Illinois Plan of Reorganization
Description
How to fill out Plan Of Reorganization?
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FAQ
Reorganization under the Bankruptcy Code is designed to rehabilitate a business, thus preserving its value which might otherwise be lost in a liquidation. Chapter 11 of the Code offers various benefits to the business considering reorganization, which does include certain costs.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.
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 discharge received by an individual debtor in a Chapter 11 case discharges the debtor from all pre-confirmation debts except those that would not be dischargeable in a Chapter 7 case filed by the same debtor.
The Plan of Reorganization (POR) is a document containing the post-emergence turnaround plan drafted by the debtor after negotiating with creditors.
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
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.
If your company owes a current employee wages when it files for Chapter 11, then the employee's paychecks should not be interrupted. The company will ask the court's permission to keep paying its employees as long as it stays in business.