A Louisiana Final Order Authorizing Retention of Counsel For Debtor-In-Possession is a court order that allows a debtor-in-possession to hire a lawyer or law firm to represent him or her throughout the bankruptcy proceedings. This order typically grants the debtor-in-possession the right to retain a specific attorney or law firm, outlines the scope of the attorney’s responsibilities, and sets the fee structure for the attorney’s services. There are two main types of Louisiana Final Order Authorizing Retention of Counsel For Debtor-In-Possession: one that applies to individuals filing for bankruptcy, and one that applies to businesses filing for bankruptcy. The order is issued by the court and approved by all parties involved, including the debtor-in-possession, the creditors, and the U.S. Trustee. It is important to note that this order does not guarantee the debtor-in-possession will prevail in the bankruptcy case, but simply grants the right to hire counsel to represent them in the proceedings.
Louisiana Final Order Authorizing Retention of Counsel For Debtor-In-Possession
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Motion for Relief from the Automatic Stay is a request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.
What Is a Proof of Claim? A proof of claim is an essential element in the bankruptcy process. It documents your right as a creditor to repayment from the debtor. A debtor's chapter 11 bankruptcy filing may significantly impact a creditor and can jeopardize its ability to handle its own financial responsibilities.
D. Del. 1993)). The Bankruptcy Code provides the stay is terminated concerning the party seeking relief 30 days after it made the request for relief, unless the court orders the stay to continue in effect (§ 362(e), Bankruptcy Code).
The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors. It stops all collection efforts, all harassment, and all foreclosure actions.
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.