Illinois Status Report-Supervised administration (IS RSA) is a government program in the state of Illinois that allows bankruptcy trustees to administer bankruptcy cases in an organized and efficient manner. The program is administered by the Illinois Department of Financial and Professional Regulation. IS RSA consists of three different types of supervised administration: Chapter 7, Chapter 13, and Chapter 11. Under Chapter 7, trustees are appointed to liquidate the assets of a bankrupt individual or business in order to pay off creditors. Under Chapter 13, trustees are appointed to help individuals reorganize their finances and pay off debt over a period of time. Finally, under Chapter 11, trustees are appointed to help businesses reorganize their finances and pay off debt. The IS RSA program is designed to ensure that bankruptcy trustees follow specific regulations and guidelines to ensure a fair and honest administration of bankruptcy cases. The program also provides bankruptcy trustees with access to resources and training to help them better manage their cases.
Illinois Status Report-Supervised administration
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