Chapter 11 Bankruptcy in Athens-Clarke County, Georgia
Federal bankruptcy rules govern how companies in Athens-Clarke County, Georgia go out of business or recover from crippling debt. A bankrupt corporation might use Chapter 11 of the Federal Bankruptcy Code to reorganize its activities and attempt to become profitable again. The company continues to run the routine business operations, but all important business decisions have to be approved by a bankruptcy court.
Chapter 11 permits the debtor to enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured to allow the debtor to continue the business operation. Basically any partnership, corporation or limited liability entity except a governmental unit can be a debtor in a Chapter 11 proceeding in Athens-Clarke County, Georgia. Under Chapter 11, only the debtor may submit a plan of reorganization within 120 days of the filing of the bankruptcy proceeding. Under a typical reorganization agreement, the debtor will restructure his debts. Such a plan will generally include the repayment of loans secured by real estate to be paid over an extended time. Intermediate term loans are generally proposed to be paid over the remaining useful life of the collateral, which is generally five to ten years.
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