Posted On: 05/11/2013 12:05:25 AM
Post# of 39368
Here is a concise explanation of chapter 7. Its noteworthy that its involuntary so Treaty is not waving any kind of proverbial white flag at all
Chapter 7
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Once a debtor files a chapter 7 bankruptcy petition, the clerk of the bankruptcy court transmits the petition to the U.S. Trustee. The U.S. Trustee appoints a bankruptcy trustee in the debtor's locale to administer the debtor's case. Because the debtor has filed for chapter 7 bankruptcy, he has essentially asked the bankruptcy court to forgive his debts and allow him to have a fresh start. When the bankruptcy court grants a discharge, the debtor no longer has debt hanging over his head.
Once a debtor files a chapter 7 bankruptcy petition, the clerk of the bankruptcy court transmits the petition to the U.S. Trustee. The U.S. Trustee appoints a bankruptcy trustee in the debtor's locale to administer the debtor's case. Because the debtor has filed for chapter 7 bankruptcy, he has essentially asked the bankruptcy court to forgive his debts and allow him to have a fresh start. When the bankruptcy court grants a discharge, the debtor no longer has debt hanging over his head.
Trustee's Role
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In exchange for the discharge of debts, the bankruptcy court attempts to ensure that the debtor's creditors receive some compensation. The trustee's job is to maximize the dividends paid to the creditors of a chapter 7 debtor. To do that, the trustee sells the debtor's property to recover cash to pay the creditors. In doing so, the trustee needs to decide whether or not it is prudent to sell the debtor's property. The trustee must consider whether the debtor's property will generate enough money to make a meaningful distribution to creditors before administering the case as an asset case.
In exchange for the discharge of debts, the bankruptcy court attempts to ensure that the debtor's creditors receive some compensation. The trustee's job is to maximize the dividends paid to the creditors of a chapter 7 debtor. To do that, the trustee sells the debtor's property to recover cash to pay the creditors. In doing so, the trustee needs to decide whether or not it is prudent to sell the debtor's property. The trustee must consider whether the debtor's property will generate enough money to make a meaningful distribution to creditors before administering the case as an asset case.
So in other words if 80-100bpd is the cash flow positive level. It would be fair to say if any of these 1st couple virgin wells come in with anything over 30-50 bpd sustained we are in the clear. It only takes one !
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