Kentucky Individual Chapter 11 Discharge is a process available to individuals in Kentucky who have filed for Chapter 11 Bankruptcy. This type of discharge eliminates all legally dischargeable debt, including unsecured debt, secured debt, and certain priority debts such as taxes and alimony. The debtor must complete a repayment plan approved by the court before they can receive a discharge. There are two types of Kentucky Individual Chapter 11 Discharge: full discharge and partial discharge. A full discharge eliminates all debt except certain debts that may not be discharged, such as student loans, child support, and certain types of taxes. A partial discharge eliminates some or all of the debt, depending on the court's decision.
Kentucky Individual Chapter 11 Discharge
State:
Kentucky
Control #:
KY-SKU-0357
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Individual Chapter 11 Discharge
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FAQ
Chapter 11 bankruptcy is usually for corporations because of its complexity, but individuals can file too. The debtor usually keeps their assets and continues to operate the business while working on a plan to pay off the creditors.
Chapter 7 cases are typically only filed voluntarily by the debtor. The primary purpose of a Chapter 11 bankruptcy is to give business entities and individuals with large amounts of debt an opportunity to reorganize their financial affairs.
The main difference between Chapter 11 and Chapter 13 is that a Chapter 13 bankruptcy requires that the debtor pay his or her debts within five years. On the other hand, Chapter 11 allows the filer to extend the five-year period unlike Chapter 13. Another difference is how much the Debtor has to pay creditors.
While the average length of a Chapter 11 Bankruptcy case can last 17 months, larger and more complex cases can take up to five years. And following the conclusion of the bankruptcy case, it can still take months for Debtors to begin distributing payouts to the highest priority class of Creditors.
In a Chapter 11 bankruptcy proceeding, if a company or individual filer (the ?debtor?) is unable to pay its creditors in full, the absolute priority rule bars owners from retaining their interests unless the owners contribute ?new value? to the business.
In a Chapter 11 case filed by an individual (i.e., a natural person), a discharge is granted by the court separately, after the completion of payments under the plan. A discharge is a court order relieving the debtor from liability for certain debts.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
In individual chapter 11 cases, and in cases under chapter 12 (adjustment of debts of a family farmer or fisherman) and 13 (adjustment of debts of an individual with regular income), the court generally grants the discharge as soon as practicable after the debtor completes all payments under the plan.
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A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. A chapter 11 bankruptcy discharge is still valid if the debtor fails to carry out the plan as long as the court does not revoke the order of confirmation.Section 1141(d)(1) generally provides that confirmation of a plan discharges a debtor from any debt that arose before the date of confirmation. A discharge under this chapter does not discharge a debtor who is an individual from any debt excepted from discharge under section 523 of this title. Issues that were unique to individual Chapter 11 cases under the old law. If you successfully complete your bankruptcy plan you will receive a discharge of debt. Once the debtor has fulfilled the obligations in the plan, the remaining debts are discharged. In a cramdown plan approved under section 1191(b), the debtor's discharge does not occur until the completion of the plan payments. Chapter 13's debt limits pose a barrier to entry"). Full Payment Before Discharge.