"Ohio Bankruptcy Reorganization"
Plans proposed in Ohio bankruptcy cases under Chapter 11, 12, and 13 may, and usually do, alter payment
terms for debts. Reorganization refers to discounting interest payments, extending payment terms, rejecting
contingent claims, and avoiding particular debts. A Chapter 13 plan may reorganize debts, for a period of
payment of not more than 5 years, and may provide as little as 10% repayment of principal owed. All three types
of reorganization available through Ohio bankruptcy courts require the submission of a plan.
| 11 U.S.C. §1123(a) provides, in part, "Contents of plan. (a) Notwithstanding any
otherwise applicable nonbankruptcy law, a plan shall - (1) designate, subject to section 1122 of this title,
classes of claims, other than claims of a kind specified in section 507(a)(1), 507(a)(2), or 507(a)(8) of
this title, and classes of interests; (2) specify any class of claims or interests that is not impaired
under the plan; (3) specify the treatment of any class of claims or interests that is impaired under the
plan; (4) provide the same treatment for each claim or interest of a particular class, unless the holder of
a particular claim or interest agrees to a less favorable treatment of such particular claim or interest;
(5) provide adequate means for the plan's implementation, such as - " |
Most Courts across the county, including Ohio bankruptcy Courts, require all cases to be filed
electronically. Electronic filing includes online submission and filing by diskette at the clerk's office. On
03-15-04 the Ohio Bankruptcy Court for the Northern District issued the following order: "Notice to Attorneys
Concerning Paper Filings: Any Attorney wishing to file a new petition or other document on paper, under
circumstances that are not governed by one of the exceptions to mandatory electronic case filing set forth in
Amended General Order 03-1, shall initially file a motion for leave to file on paper. The motion, which may be
filed via the mail or over the counter, shall be accompanied by an affidavit and proposed order. The affidavit
shall set forth the specific reasons that the filing cannot be made electronically."
Back to Ohio Bankruptcy Court words & phrases table.
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