Answer:

In Georgia, as well as any other state, there are numerous types of bankruptcy. The primary purpose of a Chapter 11 bankruptcy is to reorganize a business. In a Chapter 7, for instance, you’re basically in a liquidation, and it’s normally an individual or a husband and wife who are trying to eliminate debt. A Chapter 13 is a bankruptcy where an individual or couple are attempting to reorganize the debt over a period of three to five years. A Chapter 11 does not have any restraints, such as a 7 or a 13. The payment terms can continue for 20 years, in fact, but the purpose of a Chapter 11 bankruptcy is to either reorganize the business or determine that the business cannot be reorganized and have an orderly liquidation of its assets, but if you have any questions, please give us a call.