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Debt Restructuring Questions

What is debt restructuring?

The debt restructuring definition states that a debt restructuring is the process that does allow a private or public company that is dealing with income problems and financial troubles, this process helps lower and discuss again about its failure in debts in order to help improve or bring back liquidity and recover so that this company can continue in business.

What is a debt restructuring agreement?

The first paragraph in Article 182 (2) defines a debt restructuring agreement as a: “A company in financial difficulty may, by filing the documents provided for in Article 161, apply for judicial approval of debt restructuring agreement with creditors representing 60% or more of the claims, together with a report from a professional meeting the requirements set out in Article 67 (3) (d) on the effectiveness of such agreement, specifically in respect of its ability to ensure due payment of claims to the remaining creditors.”

Can back taxes and penalties be discussed with the state and the federal government as part of filing Chapter 13 Bankruptcy? Also, can payment arrangements be discussed as part of the debt restructuring?

In many cases some taxes with the penalties are able to be removed in Bankruptcy and then again some taxes cannot be removed. The IRS and/or state tax debts are able to be removed in bankruptcy, if they will be paid with their other unprotected creditors and when completing their Chapter 13, the ending balance that is owed will be removed. Now if the taxes are in the non-dischargeable section, the debts will still be required to be paid along with the individuals other unprotected creditors, now at the end of the Chapter 13 once again this balance will need to be paid.

Can someone file for debt restructuring if they owe $3900 to their landlord, and the landlord is asking for it immediately after they have been laid off from work?

In this case this person would need to offer their landlord payments in order to pay off the debt within a certain amount of time. Now if the landlord refuses to accept the payments, the landlord can sue for the amount that is due. If this happens the landlord will have to try to set up a payment plan, garnish their wages or bank account.

In the state of New York if someone had worked for a company in the state of Oklahoma and this business has filed Chapter 11 Bankruptcy and the company still owes this person money why is this individual not showing up on the creditors list?

When the company filed a Chapter 11 bankruptcy what this can mean is that the company is still in business and restructuring their debts. As a New York employee, this person would have the right to file a claim with the state commission. This type of claim could mean penalties and attorney fees would be paid for this person if they do decide to take those steps. Once the person has filed, since the wage claims are to be considered a high concern in bankruptcy, the individual should be receiving their money that is owed to them very quickly. If there is no other possible step, the individual will be added as a creditor. Finally with all that being said, the individual may also need to file a proof claim with the bankruptcy court even if they are listed as a creditor, that is also even if they do not make a wage claim in the state of New York.

If you are a business owner who is filing bankruptcy and need assistance on how to recover your business, or you are an employee who has worked for a business who is filing bankruptcy and you have not received the money that is owed to you, and you are unaware of what your rights are you can contact the Experts online. There are thousands of Experts who are willing to help give you the right legal information for the specific questions about debt restructuring.
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