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Chapter 11 Attorney Atlanta GA
Chapter 11 Attorney Atlanta GA is designed for businesses and high net assets cases. This Bankruptcy Common Questions The goal of a Chapter 11 Bankruptcy is to help the debtor “reorganize” their debt to keep the business operational or to keep the personal assets intact. Chapter 11 Attorney Atlanta GA is not a guarantee of success but rather an opportunity for the business or individual to try negotiating the orderly repayment of their debts.
An individual Chapter 11 Attorney Atlanta GA usually falls into two categories. An individual who has just enough assets to disqualify them from a Chapter 13 Bankruptcy may convert that case to a regular Chapter 11 filing. A “mini” Chapter 11 bankruptcy is best described as a Debtor who owns an asset that exceeds the Chapter 13 secured debt limit of $1,010,650.00 or the unsecured debt limit of $336,900.00. The high debt prevents a Chapter 13 Bankruptcy plan approval, so the debtor must file for a Chapter 11 even though their overall goal of a payment plan is similar to the Chapter 13. This is best to consult with an attorney to see if our situation requires a Chapter 11 Attorney Atlanta GA. In a Chapter 11 bankruptcy, it is difficult to forecast precisely how long it may take to get because of the complexity of formulating the reorganization plan. The reorganization plan requirements to be accepted by all the creditors as well as the trustee before it get implemented. Depending on the size and the difficulty of the bankruptcy and the assets involved, debtors may come out of the bankruptcy within a few months, or it may take several years. The reason for the time discrepancies is because, at first, debtors have the exclusive right of proposing a plan within 120 days of the filing.
In Chapter 11 Attorney Atlanta GA the Debtor uses the reprieve from creditors to reorganize their debts into a healthier and reasonable payment plan. After a certain amount of time, the creditors are then allowed to propose their plans for reorganization. The reorganization plan, whatever is chosen will need to be confirmed by the bankruptcy court. The creditors then need to vote and approve the plan. If the plan is confirmed, then the debtor follows the repayment plan until the debt is completely paid. If the plan is not confirmed then the court will look to other options for the debtor.
Some options include converting the Chapter 11 into a Chapter 7 and liquidating the assets. Or in some cases, dismissing the case, and returning the debtor back to whatever their status was before the bankruptcy. Therefore, the timeline is definitely different with each case depending on the assets involved and the difficulty. If we are facing a situation where we think bankruptcy is an option, contact Chapter 11 Attorney Atlanta GA immediately for a free initial consultation. They serve the Atlanta area as well as the surrounding metro counties, including Cobb, DeKalb, Gwinnett, and Fulton.
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