Need help/info Attoerny says we cant file 13

[253BK]

Hey everyone well after 6 months of waiting we went today and paid our fees and filed 13 but 2 hrs after we left the attoerny calls and says sorry but you cant do a 13 due to our total secured debt being over 1,0105,600!!!

His only idea was to file a chap 11 with our small business and go that route does anyone have any info on that??? Of course it costs about 1500$ more dollars BUT the plus side of it is you are your own trustee which could be better for us anyways!

If anyone has time and info about chap 11 please post it even a link to anything good about it!

Thanks

[Cali]

If your debt is from your business then you should file C11.

ETA: http://www.moranlaw.net/chapter11.htm

[253BK]

Very little is from our business maybe 10K most of the secured is from our rental homes we have. We are right at 1.7 million in secured and from what I can find chap 11 goes to 2 mill!

What I am wondering is chap 11 something that is alot harder and worth the extra 1600$ or my other option is to let to homes sell at auction and I will be just under the chap 13 secured debts!

[biotechsolution]

If you attorney is only charging an extra $1600 to do a chapter 11 that is an incredible bargain. Chapter 11's are extremely involved and most attorney's won't touch them. you may just want to let the houses go then file after all the debt can be unsecured. If the houses were all rentals for profit it should be a business bk anyway and you shouldn't have to worry about the 13 it should be a 7. If it isn't get a new attorney.

[253BK]

Problem is I own my truck out right plus 2 trailer that are all combined worth about 55K That is why we are going 13 or 11 if I didnt have those we would be looking at going chap7 for sure!

[biotechsolution]

how much disposable income do you have? if your payment is near 1K a month you're going to pay 60K anyway during the plan.