The New York Order for Relief in an Involuntary Case — B 253 is a legal provision that serves as a crucial mechanism in the state's legal system for providing relief in involuntary cases. This order is primarily associated with bankruptcy cases and denotes the initiation of proceedings against a debtor by one or more of its creditors. In an involuntary case scenario, when a debtor fails to make timely payments or honor their financial obligations, one or more creditors can file a petition seeking relief under the bankruptcy laws. The New York Order for Relief in an Involuntary Case — B 253 serves as the official court order that grants such relief to the creditors, thereby allowing them to proceed with their claims against the debtor. Keywords: New York, Order for Relief, Involuntary Case — B 253, relief, bankruptcy, debtor, creditors, legal system, proceedings, petition. Different types of New York Order for Relief in an Involuntary Case — B 253 may include: 1. Voluntary Bankruptcy: While the term "involuntary" implies that the debtor isn't willing to file for bankruptcy themselves, there may be instances when a debtor voluntarily files for bankruptcy after realizing their financial distress. In such cases, the New York Order for Relief in an Involuntary Case — B 253 can be issued upon the debtor's request, allowing them to receive the necessary relief under the bankruptcy laws. 2. Chapter 7 Bankruptcy: Chapter 7 bankruptcy involves the liquidation of a debtor's assets to repay their creditors. In this type of involuntary case, the New York Order for Relief in an Involuntary Case — B 253 can be utilized to initiate the liquidation process and distribute the proceeds to the creditors in a fair and equitable manner. 3. Chapter 11 Bankruptcy: Chapter 11 bankruptcy primarily focuses on business reorganization, allowing debtors to continue their operations while repaying their debts over a specified period. In certain cases, the New York Order for Relief in an Involuntary Case — B 253 can be obtained to commence the Chapter 11 proceedings, enabling the debtor to restructure their finances and negotiate with their creditors to create a feasible repayment plan. 4. Chapter 13 Bankruptcy: Chapter 13 bankruptcy pertains to individuals with regular income who seek to reorganize their finances and repay their debts over an extended period. The New York Order for Relief in an Involuntary Case — B 253 can be issued to initiate Chapter 13 proceedings, allowing eligible debtors to propose a repayment plan to their creditors and gain protection from any collection efforts during this period. In summary, the New York Order for Relief in an Involuntary Case — B 253 is a pivotal component of the state's legal framework regarding relief in involuntary bankruptcy cases. It provides a means for creditors to seek redress against defaulting debtors, while also enabling debtors to restructure their finances and repay their debts in a fair and manageable manner.
New York Order for Relief in an Involuntary Case - B 253
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An involuntary case may be commenced only under chapter 7 or 11 of this title, and only against a person, except a farmer, family farmer, or a corporation that is not a moneyed, business, or commercial corporation, that may be a debtor under the chapter under which such case is commenced.
Section 303(a) of the Bankruptcy Code only permits involuntary cases under either chapter 7 or chapter 11 of the Code. No involuntary chapter 9, chapter 12 or chapter 13 cases are authorized. Further, an involuntary cannot be commenced against a farmer, family farmer or not for profit entity.
The most important thing the order for relief does for debtors is initiate the automatic stay. The automatic stay halts all actions by creditors to collect on debtors' debts or foreclose or repossess their assets. It's one of bankruptcy's biggest privileges to debtors.
An order for relief will be entered if the debtor does not contest the involuntary petition or, if the debtor contests the involuntary petition, an order for relief will be entered if (1) the court determines that the debtor is not paying its undisputed debts as they come due, or (2) a custodian (other than a trustee, ...