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What are Contested Bankruptcy Motions?
Chapter 11 cases seldom run as expected and without any problem. Assuming that you live in New York and are going to go through the liquidation cycle, here is something to have to be aware.
At the point when the Courts Need to Step In
While a significant part of the liquidation cycle is regulatory (took care of by a chapter 11 legal administrator), you can wind up before an appointed authority for various reasons (which is the reason having the right insolvency lawyer is so significant).
Assuming there are any worries that something deceitful is going on, you might end up in an Adversary Proceeding, which is taken care of in simultaneousness with your chapter 11 case.. If not, you might end up managing Contested Motions. The contrast between the two include:
| Contested Motions | Adversary Proceeding |
| Usually are routine matters that come up in regular bankruptcy proceedings | Non-routine, serious matters including charges of fraud; can be used to discharge your case |
| Less formal; discussion and negotiation based | More formal; litigation based |
| Is considered part of your existing bankruptcy case; uses the same case number | While part of your bankruptcy, it is considered a separate judicial procedure and has a different case number |
Lean more about Adversary Proceedings here.
Challenged Bankruptcy Motions
These are a few sorts of satisfied movements, a few instances of which:
- Movements for Relief from the Automatic Stay
- Movements to Convert a Case
- Movements to Amend a Confirmed Plan
- Movements Objecting to a Proof of Claim
- Movements for Relief from the Automatic Stay
This is one of the most well-known challenged chapter 11 movements. When you bow out of all financial obligations, a programmed stay keeps your banks from attempting to gather what you own. This movement is the very thing that they will use to attempt to persuade an adjudicator that their particular obligation ought not be covered by the stay.
Movements to Dismiss
This can happen assuming your chapter 11 legal administrator or lenders feel that your liquidation case isn't practical, fake, or you are proclaiming some unacceptable sort of insolvency.
Movements to Convert a Case
This can occur in one of two ways. You, when all is said and done, can request to change one kind of insolvency over completely to another (assuming you figured you could redesign by means of Chapters 11 or 13 and understood that you really want Chapter 7 all things being equal). Or on the other hand the movement can emerge out of the liquidation legal administrator or loan bosses on the off chance that they feel you can't fulfill the needs of your unique recording.
Movements to Amend a Confirmed Plan
Going through a revamping through Chapters 11 or 13 can require years. Assuming things change for you throughout this time, your chapter 11 plans might have to change. You and your bankruptcy lawyer would have to make a movement to change your unique plans, which might set off complaints from your lenders.
Movements Objecting to a Proof of Claim
As a feature of the insolvency interaction, your lenders will record a Proof of Claim to report what you owe them. With the right liquidation legal counselor in your corner, you might have the option to protest parts of a lender's Proof of Claim to arrange the obligation into something better to you.
You can learn more about contested bankruptcy motions here.
What to Do Next
Since there are such countless factors in every liquidation case, the most ideal choice you have is to contact an accomplished chapter 11 attorney to get exhortation on your specific circumstance. Contact New York bankruptcy lawyer Ronald Weiss for a free discussion. He can listen for a minute you want to be familiar with the New York liquidation cycle, and assist you with kicking your case off. Call 631-250-4120 and venture out to a new beginning.
Contact the Law Office of Ronald D. Weiss, P.C.
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