Personal Chapter 11 Guidelines

Summary

In a personal Chapter 11 bankruptcy, personal and sole proprietorship accounts must be closed and replaced with a Debtor-in-Possession (DIP) account. LLC or Corporation accounts with their own EIN typically remain open unless the company itself files for bankruptcy or a court orders otherwise. The process for completing and implementing a Chapter 11 plan can vary from several months to a few years, depending on the cases complexity. Extensions for document submissions are at the courts discretion, usually ranging from 14 to 30 days, and require filing a motion. Consulting a bankruptcy attorney is recommended for personalized guidance and to navigate the process effectively.

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so under ch * i dont have to close by business accounts if they have their own EIN
Yes, under personal Chapter * bankruptcy, if your business accounts belong to an LLC or Corporation with their own EIN, they typically remain open unless the company itself files for bankruptcy or a court orders otherwise. Make sure to consult a bankruptcy attorney for personalized guidance. Do you have any other questions about the process?
how long is the process usually for completion of personal ch * completing and implementing the plan
The duration for completing and implementing a personal Chapter * bankruptcy plan can vary widely. Typically, it can take anywhere from several months to a few years, depending on the complexity of the case and the debtor's financial situation. Consulting a bankruptcy attorney can provide more personalized timelines. Is there anything else you'd like to know?
what is the typical extension i can get to deliver my documents due within 14 days of filing
Case Rating: *
In a personal Chapter * bankruptcy, extensions for document submissions generally depend on the court's discretion. Typically, you might request an extension of * to 30 days, but it's crucial to file a motion with the court for this extension. Consulting a bankruptcy attorney can help tailor this request to your specific situation.