If you call a Chapter 11 Bankruptcy Lawyer Near Me for a proceeding it may be dismissed for any of the following reasons: diminution of the estate and absence of a reasonable likelihood of rehabilitation, gross management, failure to maintain appropriate insurance, failure to comply with an order of court, failure to attend the meeting of creditors or an ordered 2004 examination, failure to timely provide information or attend meetings as requested by the United States Trustee, failure to file tax returns with remits following the filing date of the bankruptcy proceeding, failure to timely file a disclosure statement or to obtain a confirmed plan of reorganization, failure to pay required fees and or costs, or revocation of an order of confirmation.
Dismissal may also be triggered by: Inability to effectuate substantial consummation of a confirmed plan, material default by the debtor with respect to a confirmed plan, termination of a plan by reason of a condition specified in the plan, and failure of the debtor to pay any domestic support obligation that first becomes payable after the filing of the bankruptcy petition, a finding by the court of bad faith or an abuse of the bankruptcy process. The court will frequently use a totality of the circumstances approach to dismissal and is not required to give exhaustive or detailed reasons for its decision to dismiss or convert a case.
COLLECTIVE BARGAINING AGREEMENTS
The bankruptcy code provides detailed procedures for the rejection or revision of collective bargaining agreements. The process begins with a detailed proposal by the debtor in possession to the authorized representative of the employees along with relevant information necessary to permit the representative to evaluate the proposal. The parties are then required to negotiate in good faith to reach a satisfactory agreement which will allow the debtor to reorganize and will allow all affected parties to be treated fairly and equitably. The Code also protects the employees insurance benefits but does not protect the employee pension benefits. A retirees’ committee can be appointed to deal with employee retirement benefits. Retirement benefits are given the status of administrative expenses. Frequently modification of employee retirement insurance benefits occurs prior to the bankruptcy filing. If they are modified within 180 days of the filing and the debtor was was insolvent, the modifications may be rescinded.
PROPERTY OF THE ESTATE
A Chapter 11 Bankruptcy Lawyer Near Me
The property of the estate for an individual debtor differs from that of a debtor who is not an individual, such as a corporation debtor. If the debtor is an individual, the property of the estate comprises all general property which the debtor owns or is entitled control on the date of the bankruptcy filing, including property jointly owned and or controlled by the debtor, liable to an allowed claim against the debtor, any property that the trustee recovers, any interest in property preserved for the benefit of the estate, as well as property acquired within 180 days following the bankruptcy filing in the nature of a bequest, devise or inheritance, a property settlement with debtor’s spouse, or as a beneficiary of a life insurance policy or a death benefit plan. In addition, such property includes proceeds, profits and rents and earnings due as of the filing date, and any interest in property that the estate acquires after the filing of the bankruptcy. All of this is referred to as the general property of the estate. In addition if the filer is an individual the property of the estate includes all post-petition income from services. By reason of an amendment to the bankruptcy code in 2005, an individual chapter 11 debtor can propose a plan that does not provide for payment in full of all unsecured claims but which does allow the individual chapter 11 debtor to retain only post-petition acquired assets(but not prepetition assets) without obtaining the consent of the unsecured creditors.
For a non-individual chapter 11 debtor assets of the estate are the general property of the estate, which includes all property owned at the time of the filing as well as all property acquired post-petition and rents, proceeds and profits derived therefrom.
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