The Virginia Notice of Combined Hearing on Final Approval of Disclosure Statement & Confirmation of Plan — Small Business (“Notice”) is a document issued by a bankruptcy court in the state of Virginia. This Notice is issued to all parties affected by a bankruptcy filing in which a small business debtor is seeking to reorganize and restructure its debt. The Notice includes information about the date, time, and location of the hearing, the debtor’s proposed plan of reorganization, and the disclosure statement. The Notice also sets forth the requirements for creditors and other parties to object to the plan or the disclosure statement. Depending on the type of bankruptcy filing, there are two types of Virginia Notice of Combined Hearing on Final Approval of Disclosure Statement & Confirmation of Plan — Small Business: Chapter 11 and Chapter 12.
Virginia Notice of Combined Hearing on Final Approval of Disclosure Statement & Confirmation of Plan - Small Business
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FAQ
With Chapter 7 bankruptcies, if you want to add a creditor after you have already filed, you will need to notify your attorney as soon as possible. Only debts that are incurred before filing can be added to your Chapter 7 bankruptcy.
If a disclosure statement is conditionally approved, and no timely objection to the disclosure statement is filed, it is not necessary for the court to hold a hearing on final approval.
Why do roughly 2 out of every 3 Chapter 13 cases fail? Well, to get a discharge of your debts, you need to complete a 3-5 year repayment plan. And most plans are 5 years long. Only at the end of the plan will the remainder of some debts be forgiven.
After receiving all required payments under the plan (including any tax refunds owed) and completing an audit to determine that all amounts owed were received, the Chapter 13 Trustee will file a Certificate of Final Payment with the Bankruptcy Court.