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LSDefine

Simple English definitions for legal terms

bankruptcy plan

Read a random definition: brevia judicialia

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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m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
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