Chapter 7 bankruptcy liquidation

Law Office of 
Charles E. Andersen

Chapter 7 is also know as straight bankruptcy if you don't want to repay any debt, chapter 7 is an option to consider
Bankruptcy Lawyers in New York who handle chapter 7
The US Trustee is a participant in a chapter 7 Hon. John C. Ninfo chief US Bankruptcy Court Judge US Bankruptcy Court
Law firm

of Charles E. Andersen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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CHAPTER 11 DEBTOR IN POSSESSION:

 

Bankruptcy Debtor in Possession:

 

Unless a trustee is appointed in the case (see below), the debtor remains in possession of the property of the estate and continues to operate the business unless the court orders otherwise. The debtor in possession has all of the rights, powers, and duties of a trustee, except the right to compensation and the duty to investigate the debtor.

 

a. Business judgment rule: In operating the business, the debtor in possession has the authority to make reasonable business judgments concerning the ordinary affairs of the debtor, and generally the bankruptcy court will not disturb these decisions absent "allegations of, and a real potential for, abuse by corporate insiders.

b. Employment of professionals: Any attorney, lawyer, accountant, or other professional employed by the bankruptcy debtor in possession must be a disinterested person and cannot hold or represent any interest that is adverse to the estate. However, a professional person is not disqualified for employment solely because she was employed by or represented the debtor prior to the commencement of the bankruptcy case.

 

Appointment of Trustee: Since the bankruptcy debtor in possession usually is considered to be the most appropriate person to operate the particular business, it is viewed as "the exception, rather than the rule" for a trustee to be appointed in a Chapter I I case. In fact, there is a presumption that the debtor should be allowed to remain in possession.

 

However, after the filing of the petition and prior, to confirmation of a plan, a party in interest or the United Slates trustee may request the appointment of a trustee, either for cause or in the interest of creditors, equity security holders, and the estate. The bankruptcy court generally requires evidence showing more than simple mismanagement. Some courts have used a cost-benefit analysis, taking into account the administrative expenses that are likely to ensue from the appointment of a trustee.

 

Click here for Chapter 11 Plan acceptance.

 

 

obtaining a chpater 7 discharge the bar date has passed arriving at the office
I hope he's in

 

 

sitting down to sign

 

 

 

 

 

 

Chapter 7&13

If you qualify

 

STOP:

  • Creditor Harassment
  • Stop utility shutoffs
  • eliminate payments on unsecured debts.
  • Improve bad credit
  • Surrender car, and other secured collateral without incurring a "deficiency"

**For Chapter 13 cases with wage order and balance paid through a trustee as part of a partial re-payment plan and not paid directly to the attorney. Court filing fee is extra.

  • Emergency Petitions filed
  • Ask to see a statement of clients rights and responsibilities

 

Free Consultation

Reasonable rates

 

 

 

 

 

 

 

 

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200 William St. STE 204A
Elmira, NY 14901
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receipt of filing automatic stay order for relief section 341 Notice
meeting fo the creditors court discharge order debt wipe out