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Are vendors guaranteed payment selling a company in Chapter 11 Bankruptcy?
Wiki User
∙ 14y ago
No, but generally they receive higher preference than unsecured creditors that issued credit prior to the bankruptcy, should the chapter 11 company go to chapter 7.
Wiki User
∙ 14y ago
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When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
In New Jersey can the mortgage company demand full payment if you become late or past due after chapter 7 bankruptcy?
Yes...AFTER BK provides NO protection or change in you obligation
How do you get payment on child support if your ex spouse files chapter 7 bankruptcy?
Yes, bankruptcy does not effect spousal support or child support.
Does interest owed to the Internal Revenue Service stop accruing during Chapter 13 bankruptcy?
Typically a Chapter 13 bankruptcy will require you to enter into a payment plan with the IRS, and interest will be frozen as of the date that you file your bankruptcy petition.
What can a trustee take during chapter 13 bankruptcy?
Money for your plan payment, tax refunds.
Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?
No.
What is the punishment for dismissed for bankruptcy chapter 13?
There is no real "punishment"for not meeting the obligations of chapter 13 (which are usually pretty strict repayment plans). The negative side effect is that filing for bankruptcy will be on your credit report and your payment obligations will be due in full (rather than the reduced payment plans established by chapter 13) which can be very difficult.
How does bankruptcy work?
It depends on what chapter you file under. There are separate types of bankruptcy for businesses and for individuals. The two chapters for individuals is chapter 7 and chapter 13. Chapter 7 discharges most debts but has more serious repercussions. Chapter 13 consolidates many debts to make one payment which is much more manageable. The attached article explains bankruptcy and compares chapter 7 and chapter 13.
What will happen to your direct deposit while filing bankruptcy?
Direct deposit of any monies while filing for Chapter 7 bankruptcy are safe. However, under Chapter 13 bankruptcy, an automatic payment may be required to the trustee from a direct deposit of wages and other sources of income.
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
What type of bankruptcy do you file for unsecured debt and a car loan?
There are different types of Bankruptcy. Chapter 7 is for the debtor which has debts like medical bills,car loans etc. But if you want to pay back your debts then you can file Chapter 11 and 13 which has a payment plan. You can pay your debts through payment planning. Try to search more information about bankruptcy and ask a legal advice.
Can your Chapter 11 be dismissed due to plan payments?
Chapter 11 is a corporate business bankruptcy where a reorganization plan is made while operating under protection. It is not a Chapter 13 with a specific payment plan.
