Liquidating chapter 11

A meeting of all the creditors will happen within forty days following the petition and the debtor will then go under oath and agree to answer any and all questions.For Chapter 7 to be successful, the debtor should comply and cooperate with the proceedings and provide any information that is needed.Under this code, there is no repayment plan that needs to be drawn up because the liquidation is going to cover the amount of the debt.Exempt property is excluded from these assets, but all other remaining assets are up for inclusion in the liquidation process.Beyond that, there are three other very important numbers: 7, 11 and 13.They refer to the chapters of the bankruptcy code under which your case may be filed.The debtor typically has a time frame of approximately four months to come up with their reorganization plan.

The company will begin by filing a petition with bankruptcy court.It allows consumers to restructure their debts and pay them back over time.Chapter 11 bankruptcy may be useful for someone who does not qualify for Chapter 13, though it is more complex.Finally, at the end of the bankruptcy proceedings, the debtor will receive a discharge release that takes away any personal liability for the debts.Chapter 11 bankruptcy is most often used by businesses, but it can help certain individuals and small business owners as well.

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