Evans, Georgia Bankruptcy Chapters 11 and 13

Evans, Georgia Bankruptcy Chapters 11 and 13

An ordinary person can file under chapter 11 in Evans, Georgia however, the provisions of chapter 11 are mostly availed to reorganize a business. Chapter 11 allows the debtor to operate its business by means of a plan of reorganization, that should fulfill certain legal requirements. By legislating chapter 11, the Congress provided the debtor a chance 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 dictates that you cannot file for Chapter 7 Bankruptcy in Evans, Georgia you may instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan which can allow you to keep your most important property while repaying your debts over a period of time. If you file for Chapter 13 Bankruptcy you may be able to substantially lower your medical bills. Chapter 13 can allow you to pay off the medical bills over a 3 to 5 year period of time depending on your disposable income. Many times, Chapter 13 Bankruptcy compels unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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