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Bankruptcy Code (view source)

Revision as of 19:58, June 17, 2023

1,239 bytes added ,  19:58, June 17, 2023
→‎Chapter 11
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Chapter 11 bankruptcies are the most common among businesses.  Individuals can file under Chapter 11 as well (and must do so if their debts exceed the limits for filing under Chapter 13), but as this option is more expensive and time-consuming, individuals who can use Chapter 13 usually choose that option instead.
 
Chapter 11 bankruptcies are the most common among businesses.  Individuals can file under Chapter 11 as well (and must do so if their debts exceed the limits for filing under Chapter 13), but as this option is more expensive and time-consuming, individuals who can use Chapter 13 usually choose that option instead.
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Chapter 11 filings are more expensive than Chapter 7: "The courts are required to charge a $1,167 case filing fee and a $571 miscellaneous administrative fee."
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=== Small business ===
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As explained by the US Courts website:<ref>https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics</ref>
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{{cquote|The Bankruptcy Code allows small business debtors to file for relief under two different special categories of chapter 11 intended to streamline processes and reduce costs. The first, referred to as a small business case (by definition in 11 U.S.C. § 101(51C)), was created in 2005 by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), and the second, referred to as subchapter V, was created in 2019 by the Small Business Reorganization Act (SBRA). A debtor may elect either of these two options based on certain eligibility criteria. Both ... are treated differently than a traditional chapter 11 case primarily due to accelerated deadlines and the speed with which the plan is confirmed. The two types of cases have different debt limits, defined as the total amount of noncontingent liquidated secured and unsecured debt at the time the debtor files their bankruptcy case.}}
    
===Chapter 12===
 
===Chapter 12===
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