Harris County Georgia Small Business Debtor Bankruptcy lawyers

Harris County Georgia Small Business Debtor Bankruptcy lawyers

Small Business Debtor in Columbus Georgia

Few categories of debtors are defined in the bankruptcy Code and have special provisions that apply only to these debtors. One of these debtors is a small business, defined as a person doing commercial or business activities not including a person that primarily owns or operates real property that has aggregate non-contingent liquidated secured and unsecured debts that do not exceed $2,000,000. When the debtor qualifies and chooses to be treated as a small business, the proceeding is placed on a “fast track” and treated differently than a regular chapter 11 proceeding under the US Bankruptcy Code. For example, the appointment of a creditors committee and a separate hearing to approve the disclosure statement are not necessary. On application by a party in interest and for cause, the judge candirect that a creditors committee not be appointed. The judge can conditionally approve a statement of disclosure, subject to final approval after notice and a hearing. Solicitation of votes for approval or rejection of the plan can go ahead based on the conditional approval of the statement of disclosure. Thereafter, the disclosure statement hearing can be combined together with the confirmation hearing. Additionally the debtor has a lesser time period of 100 days during which only the debtor can file a plan. When the 100-day period expires, any party in interest can submit a plan; yet, all plans must be filed within 160 days from the date of the order for relief.

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Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benning

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