How To Pay Your Bankruptcy
For your credit to be paid in bankruptcy, it must be verified and recognized in advance, which can be paid administratively if there are documentary records That justify them. Also, it is necessary that there be funds in bankruptcy for the payment of the credits, which is made according to the rules of priority of loans.
That is, first-class loans are paid first in the order established in the law, later the mortgage and pledges and, finally, the valium. It should also be clarified that all of the above is contingent on bankruptcy having available funds to distribute funds.
The verification of credits is that diligence that must be done by any creditor, duly represented by an attorney, using which he notifies the judge who knows of the bankruptcy the credit owed him and the preference that he enjoys, accompanying a draft explanatory and all documents that justify your credit. The trustee pays the debts with the money obtained from the sales of the assets of the bankrupt, in addition to the financial resources generated in bankruptcy, such as the collection of outstanding accounts, cash, and investments, among others.
The distribution of funds is the payment made by the trustee to creditors whose credits are recognized, that is, they have been credibly accredited, provided there are funds for this and in the form and order established by law. A bankruptcy attorney in Orlando, FL can assist you with this.
Bankruptcy with a continuation of spin is that alternative that has the liquidator of bankruptcy and the board of creditors so that despite the state of bankruptcy of the company remains in operation.
The continuation of the turn may be requested by the trustee of bankruptcy to the court, who will authorize him to carry out a temporary continuation of the shift, which may have the character of total or partial. Your bankruptcy attorney in Orlando, FL can give you more information about this.
Likewise, the persistence of the transaction may be agreed by the creditors in an efficient manner, which may also be complete or part-time. The continuation of the operation lasts for one year, notwithstanding that it may be extended by agreement of the creditors’ meeting for up to one more year. The administration may be exercised by the trustee or by a third party that names the meeting of creditors.
The sale as an economic unit is that type of transaction by means of which all the assets of the company are sold, taken as a whole in public auction in front of the bankruptcy judge and the object is to be able to obtain a value superior to that which is you would get by selling each right separately.
Bankruptcy can be terminated by final dismissal or by mere judicial agreement. The final release is that court decision issued by the bankruptcy court through which the trial is concluded, as long as the legal requirements are met.
Another alternative is for the bankrupt to propose to its creditors a simple judicial agreement, that is to say, a proposal of how it will fulfill its obligations. If the board of creditors agrees to accept the recommendations of the agreement, and the court dictates the resolution that has it approved, the bankruptcy is terminated.