Chapter 11 liquidating trustee
Most Chapter 11 cases, however, never hit the news.In 2010, for example, close to 14,000 Chapter 11 cases were filed in the United States.Most debtors who file bankruptcy, and many of their creditors, know very little about the bankruptcy process. Where can I obtain the necessary forms for filing bankruptcy? You may also consider contacting Legal Aid for inexpensive bankruptcy advice.The following is designed to assist the general public by providing basic answers to some of the most commonly asked questions. They will send you an application and schedule a session with a bankruptcy attorney to assess your financial situation to see if you qualify for their services, and assist you in deciding what chapter is appropriate.The rules change after the plan is confirmed by the bankruptcy court.Post-confirmation modifications to a chapter 11 plan may be made only under carefully defined circumstances.For additional information, please view the Court's General Information. Bankruptcy is a legal process which allows a person (a "Debtor"), who owes more money than he or she can currently repay, to either (1) repay a portion of the money over time under Chapter 11, 12, or 13, or (2) have the entire debt forgiven ("discharged") under chapter 7. Do I need an attorney to represent me in my bankruptcy case? Their fee is on a sliding scale based on your income.
The debtor maybe an individual, married couple, corporation, partnership or trust.At one extreme, the Bankruptcy Code provides that an order confirming a plan of reorganization can be revoked entirely if the order was procured by fraud.Short of fraudulent procurement justifying revocation of confirmation, the terms of a confirmed plan of reorganization may be modified only if the plan has not been substantially consummated.A Debtor must abide by these federal laws and rules. The Bankruptcy Code refers to Title 11 of the United States Code (11 U. Click on General Information to visit the Court's website for additional information about filing bankruptcy, as well as a list of bankruptcy terms and their meanings. Visit our web site for a list of Lawyer Referral Services.
"Substantial consummation" occurs when all or nearly all of the property to be transferred under the plan has been transferred, the reorganized debtor or its successor assumes management of the debtor’s business or its property, and plan distributions to creditors have commenced.