Columbia County, Georgia farm bankruptcy attorney

Chapter 11 permits the debtor to manage its business through a plan of reorganization, which must meet certain legal criteria. By legislating 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 produce a return for its stockholders. As chapter 11 envisions an ongoing business, the most likely individuals who have knowledge and details of the operation are the existing managers who often continue operations during the chapter 11 case. The main rationale of business reorganizations is that the value of an operating is much more than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy chapter intended for family farms or fisheries that provides the farm or fishery owner the opportunity to reorganize his or her finances and debts while at the same time keeping the farm or fishery. The farm or fishery owner must work with a bankruptcy trustee and creditors to fix a payment program that will satisfy his or her owner obligations. The Chapter 12 proceeding in Columbia County, Georgia can be availed by individually run family farms and fisheries as well as those owned by a corporation or partnership. Chapter 12 was created 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 can be very costly and is mainly for large companies, or Chapter 13, which is basically for those with relatively small outstanding debts (usually not the case for farms and fisheries). Farm debtors looking to file for bankruptcy must consult a Columbia County, Georgia farm bankruptcy attorney to know about the options.

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