New Jersey Order Converting Case to Chapter 11 is a court order issued by a bankruptcy court in the state of New Jersey. It is used to convert a case filed under Chapter 7, 11, or 13 of the Bankruptcy Code to Chapter 11. The order is issued after a petition for relief is filed with the court. This order typically requires the debtor to file a plan of reorganization and to meet all other requirements of the Chapter 11 case. The order also contains other provisions such as the appointment of a trustee, the setting of deadlines for filing documents, and the appointment of a committee of creditors. There are two types of New Jersey Order Converting Case to Chapter 11: voluntary conversion and involuntary conversion. A voluntary conversion is when the debtor chooses to convert their case to Chapter 11. An involuntary conversion occurs when the bankruptcy court orders the conversion of the case to Chapter 11.
New Jersey Order Converting Case to Chapter 11
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Most bankruptcy cases pass through the bankruptcy process with little objection by creditors. Because the bankruptcy system is encoded into U.S. law and companies can prepare for some debts to discharge through it, creditors usually accept discharge and generally have little standing to contest it.
A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other
A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other
Converting to Chapter 7 lets filers out of the three- to five-year Chapter 13 plan and erases qualifying debts in as little as four months. Conversion can be a great option, especially when you don't qualify to modify your Chapter 13 payment.
A Motion to Convert/Reconvert Case to Chapter 7 is generally filed by the debtor or debtor's counsel, but may also be filed by the trustee or other parties in interest to request that a case filed under a different chapter be converted to Chapter 7.
Assuming that converting to Chapter 7 is in the best interest of creditors, the court will grant the motion and a trustee will be appointed to liquidate the debtor's assets and distribute the proceeds to creditors.