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The purpose of a disclosure statement is to provide explanatory information regarding the significant features of the insurance policy to enable the insured to make an informed decision regarding purchasing the insurance policy.
The disclosure statement must provide adequate information about your financial affairs to allow your creditors to make an informed decision about whether to accept or reject your plan. Once you file your disclosure statement, the court will hold a hearing to approve or reject it.
The discharge received by an individual debtor in a Chapter 11 case discharges the debtor from all pre-confirmation debts except those that would not be dischargeable in a Chapter 7 case filed by the same debtor.
A Disclosure Statement is a written description of a contractor's cost accounting practices and procedures. (A blue print if you will.)
The intent of hiding your money from the bankruptcy trustee through bank withdrawals is considered bankruptcy fraud. You are putting your bankruptcy case at risk. Aside from losing your discharge, you may even be prosecuted for your crime.
Terms may apply to offers listed on this page. When a company declares bankruptcy, its stock can end up being worth nothing. It's important to keep tabs on the companies you're invested in and consider selling your stock if you think a bankruptcy filing is imminent.