Chapter 11 Bankruptcy in Columbus, Georgia

Chapter 11 Bankruptcy in Columbus, Georgia

Federal bankruptcy rules determine how corporations in Columbus, Georgia go out of business or recover from deep debt. A bankrupt corporation might use Chapter 11 of the US Bankruptcy Code to reorganize its activities and attempt to become profitable again. Management continues to operate the daily business activities, but all major business decisions should be approved by a bankruptcy court.

A debtor under Chapter 11 can 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 permit the debtor to continue the operation of the business. Basically any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 case in Columbus, Georgia. Under Chapter 11, only the debtor may submit a plan of reorganization within 120 days of the initiation of the bankruptcy proceeding. Under a typical reorganization plan, the debtor will restructure the debts. Such a plan will generally include the repayment of loans secured by real estate to be paid over an extended time. Intermediate term loans will be proposed to be paid over the remaining useful life of the security, which is typically five to ten years.

---------------------
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

http://www.columbus-ga-bankruptcy.com