Augusta, GA farm bankruptcy attorney

Augusta, GA farm bankruptcy attorney

Chapter 11 allows the debtor to operate its business by means of a plan of reorganization, which should fulfill certain legal requirements. By legislating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it can continue to operate, provide its employees with jobs, pay its creditors, and produce a return for its stockholders. As chapter 11 envisions an ongoing business, the most likely persons who have knowledge and details of the operation will be the existing managers who generally continue operations during the chapter 11 case. The main rationale behind business reorganizations is that the value of an operating is greater than it would be if its assets were sold. Chapter 12 is a U.S. bankruptcy proceeding especially 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 will work with the bankruptcy trustee and creditors to fix a payment program that will satisfy his or her owner obligations. This Chapter 12 proceeding in Augusta, GA is available for individually run family farms and fisheries and also those owned by a corporation or partnership. Chapter 12 was enacted in 1986 exclusively for farms and fisheries to make the bankruptcy process easier for these types of businesses. Before Chapter 12, farmers had to either file for protection under Chapter 11, which was very expensive and is essentially for large companies, or Chapter 13, which is essentially for those with relatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors looking to file for bankruptcy should contact a Augusta, GA farm bankruptcy attorney to know about the options.

---------------------We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.