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Article: Court OK's chapter 11 for personal bankruptcy. (US Supreme Court)
- Article from:
- Real Estate Weekly
- Article date:
- July 24, 1991
- Author:
CopyrightCOPYRIGHT 1991 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Court OK's Chapter 11 for personal bankruptcy
A United States Supreme Court decision will bring some financial relief to personal bankruptcy filers by allowing them to use Chapter 11. This was previously interpreted by most state courts to be applicable only to businesses. The ruling will affect filings by people with some assets, such as real estate, which are worth more than the limits imposed by Chapter 13.
"It has always been the law that individuals can file Chapter 11 in this circuit," said Howard Karasik, a bankruptcy specialist with Sherman Citron & Karasik. "Now the rule (in other states) is what is in New York."
Michael Lehman, a ...