Bibb County, GA Chapter 11 and 13

Bibb County, GA Chapter 11 and 13

Chapter 11 bankruptcy in Bibb County, GA allows a debtor to enter into an agreement with creditors under which all or a part of the business continues. The debts of the business are restructured to allow the debtor to continue the business operation. In general any partnership, corporation or limited liability entity except a governmental unit may be a debtor in a Chapter 11 proceeding. Under Chapter 11, only the debtor can submit a plan of reorganization within 120 days of the filing of the bankruptcy case. Under a typical reorganization agreement, the debtor will restructure his debts. Such a plan will generally provide for the repayment of loans secured by real estate to be paid over an extended period of time. Intermediate term loans are generally proposed to be paid over the remaining useful life of the security, which is typically five to ten years.

Chapter 13 bankruptcy filing in Bibb County, GA allows the individual debtor to pay down his debts, either the entire amount or a part of it, under a payment plan under the supervision of the court. Those who file under this chapter can keep their possessions with them while they stick to the plan or after they have paid off the required portion of debt. This chapter involves the rehabilitation of the debtor to let the debtor to use future earnings to pay off debts.

A chapter 13 bankruptcy is also referred to as a wage earner's plan. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 is especially for individuals with regular income who want to clear their debts but cannot to do so in a timely method. The purpose of Chapter 13 is to enable financially distressed individual debtors to design and work out a repayment plan under which creditors are paid over an extended period of time generally three to five years. The creditors are forbidden from starting or continuing collection efforts during this time.

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