Richmond County, GA Bankruptcy Chapters 11 and 13

Richmond County, GA Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Richmond County, GA but, the provisions of chapter 11 are usually availed to reorganize a business. Chapter 11 allows the debtor to manage its business through a plan of reorganization, that must meet certain legal requirements. By legislating 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 produce a return for its stockholders.

If the bankruptcy means test says that you cannot file for Chapter 7 Bankruptcy in Richmond County, GA you can instead select 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 assets while repaying the debts over time. If you file for Chapter 13 Bankruptcy you may be able to substantially reduce your medical bills. Chapter 13 will permit you to pay off the medical bills over a 3 to 5 year period of time depending 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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