How do I get my creditors to agree to my repayment plan in a Chapter 11 bankruptcy?

In Minnesota, if you file for Chapter 11 bankruptcy, you can propose a repayment plan to your creditors. The purpose of a repayment plan is to help you pay off your debts and get back on track financially. To get creditors to agree to your repayment plan, you must first submit a written document known as a “plan of reorganization” to the court and to all of your creditors. This document should outline the repayment plan you are proposing. Your plan must include information about how you plan to pay back your debts, how much you will be able to pay your creditors, and how long it will take you to pay off your debts. You may also need to include details about how you will continue to pay your regular bills during the repayment plan. Once you submit your plan, the court will review it and, if it meets the criteria, it will be sent out to your creditors for their review. Your creditors will be allowed to vote on your plan—if at least half of them agree, the court will likely approve it. Your creditors will want to ensure that your plan is feasible and they will want to be sure that they are getting paid fairly. Thus, it is important to take the time to create a feasible repayment plan that will be acceptable to your creditors and the court.

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How do I get my creditors to agree to my repayment plan in a Chapter 11 bankruptcy?

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