GA Bankruptcy Chapters 11 and 13

GA Bankruptcy Chapters 11 and 13

An individual can file under chapter 11 in Columbus, GA but, the provisions of chapter 11 are often used to reorganize a business. Chapter 11 allows the debtor to run its business through a plan of reorganization, that must meet certain statutory criteria. By creating 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 determines that you aren’t eligible to file for Chapter 7 Bankruptcy in Columbus, GA you can instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which will permit you to retain your most important assets while repaying your debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to significantly lower your medical bills. Chapter 13 can permit you to pay off your medical bills over a 3 to 5 year period of time based on your disposable income. Many times, Chapter 13 Bankruptcy compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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