Macon, Georgia farm bankruptcy attorney

Chapter 11 permits the debtor to operate its business by means of a plan of reorganization, which must meet certain legal criteria. By legislating 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 envisions an ongoing business, the most likely persons to have knowledge and details of the business are the present managers who often continue operations during the chapter 11 case. 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 must co-ordinate with a bankruptcy trustee and creditors to determine a payment program that will meet his or her owner obligations. A Chapter 12 proceeding in Macon, Georgia is available for individually run family farms and fisheries and even those owned by a corporation or partnership. Chapter 12 was created in 1986 exclusively for farms and fisheries to make the bankruptcy process easier for these types of businesses. Prior to Chapter 12, farmers had to either file for protection under Chapter 11, which was very expensive and is mainly for big companies, or Chapter 13, which is mainly for those with relatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors considering bankruptcy must consult a Macon, Georgia farm bankruptcy attorney to know about the options.

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