This form is an order to finally approve a disclosure statement.
Virginia Order Finally Approving Disclosure Statement and Confirming Plan - B 15S
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FAQ
In the context of Plan confirmation, another major difference is that there is no voting in Subchapter V cases, with 11 U.S.C. § 1125 having been made inapplicable to Subchapter V cases by § 1181.
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.
After passing the SBA, Congress subsequently increased the applicable debt limits for businesses eligible for Subchapter V, from approximately $2.7 million to $7.5 million, which qualified many more businesses for Subchapter V relief.
Subchapter V makes the process of filing under Chapter 11 more streamlined and affordable. Generally, eligibility is limited to debtors that are engaged in commercial activity and have less than $7.5 million in total secured and unsecured debt (as of 2023), of which at least half comes from business activities.
Secured creditors like banks are going to get paid first. This is because their credit is secured by assets?typically ones that your business controls. Your plan and the courts may consider how integral the assets are that secure your loans to determine which secured creditors get paid first though.
To be eligible for Subchapter V relief, your business must meet certain criteria, including having less than $7,500,000 in secured and unsecured debts, at least 50% of the debt must be from business, and currently actively engaged in commercial or business activities.
The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization.
The subchapter V debtor shall file a plan not later than 90 days after the petition date, except that the court may extend the period ?if the need for the extension is attributable to circumstances for which the debtor should not justly be held accountable.? 11 U.S.C. § 1189(b).