Columbus, Georgia farm bankruptcy attorney

Chapter 11 allows the debtor to manage 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 can continue to operate, provide its employees with jobs, pay its creditors, and produce a return for its stockholders. Since chapter 11 envisions a running business, the most likely individuals who have knowledge and details of the operation will be the existing managers who generally continue operations during the chapter 11 case. A major rationale behind business reorganizations is that the value of a business as an ongoing concern is greater than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy chapter specifically for family farms or fisheries that gives the farm or fishery owner the opportunity to reorganize his or her finances and debts while at the same time retaining the farm or fishery. The farm or fishery owner will work with the bankruptcy trustee and creditors to determine a payment program that will meet his or her owner obligations. A Chapter 12 proceeding in Columbus, Georgia is available for individually run family farms and fisheries and even those owned by a corporation or partnership. Chapter 12 was created in 1986 epecially for farms and fisheries to make the bankruptcy process easier for these types of businesses. Prior to Chapter 12, farmers would have to either file for protection under Chapter 11, which can be very costly and is basically for large companies, or Chapter 13, which is essentially for those with relatively small outstanding debts (typically not the case for farms and fisheries). Farm debtors looking to file for bankruptcy should consult a Columbus, Georgia farm bankruptcy attorney to know about the options.

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