Athens, Georgia Bankruptcy Chapters 11 and 13
An ordinary person can file under chapter 11 in Athens, Georgia but, the provisions of chapter 11 are mostly used to reorganize a business. Chapter 11 permits the debtor to run its business through a plan of reorganization, which must fulfill certain legal requirements. By creating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it may continue to operate, provide its employees with jobs, pay its creditors, and provide a return for its stockholders.
When the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Athens, Georgia you may instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered payment plan which will permit you to keep your most important property while repaying the debts over time. If you file for Chapter 13 Bankruptcy you might be able to substantially decrease your medical bills. Chapter 13 can permit you to pay off your medical bills over a 3 to 5 year period of time based on your disposable income. Many times, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.
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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
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