Jones County, GA Bankruptcy Chapters 11 and 13

Jones County, GA Bankruptcy Chapters 11 and 13

An ordinary person may file under chapter 11 in Jones County, GA but, the provisions of chapter 11 are mostly used to reorganize a business. Chapter 11 allows the debtor to run its business through a plan of reorganization, that must meet certain legal criteria. By legislating 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 provide a return for its stockholders.

In situations where the bankruptcy means test shows that you cannot file for Chapter 7 Bankruptcy in Jones County, GA you may instead select to file for Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a court supervised repayment plan that will allow you to retain your most important property while paying off the debts over a period of time. If you file for Chapter 13 Bankruptcy you might be able to substantially lower your medical bills. Chapter 13 can permit you to pay off the medical bills over a 3 to 5 year period of time depending on your disposable income. Many times, Chapter 13 Bankruptcy compels unsecured creditors such as medical providers, hospitals, and doctor’s to accept pennies on the dollar.

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