A Massachusetts Order Confirming Chapter 11 Plan of Reorganization of Individual Debtor(s) is a court order that approves a debtor's plan of reorganization in accordance with Chapter 11 of the U.S. Bankruptcy Code. This order is issued by the court to confirm the plan of reorganization, allowing the debtor to reorganize their debt and move forward with their financial obligations. The order confirms the plan proposed by the debtor, which includes details such as the repayment terms, the timeline for repayment, and any other provisions such as debt relief. There are two types of Massachusetts Order Confirming Chapter 11 Plan of Reorganization of Individual Debtor(s): a “Consensual” plan and a “Non-Consensual” plan. A Consensual plan is one in which all creditors agree to the proposed plan of reorganization and sign off on it. A Non-Consensual plan is one in which creditors have not agreed to the plan and the court must issue an order to confirm it. In either case, the Massachusetts Order Confirming Chapter 11 Plan of Reorganization of Individual Debtor(s) is a crucial step in the process of reorganization and allows the debtor to move forward with their debt repayment plan.
Massachusetts Order Confirming Chapter 11 Plan of Reorganization of Individual Debtor(s)
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FAQ
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
In order to confirm the plan, the court must find, among other things, that: (1) the plan is feasible; (2) it is proposed in good faith; and (3) the plan and the proponent of the plan are in compliance with the Bankruptcy Code.
Conspicuous examples of chapter 11 bankruptcy include Lehman Brothers in 2008, General Motors in 2009, and Kmart in 2002. However, Section 109 of the Code permits and courts agree that individual debtors not engaged in business may file for relief under chapter 11.
Under the Bankruptcy Code, all impaired creditors ? those who will not be paid back in full under the plan of reorganization ? must give their approval for the plan solicited by the debtor. At least one class of impaired creditors must vote to accept the plan before it can be approved by the court.
Ordinarily, a reorganization plan must be accepted by a majority of the creditors of each class. A class is considered to have approved of a bankruptcy plan if the plan is approved by creditors holder at least 2/3 of the amount of claims in the class or by more than half of the creditors.
The reorganization proposal must provide structure as to how the business will continue to operate. Normally, the plan will include information about downsizing the business, negotiating debts, and liquidating assets within the business.
In order to confirm the plan, the court must find, among other things, that: (1) the plan is feasible; (2) it is proposed in good faith; and (3) the plan and the proponent of the plan are in compliance with the Bankruptcy Code.
After a Chapter 11 plan is confirmed by the court, the plan must be implemented and carried out, either by the debtor or by the successor to the debtor under the plan. If the plan calls for the debtor to be reorganized or for a new corporation to be formed, this function must be carried out first.