owe more than the Chp13 limit, it is all income tax (late filing, under paid etc.) if you pay child support then you won't ask questions and if don't well "good for you" a la Christian Bale's rant.

    My question is:

    Is there a defined length of a Chapter 11? I can't seem to find anything concrete. I'm wondering if I can develop a plan that would satisfy the beast over 7 years.

    No offense please spare me the OIC stuff, if had 20% of what I owe I would happily pay. But in my case the IRS doesn't negotiate, they take without considering the consequences.

    #2
    First comment. . . please drop the attitude if you want us to help you.

    Second comment. . . if you don't have an attorney you better get one. Handling a Chapter 11 is no small task.

    Third comment. . . If you are over the debt limit for a Chapter 13 you can file a Motion to Convert to the 11. A Hearing must be held and once granted you will be directed to pay the conversion fee of $765.00. Then the fun will begin. Setting up a DIP account, attending the IDI, attending another 341, making sure the UST is listed as a "certificate holder" on all property and liability insurance policies, preparing and filing operating reports as well as paying quarterly fees based upon the disbursements, drafting the disclosure statement and plan etc.

    Fourth comment. . . yes your Plan can be greater than 5 years however, all priority taxes must be paid within 5 years from the original filing date. Interest will run on the tax and must also be in that 5 year period. See 11 USC 1129(a)(9)(C).

    Des.

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