Bibb County GA Small Business Debtor Bankruptcy lawyer
Small Business Debtor in Warner Robins Georgia
Few categories of debtors are defined in the bankruptcy Code and have special provisions are applicable only to these debtors. One of these debtors is a small business, defined as a person engaged in commercial or business activities but not a person that primarily owns or operates real property that has aggregate non-contingent liquidated secured and unsecured debts less than $2,000,000. When the debtor qualifies and elects to be treated as a small business, the proceeding is placed on a “fast track” and treated differently unlike a regular chapter 11 proceeding under the US Bankruptcy Code. For instance, the appointment of a creditors committee and a separate hearing to approve the disclosure statement are not required. On request of a party in interest and for cause, the judge candirect that a creditors committee not be appointed. The judge may conditionally approve a statement of disclosure, subject to final approval after notice and a hearing. Solicitation of votes for acceptance or rejection of the plan can go ahead based on the conditional approval of the statement of disclosure. Thereafter, the statement of disclosure hearing might be combined with the confirmation hearing. Also the debtor has a lesser time period of 100 days during which only the debtor may file a plan. When the 100-day period expires, any party in interest may submit a plan; although, all plans must be filed within 160 days from the date of the order for relief.
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Macon Georgia bankruptcy lawyer | Bankruptcy attorneys in Macon GA and Warner Robins – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Macon GA
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