Bibb County, Georgia farm bankruptcy attorney

Chapter 11 permits the debtor to run its business through a plan of reorganization, that should meet certain legal criteria. 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. As chapter 11 envisions a running business, the most likely individuals to have knowledge and details of the operation are the existing managers who often continue operations during the chapter 11 proceeding. A major rationale of business reorganizations is that the value of an ongoing is far more than it would be if its assets were sold. Chapter 12 is a U.S. bankruptcy proceeding exclusively for family farms or fisheries which provides 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 must work with the bankruptcy trustee and creditors to formulate a payment program that will meet his or her owner obligations. A Chapter 12 proceeding in Bibb County, Georgia can be availed by individually run family farms and fisheries and also those owned by a corporation or partnership. Chapter 12 was created in 1986 specifically for farms and fisheries to make the bankruptcy process easier for such business types. Prior to Chapter 12, farmers had to either file for protection under Chapter 11, which was very expensive and is basically 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 must contact a Bibb County, Georgia farm bankruptcy attorney to know about the options.

---------------------Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GAhttp://www.macongabankruptcy.com