Chatham County, GA Bankruptcy Chapters 11 and 13

Chatham County, GA Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Chatham County, GA however, the provisions of chapter 11 are mostly availed to reorganize a business. Chapter 11 allows the debtor to run its business by means of a plan of reorganization, which must fulfill certain statutory requirements. By legislating chapter 11, the Congress provided the debtor a chance to restructure its finances so that it may continue to operate, provide employment, pay its creditors, and provide a return for its stockholders.

When the bankruptcy means test says that you aren’t eligible to file for Chapter 7 Bankruptcy in Chatham County, GA you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan which will permit you to retain your most important assets while paying off your debts over a period of time. If you file for Chapter 13 Bankruptcy you might be able to substantially reduce your medical bills. Chapter 13 can permit you to repay the medical bills over a 3 to 5 year period of time depending on your disposable income. Many times, Chapter 13 Bankruptcy compels unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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