Motion to Enlarge Time to File Reaffirmation Agreement

The reason for dismissal or conversion is also a non-excused breach of reporting and submission obligations; non-participation in the meeting of creditors or non-participation in an audit without a valid reason; Failure to provide information to the U.S. trustee in a timely manner; and failure to pay taxes on time after the petition or file late Fed returns. R. Bankr. P. 2004. In addition, failure to file a disclosure statement or to file and confirm a plan within the time limit set by the Bankruptcy Act or court order; inability to implement a plan; refusal or revocation of confirmation; Failure to complete a confirmed plan is a “ground” for dismissal under the law. In some cases, the debtor`s failure to pay national maintenance obligations after the cases have been applied constitutes a “ground” for dismissal or conversion. The debtor (unless it is a “small business debtor”) has a period of 120 days during which the debtor has the exclusive right to file a plan. 11 U.S.C§ 1121(b). This period of exclusivity may be extended or shortened by the court. Under no circumstances may the exclusivity period, including all extensions, exceed 18 months.

11 U.S.C§ 1121(d). After the expiry of the exclusivity period, a creditor or the trustee of the case may file a competing plan. The U.S. trustee cannot submit a plan. 11 U.S.C§ 307. Debtors of individual assets are subject to special provisions of the Bankruptcy Code. The term “individual property” is defined as “a single piece of land or project, with the exception of residential property of less than four residential units, which substantially generates all of the gross income of a debtor who is not a family farmer and on which no significant contractor is operated by a debtor, other than the operation of the immovable property and ancillary activities”. 11 U.S.C.

§ 101(51B). The Bankruptcy Code provides for circumstances in which creditors of an individual debtor of assets may benefit from an exemption from automatic suspension that is not available to creditors in ordinary bankruptcy cases. 11 U.S.C§ 362(d). At the request of a creditor whose claim is secured by the individual asset and after notice and hearing, the court shall grant the creditor relief from the automatic stay, unless the debtor submits a workable restructuring plan within 90 days of the date of submission of the case or begins to pay interest to the creditor. or within 30 days of the court`s finding that it is an individual matter. Interest payments must correspond to the default interest rate on the value of the creditor`s interest on the property. 11 U.S.C§ 362(d)(3). Courts that allow a remedy under rule 60(b) invoke section 105 of the Insolvency Act as a power to authorize the setting aside of a debt relief order either in toto or for limited purposes to allow for the filing of a stand-by agreement. Although these courts have created an exception based on fairness or the finding of exceptional grounds, this Court disagrees.

“Section 105 does not allow the bankruptcy court to set aside explicit warrants in other sections of the Bankruptcy Act…” BANKRUPTCY NECKLACE ¶ 105.01 (Alan N. Resnick Henry J. Sommer ed., 16th ed.). Many courts agree. In Engles, for example, in discussing discharge under Rule 9024 and Section 105(a) of the Bankruptcy Code, the court found that the U.S. trustee also imposes certain self-administration requirements on the debtor with respect to matters such as reporting its monthly income and operating costs, the creation of new bank accounts and the payment of ongoing employee retention and other taxes. Under the law, the self-administered debtor must pay a quarterly royalty to the U.S. trustee for each quarter of a year until the case is converted or dismissed. 28 U.S.C. § 1930(a)(6).

The amount of the fee, which can range from $325 to $30,000, depends on the amount of the debtor`s payments each quarter. If a self-administered debtor fails to comply with the U.S. trustee`s reporting obligations or bankruptcy court orders, or does not take appropriate steps to confirm the case, the U.S. trustee may file an application with the court to convert the debtor`s case under Chapter 11 into another chapter of the Bankruptcy Act or have the matter dismissed. At the request of an interested party or the U.S. trustee, the court may terminate the appointment of the trustee and refer the self-administered debtor to the bankruptcy estate administration at any time prior to confirmation.11 U.S.C. § 1105. Upon approval of a statement, the plan attorney must send the following to the U.S.

trustee and all creditors and shareholders: (1) the plan or a court-approved plan summary; (2) the declaration approved by the court; (3) notification of the time within which the adoption and rejection of the plan may be submitted; and (4) other information that the court may order, including any opinion of the court approving the disclosure statement or a court-approved summary of the notice. Fed. R. Bankr. p. 3017(e). In addition, the debtor must send the following letter to creditors and shareholders entitled to vote on the plan(s): (1) notification of the time limit for the submission of objections; (2) the announcement of the date and time of the hearing at the time of confirmation of the plan; and (3) a vote on the acceptance or rejection of the plan and, where applicable, a designation allowing creditors to determine their preference among competing plans. However, in a small business case, the court may conditionally approve a statement subject to final approval after notification and a combined disclosure statement and plan confirmation hearing. 11 U.S.C§ 1125(f).

In general, a written statement and a reorganization plan must be submitted to the court. 11 U.S.C. §§ 1121, 1125. The declaration is a document that must contain information about the debtor`s assets, liabilities and business matters sufficient for a creditor to make an informed judgment on the debtor`s reorganization plan. 11 U.S.C§ 1125. The information requested is subject to the discretion of the judge and the circumstances of the case. In a “business case” (see below), the debtor may not be required to file a separate statement if the court determines that the plan contains adequate information. 11 U.S.C§ 1125(f). The content of the plan must include a classification of claims and indicate how each category of claims is handled under the plan. 11 U.S.C§ 1123. Creditors whose claims are “impaired”, i.e.

those whose contractual rights need to be changed or who receive less than the total value of their claims from the plan vote on the plan by ballot. .

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