Kansas Statement of Your Financial Affairs (non-individuals)
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How to fill out Statement Of Your Financial Affairs (non-individuals)?
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FAQ
Hear this out loud PauseThe debtor in possession may continue to do business using those assets to maintain the asset productivity, but the debtor is doing so on behalf of creditors. Thus, the debtor essentially works as a trustee. The court in certain situations may appoint a trustee, but under Chapter 11 a trustee is not mandatory.
A debtor in possession (DIP) is an individual or corporation that has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and holds property or assets which can be used to satisfy creditor claims.
Chapter 7 ? A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate depending on the law of the State where you live and applicable federal laws.
Debtors are often called borrowers if the money owed is to a bank or financial institution, however, they are called issuers if the debt is in the form of securities. Debtors cannot go to jail for not paying consumer debt (e.g. credit cards).
Hear this out loud PauseYou should not spend any money or dispose of any assets you own when you file your Chapter 7 bankruptcy case. Without court approval, the Chapter 7 Trustee can force the recipient to return the money or property. However, the income you receive after filing your case is yours to use.
A trustee is appointed to take control of certain assets of the debtor, bring these assets into the estate, and sell or distribute these assets for the benefit of creditors. Some assets will remain with the debtor if these assets are determined to be exempt from distribution to creditors.