Athens, Georgia farm bankruptcy attorney

Chapter 11 allows the debtor to operate its business through a plan of reorganization, which must 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 its employees with jobs, pay its creditors, and produce a return for its stockholders. Since chapter 11 deals with an ongoing business, the most likely persons who have knowledge and details of the operation are the present managers who often continue operations during the chapter 11 proceeding. The main rationale behind business reorganizations is that the value of a business as an ongoing concern is greater than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy proceeding specifically for family farms or fisheries which gives the farm or fishery owner the opportunity to reorganize his or her finances and debts while at the same time keeping the farm or fishery. The farm or fishery owner must co-ordinate with the bankruptcy trustee and creditors to fix a payment program that will meet his or her owner obligations. The Chapter 12 proceeding in Athens, Georgia is available for individually run family farms and fisheries and also those owned by a corporation or partnership. Chapter 12 was created in 1986 epecially for farms and fisheries to make the bankruptcy process easier for such businesses. Before Chapter 12, farmers would have to either file for protection under Chapter 11, which can be very expensive and is mainly for large corporations, or Chapter 13, which is mainly for those with comparatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors considering bankruptcy must consult a Athens, Georgia farm bankruptcy attorney to know about the options.

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