Augusta Georgia Bankruptcy Lawyer
Chapter 11 allows a debtor to enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured so as to allow the debtor to continue his business operation. In general, any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 case. Under Chapter 11, only the debtor may submit a plan of reorganization within 120 days of the initiation of the bankruptcy case. Under a typical reorganization plan, the debtor attempts to restructure his debts. Such a plan will generally provide for the repayment of loans secured by real estate to be paid over an extended period of time. Intermediate term loans will be proposed to be paid over the remaining useful life of the collateral, which is typically five to ten years.
A penalty for failure to pay tax, including failure to pay estimated tax, will not be imposed for any period during which a title 11 bankruptcy case is pending if:
1. The tax was incurred before the earlier of the order for relief or (in an involuntary case) the appointment of a trustee, and
2. The bankruptcy petition was filed before the due date for the tax return (including extensions) or the date for imposing the penalty occurs on or after the day the bankruptcy petition was filed.
This relief from the failure-to-pay penalty does not apply to any penalty for failure to pay or deposit tax withheld or collected from others and required to be paid over to the United States government. Nor does it apply to any penalty for failure to timely file a return.
We are bankruptcy attorneys based in Augusta, GA (Georgia). We serve clients in Augusta, GA (Georgia) and throughout the CSRA, including Columbia County, Richmond County, Lincoln County, McDuffie, Jefferson and Burke Counties, Evans, Appling, Waynesboro, Louisville, Thomson, Lincolnton, Girard Georgia & Aiken, South Carolina & North Augusta SC. Contact us. We can help you file for bankruptcy.
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Augusta GA bankruptcy lawyers and bankruptcy attorneys in Augusta – Evans Georgia that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA
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