The Pennsylvania Report for Bankruptcy Judges in Cases to Be Closed — Chapter 11 Cases is a report issued by the Pennsylvania Bankruptcy Court on cases that have been closed under Chapter 11 of the U.S. Bankruptcy Code. The report contains information about each case, including the date of filing, the date of closing, the name of the debtor, the type of case, the number of creditors, the total assets, the total liabilities, the total amount of distributions to creditors, and the total amount of fees and costs for the case. The report also includes information about the court-appointed trustee's activities and the fees paid to the trustee. There are two types of Pennsylvania Report for Bankruptcy Judges in Cases to Be Closed — Chapter 11 Cases: the Final Report and the Interim Report. The Final Report includes a more detailed analysis of the case and is issued after the case is closed. The Interim Report is issued while the case is still open and is used to track the progress of the case.
Pennsylvania Report For Bankruptcy Judges in Cases to Be Closed - Chapter 11 Cases
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FAQ
Under Chapter 11 bankruptcy, a business or person generally gets to keep most of their assets, though the debtor could propose to sell many of their assets as part of the reorganization plan. In fact, a business owner could choose to sell the entire business under Chapter 11 bankruptcy.
Conversion or Dismissal A debtor in a chapter 11 case does not have an absolute right to have the case dismissed upon request. A party in interest may file a motion to dismiss or convert a chapter 11 case to a chapter 7 case "for cause."
Most Chapter 11 debtors receive a moratorium on the payment of most of their general unsecured debts for the period between the filing of the case and the confirmation of a plan. This period usually lasts for six to twelve months.
Closing of a Bankruptcy Case ? Closing means that all activity in the main bankruptcy case is completed. This means that all motions have already been ruled upon, and if a trustee was appointed, the trustee has filed a statement that all trustee duties have been completed. See related FAQs below.
A chapter 11 case can be closed ON AN INTERIM BASIS if the debtor needs time to continue payments made under the plan. A chapter 11 case can be closed WITH A FINAL DECREE if the plan is substantially consummated and if administrative actions are completed and if all other activities in the case are completed.
Examples Of Chapter 11 Bankruptcy While Chapter 11 bankruptcies may appear to be a lot more successful than Chapter 7 situations, history shows that most companies entering Chapter 11 don't survive either. Less than 10% of Chapter 11 filings have actually been successful.
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.
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.