Athens-Clarke County, Georgia Bankruptcy Chapters 11 and 13

Athens-Clarke County, Georgia Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Athens-Clarke County, Georgia but, the provisions of chapter 11 are often used to reorganize a business. Chapter 11 allows the debtor to manage its business by means of a plan of reorganization, that must fulfill certain legal criteria. By creating chapter 11, the Congress provided the debtor an opportunity 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 determines that you cannot file for Chapter 7 Bankruptcy in Athens-Clarke County, Georgia you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which will permit you to retain your most important property while repaying the debts over time. If you file for Chapter 13 Bankruptcy you may be able to substantially decrease your medical bills. Chapter 13 can allow you to pay off the medical bills over a 3 to 5 year period of time based on your disposable income. Quite often, Chapter 13 Bankruptcy compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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