Liberty County, GA Bankruptcy Chapters 11 and 13

An individual can file under chapter 11 in Liberty County, GA but, the provisions of chapter 11 are often availed to reorganize a business. Chapter 11 permits the debtor to run its business through a plan of reorganization, which should meet certain statutory criteria. By creating 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.

In situations where the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Liberty County, GA you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan which can permit you to keep your most important property while repaying your debts over a period of time. If you file for Chapter 13 Bankruptcy you might be able to significantly reduce your medical bills. Chapter 13 can permit you to pay off the medical bills over a 3 to 5 year period of time based on your disposable income. Many times, Chapter 13 Bankruptcy forces unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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