Warner Robins, GA farm bankruptcy attorney

Chapter 11 permits the debtor to manage its business by means of a plan of reorganization, which should meet 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 its employees with jobs, pay its creditors, and provide a return for its stockholders. As chapter 11 deals with an ongoing business, the most likely persons to have knowledge and details of the business will be the present managers who generally continue operations during the chapter 11 case. The main rationale behind business reorganizations is that the value of an operating is much more than it would be if its assets were sold. Chapter 12 is a U.S. bankruptcy chapter exclusively for family farms or fisheries that provides 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 the bankruptcy trustee and creditors to formulate a payment program that will meet his or her owner obligations. This Chapter 12 proceeding in Warner Robins, 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 specifically for farms and fisheries to make the bankruptcy process easier for these types of businesses. Before Chapter 12, farmers would have to either file for protection under Chapter 11, which can be very expensive and is mainly for big companies, or Chapter 13, which is essentially for those with relatively small outstanding debts (often not the case for farms and fisheries). Farm debtors considering bankruptcy must consult a Warner Robins, GA farm bankruptcy attorney to know about the options.

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