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People in business or individuals can also seek relief in chapter 11.
A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. In addition, no individual may be a debtor under chapter 11 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements.
Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.
trustee plays a major role in monitoring the progress of a chapter 11 case and supervising its administration.
The final installment must be paid not later than 120 days after filing the petition.
1006(b) limits to four the number of installments for the filing fee. Debtors should be aware that failure to pay these fees may result in dismissal of the case.
trustee also imposes certain requirements on the debtor in possession concerning matters such as reporting its monthly income and operating expenses, establishing new bank accounts, and paying current employee withholding and other taxes. In North Carolina and Alabama, bankruptcy administrators perform similar functions that U. trustees perform in the remaining forty-eight states. trustees are also applicable to bankruptcy administrators. trustee and ordinarily consists of unsecured creditors who hold the seven largest unsecured claims against the debtor.
Should a debtor in possession fail to comply with the reporting requirements of the U. trustee or orders of the bankruptcy court, or fail to take the appropriate steps to bring the case to confirmation, the U. trustee may file a motion with the court to have the debtor's chapter 11 case converted to another chapter of the Bankruptcy Code or to have the case dismissed.
1006(b); Bankruptcy Court Miscellaneous Fee Schedule, Item 8.
For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than 180 days after the filing of the petition.
An individual cannot file 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 was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.
If a debt management plan is developed during required credit counseling, it must be filed with the court. Unless the court orders otherwise, the debtor also must file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; and (4) a statement of financial affairs.
In the case of individuals, chapter 11 bears some similarities to chapter 13. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value of their investment in the company's stock. Other responsibilities include filing tax returns and reports which are either necessary or ordered by the court after confirmation, such as a final accounting. Railroad reorganizations have specific requirements under subsection IV of chapter 11, which will not be addressed here.