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Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.
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Last Updated on: 26th July 2023, 10:10 pm
Chapter 11 bankruptcy, often termed as debt restructuring, is a viable solution for both individuals and enterprises aspiring to retain authority over their possessions. If you’re a denizen of the Big Apple caught in a financial whirlwind, you may find your safe harbor in Chapter 11, reconfiguring your liabilities while avoiding the trusteeship of a bankruptcy overseer. Let’s explore this a bit more to find if it suits your unique circumstances.
The appeal for Chapter 11 is predominantly an elective process carried out by individuals or enterprises seeking fiscal respite. Yet, there could be instances of compelled filings when a syndicate of creditors join forces to seek redress from a defaulting debtor.
The moment a Chapter 11 appeal hits the court dockets of New York, an automatic stay springs into action. This statutory injunction effectively halts creditors in their tracks, barring them from initiating further collection maneuvers, inclusive of lodging liens, seizing properties, or finalizing foreclosure proceedings.
Certain cases might see the emergence of a consortium of unsecured creditors to guarantee their representation in the proceedings. This is a common sight in instances carrying the weight of substantial complexity or significant monetary value, usually when businesses seek Chapter 11. For individual cases, this occurrence is rather rare.
This consortium brings together three or more of your unsecured creditors, handpicked by the U.S bankruptcy trustee assigned to your case. These individuals, acting in a voluntary capacity, can employ legal advisors or financial planning support to guide their decisions. The debtor eventually absorbs the financial burden of any professional assistance that the committee enlists.
Within the initial 120 days of lodging a Chapter 11 appeal, the debtor is obligated to present a blueprint for debt restructuring. This document outlines the strategy for settling specific debts. This exclusive window allows the debtor alone to present the plan. However, if this period expires without any action, a creditor or a consortium thereof, can submit a restructuring plan on behalf of the individual. Irrespective of the filing party, the bankruptcy court retains the final say in sanctioning these plans.
The blueprint could potentially incorporate several elements, including but not limited to:
If your plan marginally impairs the creditors, i.e., demands alteration of payment terms, they get a say in voting. Unimpaired creditors, those not affected by the plan, are deemed to tacitly accept it, hence abstaining from voting. Fully impaired creditors, who won’t recover from their losses, are assumed to outrightly reject the plan. For a plan to pass muster, it requires the endorsement of two-thirds in number and half in dollar value of the creditors.
In certain Chapter 11 cases, the bankruptcy court might push a “cramdown,” forcibly implementing specific terms on the creditors, regardless of their objections. Unsecured creditors are at a higher risk of being subjected to a cramdown than their secured counterparts.
Chapter 11 filing offers its share of merits and demerits. It becomes a considerable choice if
you have been previously rebuffed for Chapter 7 or Chapter 13. It also inflicts lesser harm on your credit rating compared to other bankruptcy forms and allows you to retain significant control during the proceedings.
However, the downside of Chapter 11 is its inherent complexity and prolonged completion period, rendering it a less attractive option if you are seeking immediate relief rather than a long-term solution.
Given the complexity of Chapter 11 proceedings, it’s unwise to undertake this process solo. It’s prudent to engage our legal expertise at our New York City law firm for assistance with Chapter 11 or any other bankruptcy proceedings.
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