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Latest revision as of 11:54, 2 December 2024

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Area 1106 of the Bankruptcy Code requires the trustee to submit a plan "as quickly as practicable" or, conversely, to submit a report clarifying why a strategy will certainly not be filed or to suggest that the case be converted to one more chapter or rejected.

However submitting a proof of case is not essential if the financial institution's case is arranged (however is not detailed as disputed, set, or unliquidated by the borrower) due to the fact that the debtor's routines are considered to constitute proof of the credibility and amount of those claims.

The court, on activity by a party in interest or the U.S. trustee and after notification and hearing, shall get the appointment of a case trustee for reason, consisting of scams, dishonesty, inexperience, or gross mismanagement, or if such an appointment remains in the passion of lenders, any equity security owners, and other interests of the estate.

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