Arkansas Plan of Reorganization
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How to fill out Plan Of Reorganization?
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FAQ
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
In most cases, the company remains open and operating. Many large U.S. companies have filed for Chapter 11 bankruptcy at one time or another to stay afloat. They include such well-known names as General Motors, United Airlines, K-mart, and thousands of other companies of all sizes.
If the debtor fails to meet the repayment requirements, the trustee can ask the court to dismiss the case or convert it to a Chapter 7 liquidation.
The debtor-in-possession, often with the participation of creditors, develops a plan of reorganization proposing a method for payment of its debts. The debtor-in-possession may continue to operate pending approval of its plan of reorganization unless the court orders the appointment of a trustee under Chapter 11.