Augusta, GA Bankruptcy Chapters 11 and 13

Augusta, GA Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Augusta, GA however, the provisions of chapter 11 are usually availed to reorganize a business. Chapter 11 permits the debtor to operate its business through a plan of reorganization, that should meet certain statutory criteria. By creating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it can continue to operate, provide employment, pay its creditors, and provide a return for its stockholders.

If the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Augusta, GA you can instead choose to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised payment plan that will allow you to retain your most important property while paying off your debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to significantly decrease your medical bills. Chapter 13 can permit you to repay your medical bills over a 3 to 5 year period of time based on your disposable income. Quite often, Chapter 13 Bankruptcy compels unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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