Muscogee County, Georgia farm bankruptcy attorney

Chapter 11 allows the debtor to run its business by means of a plan of reorganization, that must fulfill certain statutory requirements. By creating 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 provide a return for its stockholders. Since chapter 11 deals with an ongoing business, the most likely persons who have knowledge and details of the business will be the existing managers who generally continue operations during the chapter 11 proceeding. The main rationale of 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 which gives the farm or fishery owner the opportunity to reorganize his or her finances and debts while still retaining the farm or fishery. The farm or fishery owner will work with the bankruptcy trustee and creditors to fix a payment program that will meet his or her owner obligations. This Chapter 12 proceeding in Muscogee County, Georgia is available for individually run family farms and fisheries as well as those owned by a corporation or partnership. Chapter 12 was enacted in 1986 epecially for farms and fisheries to make the bankruptcy process easier for such businesses. Before Chapter 12, farmers would have to either file for protection under Chapter 11, which was very costly and is essentially for large companies, or Chapter 13, which is basically for those with relatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors looking to file for bankruptcy should contact a Muscogee County, Georgia farm bankruptcy attorney to know about the options.

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