Types of Bankruptcy in Kansas and Missouri
The Kansas and Missouri Bankruptcy Code is typically divided into these chapters:
Chapter 7, known as a Liquidation.
Chapter 11, typical option for small to large business (LLC, partnerships, or Corporations.
Chapter 12, special bankruptcy option for farmers.
Chapter 13, known as an Adjustment of the Debts, and a 3 to 5 year repayment plan.
Chapter 11 Bankruptcy Details
Similar to a Chapter 13 bankruptcy in Kansas City, a Chapter bankruptcy 11 is a repayment plan for small to large business (LLC, partnerships, or Corporations), or in rare cases an individual with very high debt. While the number may fluctuate in the future, currently a person or business qualifies for chapter 11 if their debts are higher than $383,175 in unsecured debt or $1,149,525 in secured debt. The Chapter 11 process is generally shied away from due to the high cost, complexity and expenses.