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Wyoming Disclosure Statement for Small Business Under Chapter 11

State:
Wyoming
Control #:
WY-BKR-425B
Format:
PDF
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Description

Disclosure Statement for Small Business Under Chapter 11

The Wyoming Disclosure Statement for Small Business Under Chapter 11 is a document that is used to disclose financial information to the court, creditors and other parties involved in a Chapter 11 bankruptcy case. This document outlines the assets and liabilities of a small business debtor. It contains information such as the company's assets, liabilities, income, expenses, and cash flow. It also includes a statement of financial affairs, which outlines the sources of the debtor's income, the obligations of the debtor, and any other information necessary to understand the debtor's financial situation. The Wyoming Disclosure Statement for Small Business Under Chapter 11 is typically submitted to the court as part of the Chapter 11 bankruptcy filing. There are two types of Wyoming Disclosure Statement for Small Business Under Chapter 11: 1. Initial Disclosure Statement: This is an initial disclosure statement that is required to be filed within 15 days of the filing of the bankruptcy case. It includes information about the debtor’s assets, liabilities, income, expenses, and cash flow. 2. Final Disclosure Statement: This is a final disclosure statement that must be filed with the court within 30 days of the filing of the bankruptcy case. It includes any changes or amendments to the initial disclosure statement, as well as any new information that has been discovered since the initial filing.

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FAQ

As outlined previously here, the Coronavirus Aid, Relief, and Economic Security Act of 2020 increased the aggregate debt limit for ?Subchapter V? Chapter 11 debtors from $2,725,625.00 to $7,500,000.00.

A Chapter 11 Plan in Subchapter V may only be filed by the debtor, as opposed to an ?ordinary? Chapter 11, where creditors are permitted, upon the expiration of the exclusivity period, to file competing plans. See 11 U.S.C. § 1121.

The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization.

In a recent case, a bankruptcy court explained that the role of the Subchapter V trustee is to provide oversight of the debtor in possession and to help facilitate negotiations among the parties who will be voting on the plan of reorganization in order to build consensus.

A Subchapter 5 Bankruptcy is a type of bankruptcy that lives under Chapter 11 of the U.S. Bankruptcy code ? A Chapter 11 bankruptcy is also known as the "reorganization" bankruptcy. Subchapter 5 was added to the code to make reorganization bankruptcy more accessible to small businesses.

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.

More info

This is an Official Bankruptcy Form. Disclosure Statement in Small Business Case under Chapter 11 (Superseded).Download Form (pdf, 181 KB). Disclosure Statement for Small Business Under Chapter 11 page 1. The disclosure statement in a Chapter 11 bankruptcy case is designed to give creditors adequate information about the debtors finances. Get the up-to-date Disclosure Statement for Small Business Under Chapter 11 2023 now. This Overview discusses the plan confirmation process for a basic Chapter 11 case. A debtor's goal in chapter 11 is to confirm a plan of reorganization. And a creditor's goal is to maximize recovery under that plan. (7) days before the proposed plan and disclosure statement are filed with the Court.

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Wyoming Disclosure Statement for Small Business Under Chapter 11