Alabama Plan of Reorganization
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How to fill out Plan Of Reorganization?
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FAQ
What happens to my property if I file Chapter 7? You can protect $7,500 in personal property and $15,000 in equity on your house and land. If you are married, you can protect $30,000 in equity on your house and land. You can also keep exempt money, which includes social security, SSI and earned income disregards.
If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing. If the percentage is less than 25 percent, the debtor will most likely survive the means test and be allowed to continue with a Chapter 7 filing.
?There are ways to qualify for a Chapter 7 bankruptcy even if your income is higher than the state median for a family your size,? Latham said. ?For example, you can deduct eligible expenses, such as your mortgage, car payments, health and life insurance premiums, taxes, child care, and charitable contributions.?
An equity security holder may vote on the plan of reorganization and may file a proof of interest, rather than a proof of claim. A proof of interest is deemed filed for any interest that appears in the debtor's schedules, unless it is scheduled as disputed, contingent, or unliquidated. 11 U.S.C. § 1111.
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
The Plan of Reorganization (POR) is a document containing the post-emergence turnaround plan drafted by the debtor after negotiating with creditors.
Reorganization under the Bankruptcy Code is designed to rehabilitate a business, thus preserving its value which might otherwise be lost in a liquidation. Chapter 11 of the Code offers various benefits to the business considering reorganization, which does include certain costs.
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
If you file Chapter 7 and get rid of your debts, you cannot file again for at least eight years. That is why you want to be sure you are ready for a fresh start. If you have on-going medical bills and no insurance, etc., bankruptcy might not be best for you.
Each state has a different dollar amount as a threshold for qualifying under the means test. In the State of Alabama: If you are single, live alone, and earn less than $39,768 per year ? you automatically qualify under the means test to file for Chapter 7 bankruptcy protection.