General Information - Vaughan Bankruptcy Cases

Deadlines:

As of February 23, 2010, papers must be received by the Bankruptcy Clerk's Office by the following deadlines: 

Creditors May Not Take Certain Actions

In most instances, the filing of the bankruptcy case automatically stays certain collection and other actions against the debtor and the debtor's property.  Under certain circumstances, the stay may be limited to 30 days or not exist at all, although the debtor can request the court to extend or impose a stay.  If you attempt to collect a debt or take other actions in violation of the Bankruptcy Code, you may be penalized.  Prohibited collection actions are listed in Bankruptcy Code § 362.  Common examples of prohibited actions include contacting the debtor by telephone, mail, or otherwise to demand repayment; taking actions to collect money or obtain property from the debtor; repossessing the debtor’s property; and starting or continuing lawsuits or foreclosures.  Consult a lawyer to determine your rights in this case.

Filing of a Chapter 11 Bankruptcy Case

The Vaughan Company, Realtors:  A bankruptcy case under Chapter 11 of the Bankruptcy Code (title 11, United States Code) has been filed in this court by the debtor, The Vaughan Company, Realtors, and an order for relief has been entered.

Douglas F. Vaughan:  A bankruptcy case under Chapter 11 of the Bankruptcy Code (title 11, United States Code) has been filed in this court by the debtor, Douglas F. Vaughan, and an order for relief has been entered.

Chapter 11 allows a debtor to reorganize or liquidate pursuant to a plan.  A plan is not effective unless confirmed by the court.  You may be sent a copy of the plan and a disclosure statement telling you about the plan, and you might have the opportunity to vote on the plan. You will be sent notice of the date of the confirmation hearing, and you may object to confirmation of the plan and attend the confirmation hearing. Unless a trustee is serving, the debtor will remain in possession of the debtor’s property and may continue to operate any business.

Legal Advice

The staff of the bankruptcy clerk’s office cannot give legal advice. Consult a lawyer to determine your rights in this case.

Meeting of Creditors

A meeting of creditors has been scheduled.  In the Vaughan Company, Realtors, case, the debtor’s representative must be present at the meeting.  In the Douglas F. Vaughan case, the debtor, Mr. Vaughan, must be present.  The debtor will be questioned under oath by the trustee and by creditors. Creditors are welcome to attend, but are not required to do so. The meeting may be continued and concluded at a later date without further notice. The court, after notice and a hearing, may order that the United States trustee not convene the meeting if the debtor has filed a plan for which the debtor solicited acceptances before filing the case.

Claims

A Proof of Claim is a signed statement describing a creditor’s claim.  A Proof of Claim form is included with the notice to all creditors of the meeting of creditors. 

You may look at the schedules that have been or will be filed at the bankruptcy clerk’s office. If your claim is scheduled and is not listed as disputed, contingent, or unliquidated, it will be allowed in the amount scheduled unless you filed a Proof of Claim or you are sent further notice about the claim.

 Whether or not your claim is scheduled, you are permitted to file a Proof of Claim. If your claim is not listed at all or if your claim is listed as disputed, contingent, or unliquidated, then you must file a Proof of Claim by the “Deadline to File Proof of Claim” which will be provided to you by notice at a later time, or you might not be paid any money on your claim and may be unable to vote on a plan.

A secured creditor retains rights in its collateral regardless of whether that creditor files a Proof of Claim. Filing a Proof of Claim submits the creditor to the jurisdiction of the bankruptcy court, with consequences a lawyer can explain. For example, a secured creditor who files a Proof of Claim may surrender important nonmonetary rights, including the right to a jury trial.

Filing Deadline for a Creditor with a Foreign Address: The deadline for filing claims will be provided to you by notice at a later time.  If the notice has been mailed to a creditor at a foreign address, the creditor may file a motion requesting the court to extend the deadline.

Discharge of Debts

The Vaughan Company, Realtors:  Confirmation of a chapter 11 plan may result in a discharge of debts, which may include all or part of your debt. See Bankruptcy Code § 1141 (d). A discharge means that you may never try to collect the debt from the debtor, except as provided in the plan. If you believe that a debt owed to you is not dischargeable under Bankruptcy Code § 1141 (d) (6) (A), you must start a lawsuit by filing a complaint in the bankruptcy clerk’s office by the “Deadline to File a Complaint to Determine Dischargeability of Certain Debts” listed in the deadline table above. The bankruptcy clerk’s office must receive the complaint and any required filing fee by that deadline.

Douglas F. Vaughan:  Confirmation of a chapter 11 plan may result in a discharge of debts, which may include all or part of your debt.  See Bankruptcy Code § 1141 (d).  Unless the court orders otherwise, however, the discharge will not be effective until completion of all payments under the plan.  A discharge means that you may never try to collect the debt from the debtor except as provided in the plan.  If you believe that a debt owed to you is not dischargeable under  Bankruptcy Code § 523 (a) (2), (4), or (6), you must start a lawsuit by filing a complaint in the bankruptcy clerk’s  office by the “Deadline to File a Complaint to Determine Dischargeability of Certain Debts” listed in the deadline table above.  The bankruptcy clerk’s office must receive the complaint and any required filing fee by that Deadline.  If you believe that the debtor is not entitled to receive a discharge under Bankruptcy Code § 1141 (d) (3), you must  file a complaint with the required filing fee in the bankruptcy clerk’s office not later than the first date set for the  hearing on confirmation of the plan.  You will be sent another notice informing you of that date.

Exempt Property

Douglas F. Vaughan:  The debtor is permitted by law to keep certain property as exempt.  Exempt property will not be sold and distributed to creditors, even if the debtor’s case is converted to chapter 7.  The debtor must file a list of property claimed as exempt.  You may inspect that list at the bankruptcy clerk’s office.  If you believe that an exemption claimed by the debtor is not authorized by law, you may file an objection to that exemption.  The bankruptcy clerk’s office must receive the objection by the “Deadline to Object to Exemptions” listed in the deadline table above.

Bankruptcy Clerk’s Office

Any paper that you file in this bankruptcy case should be filed at the bankruptcy clerk’s office at the address listed below:

United States Bankruptcy Court
Dennis Chavez Federal Building and United States Courthouse
500 Gold Avenue SW, 10th Floor
PO Box 546
Albuquerque NM 87103-0546

You may inspect all papers filed, including the list of the debtor’s property and debts and the list of the property claimed as exempt, at the bankruptcy clerk’s office.

Creditor with a Foreign Address

Consult a lawyer familiar with United States bankruptcy law if you have any questions regarding your rights in this case.