What are the requirements for filing a Chapter 11 bankruptcy?

In Utah, the requirements for filing a Chapter 11 bankruptcy are specific and must be followed to the letter in order for the filing to be approved. The first requirement is that the debtor must be an individual or a corporation. The debtor must be insolvent, meaning that they are unable to pay their debts as they become due. They must also have a regular income, which can come from any source including wages, salary, or investments. The debtor must then file a petition for bankruptcy. They must also provide a list of all their creditors and the amounts they owe. The debtor must also provide an accounting of their current assets and liabilities. The debtor must also submit a schedule of their executory contracts, which are agreements to do or not to do something in the future. The debtor must also submit a statement of their financial affairs that includes information about their past and present finances. The debtor must also provide proof of a payment plan to pay their creditors over time. Finally, the debtor must pay a filing fee. Once the petition is filed, the debtor must provide additional information and documents to the court within 14 days. The case will then proceed through the court system. The debtor will eventually be able to pay off their debts over time and be granted a discharge, which relieves them of any further obligations to their creditors.

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What are the requirements for filing a Chapter 11 bankruptcy?

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