Evans, GA farm bankruptcy attorney

Chapter 11 permits the debtor to manage its business through a plan of reorganization, which should meet certain statutory requirements. By legislating chapter 11, the Congress provided the debtor an opportunity to restructure its finances so that it may continue to operate, provide employment, pay its creditors, and provide a return for its stockholders. As chapter 11 envisions a running business, the most likely individuals to have knowledge and details of the operation are the existing managers who often continue operations during the chapter 11 case. A major rationale of business reorganizations is that the value of a business as an ongoing concern is far more than it would be if its assets were liquidated. Chapter 12 is a U.S. bankruptcy chapter exclusively for family farms or fisheries which gives the farm or fishery owner the ability to reorganize his or her finances and debts while still retaining the farm or fishery. The farm or fishery owner will work with a bankruptcy trustee and creditors to determine a payment program that will meet his or her owner obligations. The Chapter 12 proceeding in Evans, GA can be availed by individually run family farms and fisheries as well as 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 businesses. Prior to Chapter 12, farmers would have to either file for protection under Chapter 11, which was very costly and is mainly for large companies, or Chapter 13, which is essentially for those with comparatively small outstanding debts (generally not the case for farms and fisheries). Farm debtors considering bankruptcy should contact a Evans, 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.