Liquidating distribution from partnership

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. 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.

The fees must be paid to the clerk of the court upon filing or may, with the court's permission, be paid by individual debtors in installments.

(The Official Forms are not available from the court, but may be purchased at legal stationery stores or downloaded from the Internet at The courts are required to charge a $1,167 case filing fee and a $550 miscellaneous administrative fee.

If the debtor is an individual (or husband and wife), there are additional document filing requirements.

A husband and wife may file a joint petition or individual petitions.

If a joint petition is filed, only one filing fee and one administrative fee are charged. Generally, the debtor, as "debtor in possession," operates the business and performs many of the functions that a trustee performs in cases under other chapters.

The 0 administrative fee may be paid in installments in the same manner as the filing fee. Upon filing a voluntary petition for relief under chapter 11 or, in an involuntary case, the entry of an order for relief, the debtor automatically assumes an additional identity as the "debtor in possession." 11 U. The appointment or election of a trustee occurs only in a small number of cases.

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.

trustee conducts a meeting of the creditors, often referred to as the "section 341 meeting," in a chapter 11 case.

Comments are closed.