The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. To the extent that they are not fully paid under the chapter 13 plan, the debtor will still be responsible for these debts after the bankruptcy case has concluded.

Is there a co-debtor stay in Chapter 11?

There is no specific law that applies a Co-Debtor Stay to Chapter 11 cases. However, some Chapter 11 debtors will ask the Bankruptcy Court to impose something like a Co-Debtor Stay against creditors. The Bankruptcy Court has the power to extend the automatic stay to co-debtors.

What provisions of Chapter 12 are similar to those of Chapter 13?

The Chapter 12 Repayment Plan. The plan process in Chapter 12 is similar to that in Chapter 13. Under Chapter 12, debtors propose a plan to pay creditors over three to five years. Three years is the minimum plan period in Chapter 12 unless the debtor can pay all amounts owed sooner.

Can a debtor be discharged in a Chapter 7 bankruptcy?

In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged.

Who is a debtor in possession in Chapter 11 bankruptcy?

Upon filing a voluntary petition for relief under chapter 11 or, in an involuntary case, the entry of an order for relief, the debtor automatically assumes an additional identity as the “debtor in possession.” 11 U.S.C. § 1101.

What are the different types of bankruptcy filings?

There are several types of bankruptcy for which individuals, married couples or businesses can file. The two most common forms are Chapter 7 and Chapter 13. The two most common forms are Chapter 7 and Chapter 13.

Can a sole proprietorship file bankruptcy under Chapter 11?

Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code.