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The disclosure statement must provide adequate information about your financial affairs to allow your creditors to make an informed decision about whether to accept or reject your plan. Once you file your disclosure statement, the court will hold a hearing to approve or reject it.
Corporate Disclosure Statement. (a) Who Must File . Any nongovernmental corporate party appearing in the district court or BAP must file a statement that identifies any parent corporation and any publicly held corporation that owns 10% or more of its stock or states that there is no such corporation.
The intent of hiding your money from the bankruptcy trustee through bank withdrawals is considered bankruptcy fraud. You are putting your bankruptcy case at risk. Aside from losing your discharge, you may even be prosecuted for your crime.
A Disclosure Statement is a written description of a contractor's cost accounting practices and procedures. (A blue print if you will.)
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.
There are certain things you cannot do after filing for bankruptcy. For example, you can't discharge debts related to recent taxes, alimony, child support, and court orders. You may also not be allowed to keep certain assets, credit cards, or bank accounts, nor can you borrow money without court approval.
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.