Chapter 11 Bankruptcy in Athens, Georgia
Federal bankruptcy rules govern how companies in Athens, Georgia go out of business or recover from deep financial crisis. A bankrupt company might file under Chapter 11 of the US Bankruptcy Code to reorganize its activities and try to become profitable again. The company continues to run the daily business operations, but all significant business decisions should be approved by a bankruptcy court.
A debtor under Chapter 11 can 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 his business operation. In general any partnership, corporation or limited liability entity except a governmental unit can be a debtor in a Chapter 11 proceeding in Athens, 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 plan, the debtor will restructure his debts. Such a plan will generally provide for the repayment of loans secured by real property 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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