"Arizona Bankruptcy Reorganization"
Plans proposed in Arizona 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 Arizona 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 - " |
In the matter of ARIZONA BANKRUPTCY PETITION PREPARERS, General order No. 89 issued by the U.S. District.
Arizona Bankruptcy Court., July 1, 2003. 11 USC 110(k) does not permit a bankruptcy petition preparer to engage
in activities "that are otherwise prohibited by law. including the rules and laws that prohibit the unauthorized
practice of law." The Supreme Court of the State of Arizona has enacted amendments to its Rule 31 governing the
unauthorized practice of law which became effective commencing July 1, 2003. Rule 31 sets forth the general rule
that only an active member of the State Bar of Arizona may practice law in the State. The amendments also create
a limited exception for certified legal document preparers provided that the services performed are in
compliance with State Code of Judicial Administration, Part 7, Chapter 2, Section 7-208.
Back to Arizona Bankruptcy words & phrases.
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