Chapter 11 Bankruptcy in Chattahoochee County, GA

Chapter 11 Bankruptcy in Chattahoochee County, GA

Federal bankruptcy laws govern how companies in Chattahoochee County, GA go out of
business or recover from deep debt. A bankrupt company might file under Chapter 11 of the US Bankruptcy Code to reorganize its business and attempt to become profitable again. The company continues to operate the day-to-day business operations, but all major business decisions have to 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 his business operation. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 proceeding in Chattahoochee County, GA. 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 attempts to 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 are generally proposed to be paid over the remaining useful life of the security, which is generally five to ten years.

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