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Do creditors automatically have to accept a company's reorganization plan under Chapter 11?
Wiki User
∙ 13y ago
The creditors and interests are to accept or reject the plan before confirmation by the court. Confirmation requires that the plan be in the best interests of each class of claims and interests, and be feasible.
Wiki User
∙ 13y ago
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What does a creditors' committee do in a Chapter 11 bankruptcy?
court will appoint a creditors' committee, which generally consists of the seven largest unsecured creditors. Their function includes appearances at court hearings, participation in the plan of reorganization, and asserting possible objections
When filing chapter 11 can you choose to keep some creditors on your books with a balance?
Most probably...if the creditors and court agree and it is part of an acceptable reorganization plan. To be certain it really isn't your choice.
Why would a bankrupt company convert from Chapter 11 to chapter 7?
Because no plan of reorganization....agreeable to creditors and the court, where the company can continue in operations and successfuly operate was considered possible...its only choice being to dissolve.
What are some things that are included in a Chapter 11 reorganization plan?
The plan sets forth the debtor's proposed new capital structure, designates the different classes of claims and interests, and proposes possible alteration of the rights of creditors, conversion of unsecured creditors to equity holders, sale of assets
A Chapter 13 bankruptcy filing is called a?
reorganization
When a creditor is paid-off through a Chapter 13 Bankruptcy is the creditors information automatically removed from your credit history?
No. Sometimes it will be reported as "Included in Bankruptcy"
What requirements must be met for creditors to file an involuntary bankruptcy petition under chapter 7 of the federal bankruptcy code?
The debtor has not been paying its bona fide debts as they become due
What is Chapter 1 Bankruptcy?
It is a voluntary (creditors) chapter 11
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
What is chapter 13 reorganization?
There is no such thing. Business entities cannot file for chapter 13, only persons. Chapter 11 is for reorganization of business entities, or for persons who owe more than $360,475 in unsecured debts and more than $1,081,400 in secured debts.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
If you voluntarily have a chapter 13 bankruptcy dismissed will your creditors be notified of the dismissal?
Yes. If you voluntarily have a chapter 13 bankruptcy dismissed, your creditors will be notified of the dismissal.
