How do I come up with a repayment plan in a Chapter 11 bankruptcy?

In West Virginia, when filing for Chapter 11 Bankruptcy, individuals are expected to create a repayment plan that outlines how their creditors will be repaid. Generally, this repayment plan reflects how much of the debt they will pay off and when. The repayment plan should also include a list of all creditors, including the amount of debt owed, and the proposed payment schedule. When creating the repayment plan, it is important to provide accurate and truthful information. Furthermore, payments to creditors should be distributed in a fair and equitable manner. In order to be approved, the repayment plan must adequately address all the creditors and be approved by the court. Prior to the completion of the plan, individuals must submit their income and expenses to the court, which will be used to determine their disposable income. This disposable income will need to be distributed between the creditors over the agreed upon period of time. It is important to include in the plan the estimated costs for paying attorney fees, trustee fees, and other administrative costs. Once the repayment plan is complete, it must be approved by the court and, if accepted, creditors must abide by the terms of the plan. During this time, creditors will be unable to contact debtors for payments outside of the plan. Once the repayment plan is complete, debtors will begin paying creditors according to the agreed upon terms until the balance of each debt is paid in full.

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How do I come up with a repayment plan in a Chapter 11 bankruptcy?

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