Wisconsin Motion To Administratively Close Chapter 11 Case is a legal filing made in a bankruptcy court in the state of Wisconsin that requests the court to terminate a bankruptcy case without further action. This motion is typically used when the debtor has satisfied all obligations of the bankruptcy filing, including repayment of creditors and surrender of all assets. The motion must be accompanied by a proposed order from the court that would administratively close the case. There are two different types of Wisconsin motions to administratively close a Chapter 11 case: motions to administratively close a case with no further action, and motions to administratively close a case with further action. The former is used when the debtor has satisfied all the requirements of the bankruptcy filing and there is no need for further action, while the latter is used when there is still some action that needs to be taken before the case can be closed.
Wisconsin Motion To Administratively Close Chapter 11 Case
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A chapter 11 case can be closed ON AN INTERIM BASIS if the debtor needs time to continue payments made under the plan. A chapter 11 case can be closed WITH A FINAL DECREE if the plan is substantially consummated and if administrative actions are completed and if all other activities in the case are completed.
Motion for Relief from the Automatic Stay is a request by a creditor to allow the creditor to take action against the debtor or the debtor's property that would otherwise be prohibited by the automatic stay.
D. Del. 1993)). The Bankruptcy Code provides the stay is terminated concerning the party seeking relief 30 days after it made the request for relief, unless the court orders the stay to continue in effect (§ 362(e), Bankruptcy Code).
The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws. It gives the debtor a breathing spell from his creditors. It stops all collection efforts, all harassment, and all foreclosure actions.
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.
On the other hand, the plan must not be so long that it does not appear feasible to the court. Typically, it takes from three to five years to carry out and consummate the Chapter 11 plan of a small business debtor.
Because of the duration of the court case, a Chapter 7 automatic stay often lasts for three to four months. In contrast, the automatic stay remains effective on Chapter 13 bankruptcy cases throughout the duration of the debtor's repayment plan, assuming they comply with the terms.