Harris County, GA Bankruptcy Chapters 11 and 13

Harris County, GA Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Harris County, GA but, the provisions of chapter 11 are often used to reorganize a business. Chapter 11 permits the debtor to run its business through a plan of reorganization, which must fulfill certain legal criteria. By creating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it can continue to operate, provide employment, pay its creditors, and provide a return for its stockholders.

If the bankruptcy means test determines that you cannot file for Chapter 7 Bankruptcy in Harris County, GA you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan that will allow you to keep your most important assets while repaying the debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to significantly reduce your medical bills. Chapter 13 can allow you to pay off the medical bills over a 3 to 5 year period of time based on your disposable income. Quite often, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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