This form is an order to finally approve a disclosure statement.
South Dakota Order Finally Approving Disclosure Statement and Confirming Plan - B 15S
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US-B-15S
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FAQ
The subchapter went into effect in 2020. It gives small businesses that are earning a profit, but having trouble paying their obligations, a simplified process for paying down their debt. Businesses that file under Subchapter 5 can force creditors to accept court-approved repayment plans of three to five years.
Automatic Stay -- Immediately after a bankruptcy case is filed, an injunction (called the "Automatic Stay") is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor's property.
If you have been a debtor in two or more bankruptcy cases dismissed within the last year, no automatic stay goes into effect and no stay will go into effect unless and until: 1) you request by motion that the court enter an order extending the stay; 2) the request is filed with the bankruptcy court within 30 days of ...
What Activities Are Not Subject to the Automatic Stay? Criminal court matters. Establishment of paternity and child support (note: collections efforts of past due child support are Stayed) Child custody matters. Tax audits and other enforcement efforts that are not directly connected to the collection of debt.
To qualify for Subchapter V, a debtor must meet certain eligibility requirements. The primary criterion is that the debtor must be engaged in commercial or business activity, excluding those whose primary activity is owning single-asset real estate. Additionally, the debtor must have debts below a specific debt limit.
The automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition.
A secured creditor may obtain relief from the automatic stay for acts against property if both the: Debtor does not have equity in the property. Property is not necessary to an effective reorganization.