Columbia County, GA Bankruptcy Chapters 11 and 13

Columbia County, GA Bankruptcy Chapters 11 and 13

An individual may file under chapter 11 in Columbia County, GA however, the provisions of chapter 11 are mostly availed to reorganize a business. Chapter 11 permits the debtor to manage its business by means of a plan of reorganization, that should fulfill 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 provide a return for its stockholders.

In situations where the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Columbia County, GA you may instead choose to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which can permit you to retain your most important property while repaying your debts over time. If you file for Chapter 13 Bankruptcy you might be able to significantly reduce your medical bills. Chapter 13 can allow you to pay off your medical bills over a 3 to 5 year period of time based on your disposable income. Quite often, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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