Columbus Georgia Responsibilities of debtor in possession attorneys

Columbus Georgia Responsibilities of debtor in possession attorneys

Responsibilities of bankruptcy debtor in possession in Harris County GA

The United States trustee fixes some requirements on the debtor in possession on issues like reporting its monthly income and operating costs, the opening of new bank accounts, and the payment of current employee withholding and other taxes. Under law, the debtor in possession should 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 can vary from $250 to $5,000, is based on the amount of disbursements in each quarter. If a debtor in possession fails to comply with the reporting requirements of the United States trustee or orders of the bankruptcy court or fails to take the appropriate steps to bring the case to confirmation, the US trustee can file an application with the court to have the debtors chapter 11 case converted to a proceeding under another chapter of the Federal Bankruptcy Code or to have the case dismissed.

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