Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
Texas Western District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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As part of this phase, first day motions are typically filed on the first day of a case. These motions are to obtain permission to take certain actions necessary to maintain the debtor's business operations that cannot be taken unless the court first issues an order authorizing the debtor to take the actions.
A bankruptcy dismissal closes your bankruptcy case, and if it occurs before you receive a discharge, it will mean that: you've lost the protection of the automatic stay (the order that prohibits creditors from collecting debts), and. you'll continue to be liable for your debts.
Secured creditors, like banks, typically get paid first in a Chapter 11 bankruptcy, followed by unsecured creditors, like bondholders and suppliers of goods and services. Stockholders are typically last in line to get paid. Not all creditors get repaid in full under a Chapter 11 bankruptcy.
The Bankruptcy Code requires the court, after notice, to hold a hearing on confirmation of a plan. If no objection to confirmation has been timely filed, the Bankruptcy Code allows the court to determine whether the plan has been proposed in good faith and according to law.
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.
At the confirmation hearing, the party proposing the plan, which is usually the debtor, must present evidence showing that the plan complies with the Chapter 11 confirmation requirements.A plan that has not been accepted by the holders of at least one class of impaired claims cannot be confirmed by the court.
In a Chapter 11 you don't automatically have the right to voluntarily dismiss your case like you do in a Chapter 13. You can file a motion to dismiss but the Court will sua sponte (on it's own) do an analysis and decide if conversion to Chapter 7...
In any case where a bankruptcy petition is dismissed, the individual loses the protection of the automatic stay. This means his or her creditors can resume their collection attempts until he or she gains bankruptcy protection again by successfully filing a case.
There is no absolute limit on the duration of a Chapter 11 case. Some Chapter 11 cases wrap up within a few months, but it's more usual for it to take six months to two years for a Chapter 11 case to come to a close.