Asked by Laura De Luna on Jul 07, 2024
Verified
Once a Chapter 12 plan is created,the trustee holds a confirmation hearing with creditors who either vote to confirm or deny the plan.
Confirmation Hearing
A process in the U.S. legal system where a legislative body, often the Senate, reviews and approves or rejects a presidential appointment to a governmental position or judiciary.
Chapter 12 Plan
A bankruptcy provision for family farmers and fishermen allowing them to restructure debts to pay them over time.
Trustee
A person who is entrusted with the management and control of another’s property or the rights associated with that property.
- Absorb information regarding the roles and actions in various chapters of bankruptcy.
- Comprehend the concept of an automatic stay and its implications in bankruptcy cases.
Verified Answer
Learning Objectives
- Absorb information regarding the roles and actions in various chapters of bankruptcy.
- Comprehend the concept of an automatic stay and its implications in bankruptcy cases.
Related questions
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of ...
Vernon Owns a Family Run Farming Business ...
Chapter 11 Reorganizations Are Only Available to Legal Entities Such ...
Under Chapter 11,the Debtor Becomes a Debtor in Possession and ...
When a Petition Is Filed,an Automatic Stay Goes into Effect ...