Arizona Agreement and plan of reorganization
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How to fill out Agreement And Plan Of Reorganization?
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FAQ
A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.
The court ultimately approves (confirms) or disapproves the plan of reorganization. Under the confirmed plan, the debtor can reduce its debts by repaying a portion of its obligations and discharging others.
In order for a plan to be confirmed, an affirmative vote of at least two-thirds in dollar amount of claims and more than one-half in number of the creditors in a class that submit votes is required for the acceptance of the plan of reorganization by that class.
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.
Chapter 13 Bankruptcy is also known as a ?reorganization?, because it allows for the repayment of debt over a three to five year period. Payments are based upon your disposable income, which is the income left over after you pay your necessary monthly expenses.