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5 Dec 2023, 7:20 am
The specific elements of a reorganization plan described in sub-subsections 1 through 5 contemplate things that can be done with respect to creditors of the debtor or with respect to the debtor. [read post]
5 Dec 2023, 6:00 am
Ensure you have the correct information about the debtor (that’s you), the debt, and the creditor. [read post]
2 Dec 2023, 10:40 am
’” If the 2nd Circuit’s interpretation of these two provisions were correct, the trustee warns, courts could grant sweeping relief under the guise of a bankruptcy plan – anything from post-conviction relief to corporate officers in prison to rewriting “a property settlement agreement in a divorce pending in state court, so long as it found such actions to be ‘appropriate’ in ensuring the debtor’s successful reorganization. [read post]
30 Nov 2023, 9:41 am
Subchapter 5 streamlines the reorganization process for small businesses while also reducing the time and costs involved. [read post]
24 Nov 2023, 12:07 pm
Chapter 13 Bankruptcy Chapter 13 bankruptcy is designed to provide individuals with a viable solution for managing their debts while maintaining control of their assets.Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off creditors, Chapter 13 focuses on debtor reorganization and repayment plans.One of the key features of Chapter 13 bankruptcy is the emphasis on creating a feasible repayment plan. [read post]
24 Nov 2023, 11:59 am
The automatic stay is a powerful tool that provides debtors with immediate protection from collection efforts and legal actions by creditors. [1] The automatic stay applies to all types of bankruptcy, whether it is a Chapter 7 liquidation or Chapter 13 reorganization. [read post]
21 Nov 2023, 4:52 am
Understanding Chapter 13 Bankruptcy Chapter 13 bankruptcy, often dubbed the “wage earner’s plan,” is a structured legal process that enables individuals with a regular income to reorganize their financial affairs. [read post]
13 Nov 2023, 7:51 am
” The Third Circuit reasoned that an insurer claiming collusion between the debtor and its creditors has standing to intervene in a policyholder’s bankruptcy action. [read post]
7 Nov 2023, 6:00 am
In general, the jurisdiction of the U.S. bankruptcy court extends to all property of the debtor, wherever located. [read post]
6 Nov 2023, 8:35 am
Asset Sales A debtor company may file for bankruptcy relief to reorganize (i.e., restructure its debts) and file a proposed plan of reorganization. [read post]
6 Nov 2023, 7:38 am
For the third straight year, the firm garnered a Kansas City Metropolitan Tier 2 ranking in Bankruptcy Litigation, while debuting in Tier 1 for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law. [read post]
6 Nov 2023, 5:22 am
Introduction: Filing for Chapter 13 bankruptcy can be a lifeline for individuals drowning in debt, offering the opportunity to reorganize their financial affairs and repay creditors over a structured timeline. [read post]
24 Oct 2023, 8:46 am
Additionally, in a Subchapter V case, only the debtor is permitted to file a reorganization plan. [read post]
19 Oct 2023, 5:21 am
On the other hand, Chapter 13, also known as reorganization bankruptcy or wage earner’s bankruptcy, enables debtors to create a court-approved repayment plan over three to five years to pay off a portion of their debts while preserving assets and protecting against foreclosure. [read post]
16 Oct 2023, 8:47 am
A court-approved repayment plan allows debtors to consolidate their medical debt and make affordable monthly payments. [read post]
10 Oct 2023, 6:00 am
In such cases, the debtor remains respon [read post]
2 Oct 2023, 3:20 am
Bankruptcy Chapters There are several bankruptcy chapters, including Chapter 7 (liquidation), Chapter 13 (reorganization), and Chapter 11 (reorganization for businesses). [read post]
22 Sep 2023, 3:45 pm
By being actively involved in the meeting of creditors and participating in the formulation of the debtor’s reorganization plan (if applicable), creditors can maximize their chances of collection. [read post]
12 Sep 2023, 6:00 am
It’s designed to allow debtors to catch up on mortgages, car payments, and other secured debts while protecting their assets from being seized. [read post]
31 Aug 2023, 9:42 am
These defenses allow creditors to protect their claims—even if the business negotiates a reorganization plan with its other creditors. [read post]
