Indiana Order For Relief in an Involuntary Case

State:
Indiana
Control #:
IN-B-2530
Format:
PDF
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Description

Order For Relief in an Involuntary Case Indiana Orders For Relief in an Involuntary Case is a court order issued when a creditor has filed a petition against a debtor in an involuntary bankruptcy case. In Indiana, the Order For Relief is issued by the U.S. Bankruptcy Court and is a judicial declaration that the debtor is legally unable to pay its debts and is now subject to the jurisdiction of the bankruptcy court. The Order For Relief also begins the automatic stay, which protects the debtor from creditor collection attempts. There are two types of Indiana Order For Relief in an Involuntary Case: a Chapter 7 Order For Relief and a Chapter 11 Order For Relief. Chapter 7 Order For Relief is issued when the debtor is declared insolvent, meaning that their debts are greater than their assets. In this case, the debtor’s assets are liquidated and the proceeds are used to pay off the creditors. Chapter 11 Order For Relief is issued when the debtor is declared to be financially viable and able to reorganize their debts. In this case, the debtor is allowed to keep their assets and create a repayment plan to pay off their debts over a period of time.

Indiana Orders For Relief in an Involuntary Case is a court order issued when a creditor has filed a petition against a debtor in an involuntary bankruptcy case. In Indiana, the Order For Relief is issued by the U.S. Bankruptcy Court and is a judicial declaration that the debtor is legally unable to pay its debts and is now subject to the jurisdiction of the bankruptcy court. The Order For Relief also begins the automatic stay, which protects the debtor from creditor collection attempts. There are two types of Indiana Order For Relief in an Involuntary Case: a Chapter 7 Order For Relief and a Chapter 11 Order For Relief. Chapter 7 Order For Relief is issued when the debtor is declared insolvent, meaning that their debts are greater than their assets. In this case, the debtor’s assets are liquidated and the proceeds are used to pay off the creditors. Chapter 11 Order For Relief is issued when the debtor is declared to be financially viable and able to reorganize their debts. In this case, the debtor is allowed to keep their assets and create a repayment plan to pay off their debts over a period of time.

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Indiana Order For Relief in an Involuntary Case