This form is an order to finally approve a disclosure statement.
Georgia Order Finally Approving Disclosure Statement and Confirming Plan - B 15S
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FAQ
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.
Subchapter V makes the process of filing under Chapter 11 more streamlined and affordable. Generally, eligibility is limited to debtors that are engaged in commercial activity and have less than $7.5 million in total secured and unsecured debt (as of 2023), of which at least half comes from 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 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.
The subchapter V debtor shall file a plan not later than 90 days after the petition date, except that the court may extend the period ?if the need for the extension is attributable to circumstances for which the debtor should not justly be held accountable.? 11 U.S.C. § 1189(b).
Section 1182(1)(B)(i) provides that in order to proceed under Subchapter V, the debts of all affiliated debtors must be less than or equal to $7.5 million. The court denied the plaintiff's motion to revoke the Subchapter V election, holding that eligibility is measured as of the debtor's petition date only.
A Subchapter 5 Bankruptcy is a type of bankruptcy that lives under Chapter 11 of the U.S. Bankruptcy code ? A Chapter 11 bankruptcy is also known as the "reorganization" bankruptcy. Subchapter 5 was added to the code to make reorganization bankruptcy more accessible to small businesses.
In a recent case, a bankruptcy court explained that the role of the Subchapter V trustee is to provide oversight of the debtor in possession and to help facilitate negotiations among the parties who will be voting on the plan of reorganization in order to build consensus.