Augusta, Georgia farm bankruptcy attorney

Augusta, Georgia farm bankruptcy attorney

Chapter 11 permits the debtor to operate its business through a plan of reorganization, that should meet certain legal requirements. By creating chapter 11, the Congress provided the debtor a chance to restructure its finances so that it may continue to operate, provide employment, pay its creditors, and provide a return for its stockholders. Since chapter 11 envisions an ongoing business, the most likely individuals who have knowledge and details of the business are the present managers who often continue operations during the chapter 11 case. A major rationale behind business reorganizations is that the value of an operating is far more 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 opportunity to reorganize his or her finances and debts while still keeping the farm or fishery. The farm or fishery owner must work with a bankruptcy trustee and creditors to determine a payment program that will satisfy his or her owner obligations. The Chapter 12 proceeding in Augusta, Georgia can be availed by individually run family farms and fisheries and even 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 such business types. Before Chapter 12, farmers would have to either file for protection under Chapter 11, which can be very expensive and is basically for large corporations, or Chapter 13, which is essentially for those with comparatively small outstanding debts (often not the case for farms and fisheries). Farm debtors looking to file for bankruptcy should contact a Augusta, Georgia 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.