File Bankruptcy Lawyer Cortland New York
File Chapter 7 Bankruptcy Lawyer Cortland New York Keith Dayton Attorney at Law - Cortland NY. Bankruptcy, DWI Defense, Criminal Lawyer, Landlord Tenant, Debtor, Creditor, Cortland New York. Keith Dayton Law Office Cortland file chapter 11
Keith Dayton Attorney at Law City of Cortland Bankruptcy Lawyer Cortland I need bankruptcy help in Cortland
Should I File Chapter 7 or 11
Get Bankruptcy help in Cortland New York

CONFIRMATION STANDARDS     (Page 159)

The requirement that the plan be in the “best interests of creditors” means something different under chapter 9 than under chapter 11. Under chapter 11, a plan is said to be in the “best interest of creditors” if creditors would receive as much under the plan as they would if the debtor were liquidated. 11 U.S.C. § 1129(a)(7)(A)(ii). Obviously, a different interpretation is needed in chapter 9 cases because a municipality’s assets cannot be liquidated to pay creditors. In the chapter 9 context, the “best interests of creditors” test has generally been interpreted to mean that the plan must be better than other alternatives available to the creditors. See 6 COLLIER ON BANKRUPTCY § 943.03[7] (15th ed. rev. 2005). Generally speaking, the alternative to chapter 9 is dismissal of the case, permitting every creditor to fend for itself. An interpretation of the “ best interests of creditors” test to require that the municipality devote all resources available to the repayment of creditors would appear to exceed the standard. The courts generally apply the test to require a reasonable effort by the municipal debtor that is a better alternative for its creditors than dismissal of the case. Id.

Parties in interest may object to confirmation, including creditors whose claims are affected by the plan, an organization of employees of the debtor, and other tax payers, as well as the Securities and Exchange Commission. 11 U.S.C. §§ 901(a), 943, 1109, 1128(b).

 << BACK     NEXT >>


File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY File Bankruptcy Cortland NY

Put Experience, Professionalism, Compassion and Diligence on YOUR Side

  

"The leading rule for the lawyer, as for the man of every other calling, is diligence.
Leave nothing for tomorrow which can be done today."   - Abraham Lincoln



File Bankruptcy Cortland NY

 

HOMEBANKRUPTCY HOME  |  CONTACT

 

20 Groton Avenue, Cortland NY 13045

     
Copyright 2002-2010 All Rights Reserved.   CDayton Marketing Consultants