Chattahoochee County, GA Bankruptcy Chapters 11 and 13

Chattahoochee County, GA Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Chattahoochee County, GA but, the provisions of chapter 11 are often availed to reorganize a business. Chapter 11 permits the debtor to manage its business through 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 can continue to operate, provide its employees with jobs, pay its creditors, and provide a return for its stockholders.

If the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Chattahoochee County, GA you may instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered payment plan that can permit you to keep 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 substantially lower your medical bills. Chapter 13 can allow you to pay off the medical bills over a 3 to 5 year period of time depending on your disposable income. Quite often, Chapter 13 Bankruptcy compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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