Liquidating chapter 11

05-Feb-2017 01:34

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Chapter 13 Chapter 13 Bankruptcy is titled "Adjustment of Debts of an Individual with Regular Income." Unlike Chapter 7, Chapter 13 is best suited to debtors with regular income.

Those who file under Chapter 13 typically are able to hold onto valuable assets, such as a house and car.

The plan may be for as long as three years for Chapter 12 filings, and up to five years with court approval.

The trustee in Chapter 12 cases functions similarly to a trustee in Chapter 13.

For example, an appointed trustee carries out the administrative duties of Chapter 7, Chapter 13, and other types of bankruptcy cases. The bankruptcy discharge, a court order releasing the debtor from personal liability for certain debts, is the main way this is accomplished.

The court either approves or rejects the repayment plan at a confirmation hearing, based on whether it meets requirements established by the Code.Chapter 12 The purpose of Chapter 12, titled "Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income," is self-explanatory.The Chapter 12 process is quite similar to that of Chapter 13, in that the debtor devises a plan to repay his or her debts over a period of a few years.Most Chapter 7 applicants don't even set foot in court and only see the judge if there are objections to the bankruptcy plan. Different Types of Bankruptcy If you were to ask an attorney, "What is bankruptcy?

Jan 26, 2017. The list of national retailers that have filed for Chapter 11 protection in recent years with the intention of reorganizing but instead wound up liquidating is long. Remember Circuit City, KB Toys, Borders, Linens-N-Things and Sports Authority? All gone. Earlier this month, The Limited, an apparel chain dating.… continue reading »

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Sep 11, 2013. the plan calls for the liquidation of substantially all of the debtor's assets;. • the debtor will not engage in business after consummation of the plan; and. • the debtor would be denied a discharge in a Chapter 7 case. As a result, a liquidating Chapter 11 plan whether structured as a sale or a transfer to lenders.… continue reading »

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