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The plan of reorganization is to be filed within 120 days after date of the order of relief.

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Q: How long does a company have to file a reorganization plan under a Chapter 11 bankruptcy?
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What is the definition of Chapter 11 bankruptcy?

Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.


What is the chapter 11 of the bankruptcy law all about?

The chapter 11 of the bankruptcy law permits reorganization under the bankruptcy laws of the United States of America. Chapter 11 is available to every business and to individuals, although it is mostly used by businesses.


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.


What is a prepackaged Chapter 11?

Chapter 11 protection allows companies to restructure under court supervision while continuing to operate. Companies that file under chapter 11 utilize the flexibility provided by the process and the protections afforded by the Bankruptcy Code in order to implement financial and operational restructurings, often emerging with right-sized balance sheets and/or refocused operations. In contrast, companies that file under chapter 7 cease to operate and liquidate their business for the benefit of their creditors. In a "pre-packaged" restructuring, prior to filing for chapter 11, the company reaches a reorganization agreement with its creditors and then formally solicits their support before entering court. One of the primary benefits of a pre-packaged restructuring is it generally results in a shorter turnaround time for the company and significantly higher rates of success. Chapter 11 (business reorganization) is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. A company's stock may continue to trade even after they file for bankruptcy.


What is a Chapter 11 Lawyer?

A Chapter 11 lawyer is an attorney with a specialization in Chapter 11 bankruptcy. This is a specific type of bankruptcy that applies within the jurisdiction of the United States of America. It explains how reorganization can take place when filing for bankruptcy. This type of bankruptcy can be taken advantage of either by individuals or by business entities, but it is generally used by corporations. Chapter 11 is about reorganization, while Chapter 7 is about liquidating assets and Chapter 13 is about reorganization for individuals. Chapter 11 bankruptcy can not be undergone successfully without the aid of qualified professionals, and this is where the aid of a Chapter 11 attorney becomes necessary. When a business reaches the point where it can not pay off its debt on time, the business can file for bankruptcy in the federal courts with either Chapter 7 or Chapter 11. Under Chapter 7 bankruptcy, the business would sell off all of its assets and give the cash earned to its creditors. With Chapter 11, the debtor keeps ownership of the business, which undergoes reorganization. Chapter 11 allows a debtor to restructure their business in several ways. The court may allow former contracts to be canceled. They may be able to acquire loans by giving the new lenders highest priority with regard to the revenue of the business. Additional litigation against the business is prevented during bankruptcy court. If the debt of the company is greater than its value, the rights of the business will be transferred to the creditors. The amount of time that it takes for a Chapter 11 bankruptcy to be handled in the courts can last between a few months and a few years, depending on the complexity of the issue. For the first 120 days, the debtor has the right to propose plans for reorganization. After this time, creditors are also allowed to present plans. If a company owns stock which is traded publicly, Chapter 11 bankruptcy causes the stock to be delisted. In most cases, the stocks become useless. The reasoning behind Chapter 11 bankruptcy is the idea that businesses can provide more value when they are reorganized and distributed then when the individual parts are sold off as assets. By keeping the business running, canceling debts, and transferring ownership of the company, it is possible for more value to be transferred to the creditors than if the individual parts are sold. This can also prove more beneficial for the debtor as well.


Chapter 13 bankruptcy rules?

Chapter 13 bankruptcy, or reorganization bankruptcy is a very different type of proceeding An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels, making payment over a designated period of time. The plan for getting out of debt is formalized and approved by the bankruptcy court. Some unsecured debt (debt that is not collateralized) may be discharged. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels.


What are the types of bankruptcy?

Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.


When is the right time to invest in a company that is under chapter 11 Bankruptcy?

no time is right time to invest in such company


What companies will underwrite homeowners insurance while under bankruptcy?

What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.


What determines if you file a Chapter 13 or a Chapter 7?

Your financial needs really determine which type you should file, if at all Chapter 7 is a liquidation bankruptcy and chapter 13 is a type of debt reorganization bankruptcy which essentially places you on a budget until you can pay back parts of your re-negotiated obligations. You should speak with an attorney about which option is best for your situation, keeping in mind that some debts are not dischargeable under either chapter 7 or chapter 13 bankruptcy.


What is Chapter 2 Bankruptcy?

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code: * Chapter 7: basic liquidation for individuals and businesses; * Chapter 9: municipal bankruptcy; * Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; * Chapter 12: rehabilitation for family farmers and fishermen; * Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; * Chapter 15: ancillary and other international cases. The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11. Source: http://en.wikipedia.org/wiki/Bankruptcy#Chapters


Can you file parking tickets under a chapter 7 bankruptcy?

Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.


Can you file chapter 7 bankruptcy after filing chapter 13?

The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapter 7 or 13 after a six-year waiting period. In 2005, this changed to coincide with the new rules for bankruptcy filings under Chapter 13.Chapter 13 After Chapter 7Section 1328(f) of the U.S. Bankruptcy code restricts debtors who previously filed for bankruptcy under Chapter 7 from filing under Chapter 13 for four years from the date of the Order for Relief.Chapter 13 After Chapter 13Under the same section, debtors who previously filed under Chapter 13 can again file under Chapter 13 after a mere two years from the date of the Order for Relief, although you may be required to finish payments under your reorganization plan before the judge will accept your filing.After a Dismissed Bankruptcy FilingIf you filed for bankruptcy, but the judge rejected or dismissed your filing, or you voluntarily or involuntarily withdrew from the proceedings, you may file under either chapter 180 days after the dismissal/withdrawal date.Rules for Filing Bankruptcy Multiple TimesWhile the U.S. Bankruptcy Code does not restrict the number of times a debtor may file bankruptcy, bankruptcy judges can--and do. Many judges routinely reject additional bankruptcy filings when they feel a debtor is abusing the protection or failing to honor his financial obligations to his creditors.ConversionsIf you wish to file bankruptcy under Chapter 13 because the provisions seem more appealing, you should consider converting your open Chapter 7 bankruptcy to a Chapter 13, instead.


Can you file a chapter 11?

Yes, provided you meet the qualifications. Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. Chapter 11 bankruptcy is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.


Can you protect a structured settlement in a chapter 7 bankruptcy?

Yes you can protect it under chapter 7 bankruptcy


I filed bankruptcy under Chapter 13. Student loans were discharged under hardship. Do I still have to pay them?

Chapter 13 is "reorganization" plan for payment. Student loans were within the plan for payment? or were they discharged within another bankruptcy? normally student loans are not dischargable, (11 U.S.C. sec. 523(a)(8) bankruptcy:) there are two exceptions: 1: loans are not from any governmental agency unit or non profit 2: paying the loan will impose an undue hardship to dependents.


Is Six Flags going to close due to Bankruptcy?

No, Six Flags filed for Chapter 11 bankruptcy rather than Chapter 7. Chapter 11 bankruptcy is filed so that a company can restructure it's debt, eliminating much of it, and come out a stronger company. They may close some under performing parks or sell them to another corporation but the parks should remain open in the meantime.


When can you file a chapter 7 bankruptcy again if you filed a chapter 7 in 2000 under old bankruptcy laws?

2008


Keep home under chapter 11?

C-11 is normally for Corporations in a reorganization.


When can you file for a chapter 13?

You can file for Chapter 13 bankruptcy, however your debt reorganization plan/ timeline must be formally approved by the court. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels. When Should I File under Chapter 13?Chapter 13 is recommended if: * You have debts that are not dischargeable in Chapter 7 * You are in default on mortgages or car payments * You have more property than can be exempted under Chapter 7 * You owe taxes or other debts that are not dischargeable in Chapter 7


What is filing chapter 7 bankruptcy?

Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.


What are the differences between bankruptcy options?

Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.


Can you declare bankruptcy now that your first bankruptcy is discharged?

It depends on the chapter you filed under. If you filed under Chapter 7, you have to wait 8 years before filing again. If you filed under Chapter 13, you only have to wait four years.


Which bankruptcy chapter was most affected by the change in bankruptcy laws in 2005?

The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.


What are the differences between Chapters 7 and 11 and 13 bankruptcies?

There are MAJOR differences between the three types of bankruptcy that demand you familiarize yourself with them and decide which, if any, is the best option for you. Proceedings under Chapter 7, known as straight bankruptcy, involve taking most of the borrower's property. The court then appoints a trustee to sell off the assets and distribute the cash among the creditors. Proceedings under Chapter 13, known as wage earner's bankruptcy, involve the borrower proposing a plan for repaying a portion of the debt in installments from the borrower's income. Chapter 11 is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.