Athens, GA Bankruptcy Chapters 11 and 13

Athens, GA Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Athens, GA but, the provisions of chapter 11 are often used to reorganize a business. Chapter 11 allows the debtor to run its business through a plan of reorganization, which should fulfill certain statutory criteria. By legislating chapter 11, the Congress provided the debtor a chance to restructure its finances so that it can continue to operate, provide employment, pay its creditors, and produce a return for its stockholders.

In situations where the bankruptcy means test says that you cannot file for Chapter 7 Bankruptcy in Athens, GA you may instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered payment plan that will permit you to keep your most important property while repaying your debts over a period of time. If you file for Chapter 13 Bankruptcy you might be able to substantially reduce your medical bills. Chapter 13 will permit you to pay off the medical bills over a 3 to 5 year period of time based on your disposable income. Many times, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy