Chapter 11 Sub-Chapter V
Being Board Certified in both Business and Personal Bankruptcy also positions Attorney Wyatt to handle Chapter 11 Sub-Chapter V Reorganization cases. This part of the Bankruptcy Code allows Debtors to file both their personal bankruptcy and business bankruptcies and jointly administer all in one case. It permits a Debtor to honor its priority and secured debts but only requires a Debtor to pay their net distributable income for the benefit of unsecured creditors and gives the Debtor a discharge of all debt upon successful completion of the case. This is a unique advantage that relieves a small business debtor of the usual chapter 11 choice between losing the business in a sale or paying liabilities in full over the course of a Plan. The Sub-Chapter V Debtor gets a fresh start after making a 3 to 5 year commitment to reorganization based on what they can afford, not based on what they owe.