0
A court can confirm a plan if that plan proposes to pay secured and priority creditors in full and unsecured creditors an amount that is fair and equitable. Thus, even if creditors do not vote in favor of the plan, the court can confirm it as long as it is fair to those creditors. The reasoning is that the court knows what is best and will not allow creditors to thwart the ultimate purpose of the code which is to provide for creditors what is fair based upon the financial circumstances of the debtor
What else can I help you with?
The term bankruptcy specifically refers to what?
Bankruptcy refers to a legal process that individuals or businesses go through if they are unable to repay their debts. It typically involves a court-supervised reorganization or liquidation of assets to settle debts and provide relief to debtors.
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.
What is a debtors petition?
The one declaring bankruptcy, or in debt, is the debtor. Any thing they file or claim in the proceeding can be called a petition. Normally it is used to mean something they are asking the court to do. "The debtors petitions the court to discharge their obligation to pay the debts listed...."
What goals of Franklin Roosevelt was most widely criticized?
Reorganization of the Supreme Court.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
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
Are legal fees covered by reorganization bankruptcy?
Administration costs, which generally include the legal fees of those involved are of the highest payment priority. Being "administratively" bankrupt is one way to assure the case is resolved real quick!
What is chapter 13 bankrupt?
There is a big difference between chapter 7 and chapter 13 bankruptcy. Generally speaking, chapter 13 bankruptcy is a type of Reorganization bankruptcy. It 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.
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.
What is bankruptcy notice and bankruptcy petition?
The bankruptcy petition is the document filed with the court that includes all your debt, assets, creditors and debtors, as well as personal information. Preparing this takes time and expertise, so consult a local attorney. The lawyers at Allied Bankruptcy are here to assist you in this, call 1 (800) 988-0422 The Bankruptcy Notice is what is sent out to everyone listed in the petition.
Can you move to another state while in Chapter 13?
Debtors under Chapter 13 Bankruptcy can move to another state. However, they must be available for court proceedings and other legal meetings.
Where can one file for bankruptcy in Florida?
Bankruptcy can be filed at the Bankruptcy court for the area you are in. For instance in Northern Florida, it's the Florida Northern District Bankruptcy Court.
