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Kathleen MichonJ. Here's a general outline of what is required in a typical Chapter 11 case. The Credit Counseling Course If you are filing for Chapter 11 as an individual not for your businessyou must complete a credit counseling course by an approved agency prior to filing your case.
If you are filing the Chapter 11 to reorganize the debts of a business, you do not have to take this counseling. Monthly Operating Reports During your Chapter 11 bankruptcy case, you must prepare and file with the court monthly operating reports.
These reports reflect your income and expenses for that particular month. The reports are available to your creditors, the court, and the United States Trustee.
The reports allow these entities to assess whether or not they think your proposed plan of reorganization will be feasible. Since feasibility is required to get your plan approved by the judge, you should pay close attention to your monthly operating reports.
Most debtors Chapter 11 business outline it advantageous to obtain court permission to pay an accountant to complete these. The Initial Debtor Interview and Meeting of Creditors Many debtors will be required to attend an initial debtor interview. This is an opportunity for the United States Trustee to meet with the debtor to learn some preliminary information about the case and make sure the debtor understands its responsibilities.
After that, you must attend the meeting of creditors. This is scheduled about thirty to forty-five days after the filing of your case. This is a public hearing that will give your creditors an opportunity to question you under oath regarding your bankruptcy petition.
In Chapter 11 cases it generally lasts one to two hours. The Disclosure Statement and Disclosure Hearing You must file a disclosure statement along with a proposed plan of reorganization and mail these documents to every party in interest, including all of your creditors.
These disclosure statements are typically approved on a regular basis and the hearing is a formality. The Proposed Plan of Reorganization The plan of reorganization states how you propose to treat each of your creditors. The creditors are placed in classes according to whether they are a priority debt creditor, a secured debt creditor, or an unsecured debt creditor.
If a creditor doesn't like how it's treated in your plan, you can file a motion asking the judge to force the creditor to accept the plan. If the judge does force the creditor to accept the plan, this is called a cramdown.
The Confirmation Hearing At your confirmation hearing, you ask the judge to approve your plan of reorganization. Unless you have obtained votes of acceptance from each of your creditor classes, the judge will not approve your plan. At that point, you can file a motion for cram down of the non-accepting classes and the court will reschedule the confirmation hearing.
If the creditor doesn't respond to a motion for cram down, it will be deemed to accept the plan. If the creditor does respond, you can negotiate with the creditor to try to get it to accept plan treatment.
If you cannot agree, then the judge will decide at a hearing. Making Payments Under the Plan Once the judge has approved your plan, you will start making payments to the creditors according to how they are treated in the confirmed plan. This constitutes a new contract with each of your creditors.
If you default on payments, then the creditor may sue you on that basis and you will have little recourse. Depending on what type of debts you reorganized through the bankruptcy, your payments may continue for many years. Debts like mortgages or car notes typically get re-amortized over an extended period.Filing for a Chapter 11 bankruptcy can be a long process.
It involves multiple hearings in order to finalize the reorganization of your business and debts. Below is a brief summary of the main steps. Student name: Ihtishaam Ali Date submitted: 3/1/15 Chapter: 11 Chapter Review Questions Questions are at the end of each chapter under the “For Review” heading 1.
Consideration is an essential element in the formation of any contract not by deed. To be valid the consideration must be real and genuine 2. This extemporaneous approach is the most common form used in business and industry today. Your organization plan will serve you and your audience as a guide, and help you present a more effective speech.
If you are filing the Chapter 11 to reorganize the debts of a business, you do not have to take this counseling. The Chapter 11 Petition You must prepare your petition by completing a list of all of your (or your company’s) assets, debts, income, and expenses along with a summary of your financial affairs.
Bankruptcy Law Outline. is chapter 11 bankruptcy pay off credit card bills how to file chapter 7 illinois. In bankruptcy proceedings, bankruptcy lawyer helps to design a schedule of payments. If you are a business owner, you must know about chapter 11 . Bankruptcy Outline: 1. Collection remedies: a.
Execution: at the beginning the judgment us worthless. The creditor is only a general/unsecured creditor but the claim is now liquidated i. Execution writ this is a writ fi fa/ fiere facias, writ of attachment.
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