Macon, Georgia Bankruptcy Chapters 11 and 13

Macon, Georgia Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Macon, Georgia however, the provisions of chapter 11 are usually used to reorganize a business. Chapter 11 permits the debtor to run its business through a plan of reorganization, that should fulfill certain statutory criteria. By creating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it may continue to operate, provide employment, pay its creditors, and produce a return for its stockholders.

When the bankruptcy means test shows that you aren’t eligible to file for Chapter 7 Bankruptcy in Macon, Georgia you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan that can allow you to keep your most important property while paying off the debts over time. If you file for Chapter 13 Bankruptcy you may be able to substantially lower your medical bills. Chapter 13 will allow you to pay off your medical bills over a 3 to 5 year period of time based on your disposable income. Quite often, Chapter 13 Bankruptcy compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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