Washington Motion for Ch 11 Discharge is a motion filed by the debtor in a Chapter 11 bankruptcy case in the state of Washington. It is used to request a discharge of the debtor's debts, which will bring the bankruptcy case to a conclusion. The debtor must demonstrate that they have complied with all the requirements of Chapter 11 and that a discharge is in the best interest of the creditors. There are two types of Washington Motions for Ch 11 Discharge: the standard motion and the modified motion. The standard motion applies to debtors who have successfully completed their Chapter 11 plan. The modified motion applies to debtors who have not completed their Chapter 11 plan, but have made adequate progress towards doing so. Both motions must be approved by the court before the debtor can be discharged.
Washington Motion for Ch 11 Discharge
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FAQ
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.
Alimony and child support obligations are considered priority claims.
Priority Unsecured Claims Examples include alimony, child support, restitution, and administrative claims. The specific classes of priority claims are set forth in the Bankruptcy Code. In a Chapter 7 case, priority claims receive payment in full before any payments to general unsecured creditors.
Examples of priority claims include: employee compensation owed, unpaid contributions to employee benefits plans, tax obligations owed to the government, pending personal injury or workplace injury or death claims, certain deposits given to the Creditor to secure future goods or services, alimony, child support, and
Secured creditors generally get priority, while unsecured creditors are paid pro-rata on their claims. The intent of Chapter 7 is to give the debtor a ?fresh start? and for the creditors to recover as much as they otherwise would've been able to under non-bankruptcy law.
The right of a person or company to be paid money that is owed to them by a bankrupt company before other people or companies are paid.
Does a Chapter 11 bankruptcy erase a business's debts? Not exactly. Creditors often have to accept less under a court-approved reorganization plan. But the idea is for the business to keep earning money so it can pay back as much as possible.
In a Chapter 11 case filed by an individual (i.e., a natural person), a discharge is granted by the court separately, after the completion of payments under the plan. A discharge is a court order relieving the debtor from liability for certain debts.