Can individuals file a chapter 11?

Yes. We are seeing more of these cases in Arizona, mostly due to the large real estate loans that people incurred during the boom. Also, real estate investors typically need to file personal chapter 11, depending on their secured and unsecured debts. Debt limits exist for chapter 13 cases. Therefore, if you would normally need to file a chapter 13 but do not qualify for a chapter 13 due to the debt limits, a chapter 11 may be the best option. There are other reasons for filing an individual chapter 11 in Arizona, but the most common reason Arizona individuals file chapter 11s is the debt limit. The cost of chapter 11s is much higher than is the case for chapter 7s or chapter 13s. Be prepared to spend a minimum of $5,000 for a chapter 11 bankruptcy, whereas chapter 13s in Arizona typically do not cost more than $4,500 in legal fees.

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