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Posted On: July 5, 2010 by Scott Sagaria

Who Do I Need To Pay in a Reorganization Plan?

Who Do I Need To Pay in a Reorganization Plan?

A Chapter 11 bankruptcy is a way to reorganize and rehabilitate a debtor with his/her/its creditors. In addition to the standard bankruptcy petition filed in a Chapter 7 bankruptcy, a Chapter 11 bankruptcy contains a reorganization plan prioritizing payments to certain creditors. A Chapter 11 bankruptcy is used by those debtors whose debts to creditors are too large to fit into a Chapter 12.

Once the Chapter 11 petition is filed and the creditor matrix is uploaded, the court will send notice to all unsecured creditors of the filing and ask whether they would like to be part of the unsecured creditors committee. This committee can submit its own reorganization plan in opposition to the debtor’s reorganization plan. A plan must, at minimum, repay those creditors in the amount they would have received had the debtor filed for Chapter 7 bankruptcy.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

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Posted In: Chapter 11 Bankruptcy

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