Columbus GA Chapter 11 bankruptcy plan of reorganization attorney

Columbus GA Chapter 11 bankruptcy plan of reorganization attorney

Chapter 11 bankruptcy plan in Columbus GA

A written statement of disclosure and a reorganization plan has to be presented to the court. A disclosure statement is a document that should contain information regarding the assets, liabilities, and affairs of the debtor sufficient to assist a creditor to take an informed decision about the plan. The information required is regulated by judicial discretion and the circumstances of the case. The plan must provide a classification of claims and must provide how each class of claims will be treated according to the plan. The plan should be voted upon by impaired creditors, i.e., those whose contractual rights are to be modified or who will receive less than the full value of their claims under the plan. When the disclosure statement is approved and the ballots are collected and counted, there must be a confirmation hearing at which the court decides whether to confirm the plan.

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