Augusta, Georgia Bankruptcy Chapters 11 and 13

Augusta, Georgia Bankruptcy Chapters 11 and 13

An individual may file under chapter 11 in Augusta, Georgia but, the provisions of chapter 11 are often used to reorganize a business. Chapter 11 permits the debtor to run its business by means of a plan of reorganization, which must fulfill certain legal criteria. By legislating 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 produce a return for its stockholders.

In situations where the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Augusta, Georgia you may instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which will allow you to retain your most important property while repaying your debts over time. If you file for Chapter 13 Bankruptcy you might be able to significantly lower your medical bills. Chapter 13 can permit you to pay off the medical bills over a 3 to 5 year period of time depending 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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