An Illinois Order Regarding Bankruptcy Matter is a court order issued by an Illinois bankruptcy court in relation to a bankruptcy case. This order can involve a variety of issues, such as the establishment of a payment plan, the filing of a petition for relief, the granting of creditor protection, or the confirmation of a reorganization plan. There are several types of orders that can be issued, including: Adversary Proceeding Order, Automatic Stay Order, Confirmation Order, Dismissal Order, Discharge Order, Final Decree Order, and Reorganization Plan Order. Each order serves a specific purpose and can have various consequences depending on the matter at hand.
Illinois Order Regarding Bankruptcy Matter
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Illinois
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IL-SKU-0821
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Order Regarding Bankruptcy Matter
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FAQ
In bankruptcy law, a hearing generally occurs related to either Chapter 13 or Chapter 11 federal bankruptcy. Here, a confirmation hearing is a court proceeding wherein a judge either approves or rejects a proposed debtor repayment plan, based on its feasibility and other legal requirements.
Instead, bankruptcy law sets forth the order that your bankruptcy trustee must pay your debts. Usually, the trustee pays them in this order: secured debts first, followed by priority debts, and then unsecured debts. (Learn about secured, unsecured, and priority claims.)
Under the Bankruptcy Code, the look back period is two years; however, the trustee may use state law if the allowed look back period is longer.
1. A ?comfort order? is a bankruptcy term of art for an order confirming an undisputed legal result, and often is entered to confirm that the automatic stay has terminated.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.