Macon, GA farm bankruptcy attorney

Chapter 11 permits the debtor to operate its business through a plan of reorganization, that must meet certain legal criteria. By creating chapter 11, the Congress provided the debtor a chance to restructure its finances so that it may continue to operate, provide its employees with jobs, pay its creditors, and produce a return for its stockholders. As chapter 11 envisions an ongoing business, the most likely persons who have knowledge and details of the operation are the existing managers who generally continue operations during the chapter 11 proceeding. The main rationale behind business reorganizations is that the value of a business as an ongoing concern is much more than it would be if its assets were sold. Chapter 12 is a U.S. bankruptcy chapter specifically for family farms or fisheries which gives the farm or fishery owner the ability to reorganize his or her finances and debts while still keeping 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. A Chapter 12 proceeding in Macon, GA can be availed by individually run family farms and fisheries as well as those owned by a corporation or partnership. Chapter 12 was enacted in 1986 exclusively for farms and fisheries to make the bankruptcy process easier for such businesses. Prior to Chapter 12, farmers would have to either file for protection under Chapter 11, which was very expensive and is essentially for large corporations, or Chapter 13, which is essentially for those with comparatively small outstanding debts (typically not the case for farms and fisheries). Farm debtors considering bankruptcy should consult a Macon, GA farm bankruptcy attorney to know about the options.

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