Source: https://www.sagarialaw.com/section-108-extension-of-time.html
Timestamp: 2018-02-19 05:40:23
Document Index: 777678268

Matched Legal Cases: ['§ 108', '§ 1201', '§ 524', '§ 1201', '§ 362', '§ 108']

Section 108: Extension of Time :: San Jose Bankruptcy Attorney SagariaLaw
Extension of Time - Section 108
11 USCS § 108
(b) Except as provided in subsection (a) of this section, if applicable nonbankruptcy law, an order entered in a nonbankruptcy proceeding, or an agreement fixes a period within which the debtor or an individual protected under section 1201 or 1301 of this title [11 USCS § 1201 or 1301] may file any pleading, demand, notice, or proof of claim or loss, cure a default, or perform any other similar act, and such period has not expired before the date of the filing of the petition, the trustee may only file, cure, or perform, as the case may be, before the later of--
(c) Except as provided in section 524 of this title [11 USCS § 524], if applicable nonbankruptcy law, an order entered in a nonbankruptcy proceeding, or an agreement fixes a period for commencing or continuing a civil action in a court other than a bankruptcy court on a claim against the debtor, or against an individual with respect to which such individual is protected under section 1201 or 1301 of this title [11 USCS § 1201 or 1301], and such period has not expired before the date of the filing of the petition, then such period does not expire until the later of--
(2) 30 days after notice of the termination or expiration of the stay under section 362, 922, 1201, or 1301 of this title [11 USCS § 362, 922, 1201 or 1301], as the case may be, with respect to such claim.
“In straight bankruptcy, where the ultimate purpose is liquidation of the estate, Sec. 11 provides a beneficial grace period-a grant of extra time within which to take action. In chapter X, where the purpose is rehabilitation of a going business, a period of grace is not needed. The Act itself provides all the time required. The second sentence of Sec. 11(e), then, when applied to chapter X, converts itself into a drastic limitation upon the power of the court to protect the property of the debtor in the manner contemplated by and for the purposes of the Act.”
In re Thomas J Grosso Investment, Inc. 457 F.2d 168 (1988).
“11 UCSC § 108 is designated to protect creditors by granting them time to investigate and pursue claims for benefit of estate that debtor may not have motivation to pursue.”
In re Flying “S” Land & Cattle 71 BR 183 (1987)