September 22, 2023 Bankruptcy Quiz

Assume that Congress doesn't extend the $7.5 million Subchapter V debt limit which sunsets on June 21, 2024. When is the latest date to file a Sub V under the $7.5 million limit?

Can the court order that a Sub V plan be accompanied by a separate disclosure statement?

Assume Debtor 1 and Debtor 2 are affiliates, with Debtor 1 having $5 million in debt and Debtor 2 having $3 million in debt, and assume that each, debtor, by itself, is otherwise eligible to file a Sub V case. Which of the following statements is true.

A Sub V debtor files a timely plan and then, before the confirmation hearing, files an amended plan and then amends again. And assume that Court then denies confirmation. If the debtor then files yet another amended plan, but does so after the deadline, is that plan timely?

For Sub V purposes, if a debtor marks a debt as disputed on the schedules, then that debt comes an unliquidated debt and, thus, is excluded from the Sub V debt limit.