Jones County Georgia Responsibilities of bankruptcy debtor in possession lawyer

Jones County Georgia Responsibilities of bankruptcy debtor in possession lawyer

Responsibilities of bankruptcy debtor in possession in Macon Georgia

The United States trustee fixes certain requirements on the debtor in possession about issues including reporting its monthly income and operating expenses, the establishment of new bank accounts, and the payment of existing employee withholding and other taxes. By law, the debtor in possession has to pay a quarterly fee to the US trustee for each quarter in a year until a plan is approved or the case is converted or dismissed. The amount of the fee, which may range from $250 to $5,000, is based on the amount of disbursements during each quarter. If a debtor in possession fails to comply with the reporting requirements of the United States trustee or orders of the bankruptcy judge or does not take the appropriate steps to bring the proceeding to confirmation, the US trustee may file an application with the court to have the debtors chapter 11 case converted to a case under another chapter of the US Bankruptcy Code or to have the case dismissed.

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