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LSDefine

Simple English definitions for legal terms

bankruptcy plan

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A quick definition of bankruptcy plan:

A bankruptcy plan is a detailed plan created by a person or company who owes money to others. The plan explains how the person or company will pay back the money they owe and how they will continue to operate or close down their business. The plan must be approved by a special court before it can be put into action. Sometimes it is also called a plan of reorganization or a plan of rehabilitation. An arrangement with creditors is when the person or company agrees with their creditors on how to pay back the money they owe.

A more thorough explanation:

A bankruptcy plan is a detailed plan created by a debtor or their creditors to manage the debtor's rehabilitation, continued operation, or liquidation, and payment of debts. The plan must be approved by the bankruptcy court before it can be implemented.

For example, if a company files for Chapter 11 bankruptcy, they may create a plan of reorganization to outline how they will restructure their business and pay off their debts. The plan may include selling assets, renegotiating contracts, and seeking new financing.

In Chapter 13 bankruptcy, an individual may create a plan of rehabilitation to outline how they will repay their debts over a period of three to five years. The plan may include making regular payments to a trustee who will distribute the funds to creditors.

An arrangement with creditors is a similar concept, where a debtor agrees with their creditors on a settlement, satisfaction, or extension of time for payment of debts. This can be part of a bankruptcy plan or a separate agreement outside of bankruptcy.

Overall, a bankruptcy plan is a crucial tool for managing debt and ensuring that both debtors and creditors are treated fairly in the bankruptcy process.

bankruptcy law | bankruptcy proceeding

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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