Madison County, GA Bankruptcy Chapters 11 and 13

Madison County, GA Bankruptcy Chapters 11 and 13

An individual can file under chapter 11 in Madison County, GA but, the provisions of chapter 11 are mostly used to reorganize a business. Chapter 11 allows the debtor to run its business through a plan of reorganization, that must meet certain legal requirements. 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 provide a return for its stockholders.

When the bankruptcy means test dictates that you aren’t eligible to file for Chapter 7 Bankruptcy in Madison County, GA you can instead choose to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which can allow you to retain your most important assets while paying off your debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to significantly lower your medical bills. Chapter 13 will allow 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 compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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