After riding a multiyear flood of merger battles and a changing of the guard after Chief Justice Leo E. Strine Jr.'s recent retirement, Delaware's main business courts appear to be headed into. (see Delaware Bankruptcy Court Directory) Most Chapter 7 filings involve no non-exempt assets, however, if you filed for Chapter 7 and do have non-exempt assets, you will have to turn over non-exempt property (or its fair market value in cash) to the trustee after the meeting. The trustee will sell this property and distribute the proceeds to. The company followed the guidelines of the Federal Bankruptcy law in its efforts to identify obligations and notify creditors of the filing. Company C was undergoing an unclaimed property examination prior to the petition date, and the examination was stayed until after bankruptcy procedures were completed.
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Capital Markets. Class Action. Commercial Contracts. Chapter 13 Requirements If you are filing a Chapter 13 bankruptcy, a proposed repayment plan must also be submitted.
After reasonable monthly expenses have been paid, how much money will you have left over to put toward your outstanding bills? And how will this money be divvied up among those you owe? Priority claims such as taxes and back child support must be paid in full; unsecured debts like credit card debt and medical bills are usually paid in part. Depending upon the judgments of those involved with your case, unsecured debts can be paid off for as little as 10 cents on the dollar. In addition to the general requirements listed above, the repayment plan must pass each of the following three tests: 1 It must be delivered in good faith.
Generally, this is the value of all the nonexempt property you own see Delaware bankruptcy exemptions. If you have filed Chapter 13, you must begin making your plan payments. Generally these payments will be withdrawn directly from your wages and you or your attorney should arrange with the court for these payments to be deducted from your wages.
Automatic Stay Once you have filed your paperwork with the bankruptcy court, an automatic stay immediately goes into effect.
This provision prevents creditors from making direct contact with you or staking a claim on any of your property from the day of filing forward. This will stop any foreclosure proceedings. Bankruptcy Trustee Upon filing, the court will assume legal control of your debts and any property not covered by your Delaware exemptions.
A trustee will be appointed to your case by the court. The job of the trustee is to see that your creditors are paid as much as possible. This person will thoroughly review your paperwork, particularly the assets you have in your possession and the exemptions you wish to claim, and can challenge any element of your case.
Creditors rarely attend a Chapter 7 bankruptcy meeting; one or two creditors may attend a Chapter 13 meeting, especially if there is a question as to the legitimacy of some aspect of the plan. If a compromise can not be reached, a judge will intervene. The meeting of creditors typically lasts about five minutes. You will receive notice of the location of the meeting but you may contact the court to confirm the address and time.