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If you cannot afford the fee, you may apply for a fee waiver or request to pay in installments. Provide additional documents . Submit copies of your most recent tax returns to the bankruptcy trustee.
Additional filing requirements and fees. The new law increases the amount of paperwork involved in filing and raises the filing fees. The law also allows filing fees to be waived for debtors earning below 150 percent of the federal poverty level. Increased attorney liability and costs.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
A business may file for chapter 11 bankruptcy relief for a variety of purposes. Although chapter 11 is generally regarded as being for the purposes of reorganization, many businesses file for chapter 11 to effectuate a sale of the business or an orderly liquidation of the business.
It's not uncommon for business owners to worry about paying creditors, especially during times of extended economic downturn. But when a business is struggling with debt to the point that it can...
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
Very commonly, the debtor-in-possession in a Chapter 11 reorganization of a business debtor will initiate adversary proceedings against a party with whom the debtor had an executory contract, against whom it had a claim in tort, or to whom it made a preferential transfer prior to filing for bankruptcy, intending to collect funds to maximize ...
Among the topics covered by the FRBP are adversary proceedings in bankruptcy, commencement of cases (by filing a voluntary or involuntary bankruptcy petition), how a creditor may file a proof of claim in bankruptcy or a petition for relief from automatic stay, the duties of the debtor, time periods for filing various types of motions, and the ...