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Is a ch. 11 debtor in possession allowed to not file monthly

operating reports? my company is...
Is a ch. 11 debtor in possession allowed to not file monthly operating reports? my company is a creditor in a bankruptcy case that is over 7 months old and the debtor converted from ch. 13 to a ch. 11 back in february. To date, there has only been a single operating report filed for march. Its june and the april and may operating reports have still not been filed.
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Answered in 56 minutes by:
6/18/2017
Michael Gonzalez
Category: Legal
Satisfied Customers: 543
Experience: Managing Member at EWF Title, LLC
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.No. A Ch. 11 debtor must file monthly
operating reports, submit quarterly reports, and pay quarterly fees to the trustee. Failure to do so may result in the trustee filing a Motion to Dismiss. 11 U.S.C. § 1112(b)(4).
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Usually, a motion to compel compliance is filed seeking sanctions if the debtor fails to comply. These sanctions include conversion to Ch 7 or dismissal.
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Customer reply replied 5 months ago
If a house owned by the debtor is co-owned by the debtors wife, can that asset be liquidated if it gets converted to a ch. 7?
Depends on the state.For example, in common law property states, each co-owner’s individual interest in joint property is typically treated as his or her separate property. This means that only your portion of the joint asset will become part of your bankruptcy estate. The trustee can’t take the co-owner’s share to satisfy your creditors.
However, even if your co-owner’s share is not part of the bankruptcy estate, a Chapter 7 trustee may be able to sell the entire property if your portion is not exempt. If the trustee is unable to sell only your share (meaning the property can’t be divided), he or she must prove that the benefit of selling the property as a whole outweighs any detriment to the joint owners. If the court allows the sale of the entire property, the trustee must pay the co-owners their share from the proceeds.Certain states (called community property states) treat property acquired by either spouse during the marriage as equally owned in its entirety by both spouses. In these states, almost all assets acquired during the marriage are considered community property. This holds true even if the other spouse is not on title to the property.
Even if you are filing an individual bankruptcy, all community property becomes property of the bankruptcy estate because each spouse is deemed to own the asset in its entirety. This means that unless you can exempt the entire community asset, it can be taken and sold in Chapter 7 bankruptcy. If you live in a community property state and can’t exempt all community property, it may be in your best interest to file jointly with your spouse because some states allow married couples to double their exemptions if they file jointly.In certain states, married couples can hold property as a single marital entity in tenancy by the entirety. Depending on your state’s laws, if only one spouse files for bankruptcy individually, a tenancy by the entirety may be treated as exempt. But keep in mind that if you file a joint bankruptcy with your spouse, property owned in tenancy by the entirety will typically not be exempt.
Michael Gonzalez
Category: Legal
Satisfied Customers: 543
Experience: Managing Member at EWF Title, LLC
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