Liquidating assets before bankruptcy

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1006(b); Bankruptcy Court Miscellaneous Fee Schedule, Item 8.

For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than 180 days after the filing of the petition.

The voluntary petition will include standard information concerning the debtor's name(s), social security number or tax identification number, residence, location of principal assets (if a business), the debtor's plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy Code. A debtor will remain a debtor in possession until the debtor's plan of reorganization is confirmed, the debtor's case is dismissed or converted to chapter 7, or a chapter 11 trustee is appointed.

The term refers to a debtor that keeps possession and control of its assets while undergoing a reorganization under chapter 11, without the appointment of a case trustee. Generally, a written disclosure statement and a plan of reorganization must be filed with the court.

The final installment must be paid not later than 120 days after filing the petition.