Richmond Hill, Georgia Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Richmond Hill, Georgia however, the provisions of chapter 11 are usually used to reorganize a business. Chapter 11 permits the debtor to manage its business through a plan of reorganization, which must fulfill 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 its employees with jobs, pay its creditors, and produce a return for its stockholders.

When the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Richmond Hill, Georgia you can instead opt to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court administered repayment plan which will permit you to retain your most important assets while paying off your debts over time. If you file for Chapter 13 Bankruptcy you might be able to substantially lower your medical bills. Chapter 13 can allow you to repay your medical bills over a 3 to 5 year period of time depending on your disposable income. Many times, Chapter 13 Bankruptcy compels unsecured creditors like medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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