2012 chapter 9 bankruptcy filings

2012 chapter 9 bankruptcy filings

If the court granted your first discharge under Chapter 13 bankruptcy, you'd need to wait six years (from the Chapter 13 bankruptcy filing date) before filing for a Chapter 7 discharge. You won’t have to wait that long, however, if you paid unsecured creditors in full in the Chapter 13 case, or, if you paid at least 70% of the claims, the. Aug 07,  · Under Chapter 9, a local government's recovery plan may include reducing payments on bonds or other debts and/or rejection of burdensome contracts and other agreements. Chapter 9 differs from other forms of bankruptcy in certain respects. First, the decision to file a Chapter 9 case is fully at the discretion of the locality. Chapter 13 petitions accounted for percent of all filings in , down from percent in Chapter 13 petitions also accounted for percent of all nonbusiness filings and percent of all business filings in The number of bankruptcy petitions closed by the Central District in dropped percent to , 2012 chapter 9 bankruptcy filings

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In , the Central District of California again saw a decrease in bankruptcy filings. A total of , individual and business bankruptcy cases were filed in , a Filings for all chapters declined significantly. Chapter 7 filings decreased by Chapter 7 filings also accounted for Chapter 11 filings dropped Chapter 11 cases, which typically require more judicial resources than cases that are filed under other chapters, accounted for approximately 1 percent of all petitions filed in , consistent with the percentage of chapter 11 filings from Over 67 percent of chapter 11 petitions were business cases.

Chapter 13 filings decreased the most, falling A total of 23, chapter 13 petitions were filed in Chapter 13 petitions accounted for Chapter 13 petitions also accounted for The number of bankruptcy petitions closed by the Central District in dropped Because terminations exceeded filings in , there were 65, cases pending in December , which was 6 percent less than the number of cases pending in December This was the fifth consecutive year the Central District led the nation in total bankruptcy filings.

Once those requirements are met, the municipality may file for Chapter 9. The municipality must prepare and file all of the necessary bankruptcy paperwork with the clerk of the bankruptcy court. If the municipality fails to fulfill the requirements set forth by the state in which it is located, it may have to defend an objection to its filing chapter 9.

In some cases, the court can decide that a chapter 9 filing is improper. This usually occurs when a creditor objects and argues that the municipality has not followed the procedures laid down in state law, the court finds that the municipality was not insolvent, or when the court determines that more appropriate options are available to the municipality.

Unlike other bankruptcy cases, wherein a bankruptcy judge is chosen at random by the clerk, in Chapter 9, the chief judge of the court of appeals where the bankruptcy court is located must choose the judge to oversee the case. This is because Chapter 9 cases can be very complex and may involve elements of politics. The automatic stay also goes into effect to halt any actions to collect on debts against the municipality. Under certain circumstances, the stay also protects officers and officials of the municipality.

Normally a bankruptcy court has broad power over a Chapter 11 corporate debtor that wishes to reorganize. However, the bankruptcy code imposes limits on that power in connection with Chapter 9 cases because municipalities are unique entities with constitutional protection. Generally, the law states that the court cannot interfere with the governmental powers of the debtor or its revenue or property. Also, the court cannot convert the case to another chapter or appoint a trustee in a chapter 9 case.

Similar to a Chapter 11 case, a Chapter 9 debtor must file a plan. The plan sets forth how the municipality is going to reorganize its debts within the limits of bankruptcy.

Similar to Chapter 11, the plan must be confirmed by the bankruptcy court. A municipality receives a bankruptcy discharge at a point after the plan is confirmed and the debtor deposits any required funds or property with the court-appointed disbursing agent.

Usually, there are fewer than 10 Chapter 9 cases each year. United States Courts. MuniNet Guide. Bankruptcy Types. By Full Bio. David is a full-time attorney experienced in basic bankruptcy concepts as well as advanced issues such as secured transactions, liens, and lawsuits in bankruptcy court.

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