This form is an order to finally approve a disclosure statement.
Connecticut Order Finally Approving Disclosure Statement and Confirming Plan - B 15S
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US-B-15S
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FAQ
To be eligible for Subchapter V relief, your business must meet certain criteria, including having less than $7,500,000 in secured and unsecured debts, at least 50% of the debt must be from business, and currently actively engaged in commercial or business activities.
Secured creditors like banks are going to get paid first. This is because their credit is secured by assets?typically ones that your business controls. Your plan and the courts may consider how integral the assets are that secure your loans to determine which secured creditors get paid first though.
The automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition.
The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization.
An automatic stay is a provision in United States bankruptcy law that temporarily prevents creditors, collection agencies, government entities, and others from pursuing debtors for money that they are owed.