How long does it take to get a plan of reorganization approved in a Chapter 11 bankruptcy?

In New Jersey, the process of getting a plan of reorganization approved in a Chapter 11 bankruptcy can take anywhere from a few months to a few years. This usually depends on the complexity of the case and the amount of creditors involved. In general, the process will start with the filing of a petition with the court. This will need to be accompanied by supporting documents such as financial statements and other reports. Once the petition is filed, a trustee will be appointed to oversee the proceedings. The trustee will then review the documents to make sure the petition is in order and schedule a meeting of creditors. At the meeting of creditors, the court will determine whether the plan of reorganization is feasible and provides adequate protection for all parties involved. This process typically takes several months to complete. Once the court approves the plan, a confirmation hearing is scheduled. At the confirmation hearing, creditors can voice any objections they may have to the plan and a judge will decide whether or not to approve it. On average, the entire process of getting a plan of reorganization approved in a Chapter 11 bankruptcy can take anywhere from a few months to a year or more. The time frame can vary depending on the complexity of the case and the amount of creditors involved. In certain circumstances, a plan may be approved more quickly if there is agreement between the creditors and the debtor.

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How long does it take to get a plan of reorganization approved in a Chapter 11 bankruptcy?

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