Georgia Chapter 11
In Macon, Georgia Chapter 11 is a bankruptcy type used by to individuals, sole proprietors and corporations who want to reorganize and repay debts. Chapter 11 may also be used by large farming organizations that do not qualify for Chapter 12; a bankruptcy chapter exclusively for family farmers and fishermen. Chapter 11 needs debtors to carry a minimum debt load of $336,900 of unsecured debts and a maximum of $1,010,650 in secured debts. Debtors filing for Chapter 11 bankruptcy must provide a proposed repayment plan with creditors during the 341 creditor meeting. This meeting typically takes place within 30 to 90 days after filing of the bankruptcy petition. Chapter 11 debt reorganization plans are generally broken down by creditor classification. Debts which are secured by real estate are generally repaid over an extended period of time. Unsecured loans are reorganized based on the expected life cycle of the collateral. For example, debts for office equipment may be repaid over five years, while debts for machinery mayy be repaid over ten years. Bankruptcy repayment plans are confirmed through the court using a three-step process. First, you are required to submit a repayment plan. Secondly, creditors have to accept that plan. Third, the plan is presented to the judge during a confirmation hearing. The judge reviews the repayment proposal to ensure you possess the financial means to work through on your plan. Upon confirmation of Chapter 11, all debts with the exception of non-dischargeable debts are discharged.
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