There are many different types of bankruptcies. Often, each type is referred to by the name of the Chapter in which it is contained in the United States Bankruptcy Code. You’ve probably heard of Chapter 7 and Chapter 13, and maybe even Chapter 11 bankruptcies. The following information may be useful to a business which
Minnesota Chapter 11 Bankruptcy Attorneys
There are different chapters of bankruptcy laid out in the Bankruptcy Code and it is important to determine which chapter most closely applies to your situation. Chapter 11 is often referred to as “reorganization” bankruptcy. A business or individual cannot file for bankruptcy under Chapter 11, or any other chapter, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.
To begin a petition must be filed with the Court. This may be voluntary, filed by the debtor, or involuntary, filed by creditor(s). Other documents must also be filed including, but not limited to, schedule of assets, schedule of current income, schedule of executor contracts or unexpired leases, and a statement of financial affairs. The Court charges a $1,000 case filing fee and a $46 miscellaneous administrative fee.
Generally, a written disclosure statement and plan of reorganization is filed with the court. This information is governed by judicial discretion. The court will then determine whether to confirm the plan.
Minnesota Bankruptcy: Chapter 11 – What it Does and its Limitations
While there are many types of bankruptcy filings, Chapter 11 is a way to reorganize in order to be able to pay debt, rather than a way of extinguishing debt. It is important to first determine what types of bankruptcy may be available to you and next what type is best for you. The law
Objections to Individual Chapter 11 Plan Overruled
The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. In re Feneis, BKY 09-60317 (Bankr. D. Minn. 1/20/10) (O’Brien, J.). Objections to Individual Chapter 11 Plan Overruled The debtor, Feneis, filed an individual chapter 11 petition, after the decline of his real estate development business. Secured
Closing an Individual Chapter 11 Case Before Discharge
The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Shotkoski v. Fokkena (In re Shotkoski), 420 B.R. 479 (B.A.P. 8th Cir. (S.D.) 11/24/09) (Saladino, J.). Whether to Close Individual Chapter 11 Case Before Discharge is Within Court’s Discretion The Eighth Circuit BAP affirms the bankruptcy court’s
Several Aspects of a Chapter 11 Bankruptcy
Bankruptcy is a way to extinguish debt or a way to reorganize debt, in order to get on top of things. People file bankruptcy because they get so far behind that without some change, they will fall further and further behind without fail. Debts begin to pile up until they are impossible to pay and
The Benefits & Oversight of Chapter 11 Bankruptcy in Minnesota
“Chapter 11 bankruptcy” refers to a bankruptcy petition filed under Chapter 11 of the United States Bankruptcy Code. Chapter 11 differs in many ways from other chapters under the Bankruptcy Code under which bankruptcy petitions may be filed. For instance, Chapter 7 bankruptcy petitions begin a liquidation process for nonexempt assets of the debtor, to
Chapter 11 Bankruptcy Trustee | Minneapolis Bankruptcy Trustee
The Department of Justice and the U.S. Trustee are charged with ensuring the integrity of the bankruptcy system. In order to accomplish this, the U.S. Trustee program may oversee administration of cases and engage in litigation to enforce compliance with the law. While both individuals and corporations or partnerships are permitted to file bankruptcy petitions
Minnesota Chapter 11 Bankruptcy: The Reorganization Plan
Chapter 11 is the chapter of the United States Bankruptcy Code that allows reorganization. Chapter 11 is usually utilized by corporations or partnerships. The purpose of reorganization under Chapter 11 is to allow a business to survive through the bankruptcy, rather than close up shop, and extend the time frame within which the business must
An Overview of Chapter 7, 11, 12, and 13 Bankruptcy | Minnesota Bankruptcy Law
Is your debt consuming you? Do you believe you will never be able to get on top of it? Do you get further and further behind every day? You are not alone. In 2009 there were nearly one and a half million bankruptcy filings across the United States. There were 1,473,675 to be precise. Over
A Brief Overview of Chapter 11 Bankruptcies | Minnesota Bankruptcy Filing
There isn’t just one type of bankruptcy that fits for all people and all businesses. Many people have heard of Chapter 7, Chapter 11, and Chapter 13 bankruptcies. There are others as well. The type of bankruptcy filing that best suits one person and his or her circumstances will not always be the same one