The decree of the bankruptcy court which terminates the bankruptcy proceedings is generally a discharge that releases the debtor from most debts. A bankruptcy court may refuse to grant a discharge under certain conditions.
Illinois Complaint Objecting to Discharge or Debtor in Bankruptcy Proceeding for Failure to Keep Books and Records
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How to fill out Complaint Objecting To Discharge Or Debtor In Bankruptcy Proceeding For Failure To Keep Books And Records?
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FAQ
If a debt arose from the debtor's intentional wrongdoing, the creditor can object to discharging it. This might involve damages related to a drunk driving accident, for example, or costs caused by intentional damage to an apartment or other property.
The debtor knowingly made a false oath or account, presented a false claim, etc. Failure to comply with a bankruptcy court order.
Restructuring of Secured Debt: Under chapter 11, secured debt may be restructured by lowering the interest rate on the obligation, extending its maturity, or both. In certain circumstances, the amount of secured debt can be written down to the value of the creditor's collateral.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
Chapter 11 bankruptcy is commonly called reorganization bankruptcy. It allows a business to continue operations while the business makes a plan to repay or discharge its debts. The plans are designed to keep the business operational during and following the bankruptcy process.
The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors; ...
A debtor in possession (DIP) is a business or individual that has filed for Chapter 11 bankruptcy protection but still holds property to which creditors have a legal claim under a lien or other security interest. A DIP may continue to do business using those assets.
These include partnerships and corporations, railroads, and any person that may be a debtor under Chapter 7. Ineligible debtors under Chapter 11 include shareholders, commodities and stock brokers, insurers, banks, credit unions, and savings and loan associations.