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

In a Chapter 11 bankruptcy in West Virginia, you can have your creditors agree to a repayment plan known as a reorganization plan. To get your creditors to agree to the plan, you must demonstrate to them how it will benefit them. This plan should provide them with something better than if they were to receive nothing. The first step in getting your creditors to agree to the plan is to provide them with a complete and accurate disclosure of your assets and liabilities. This information should include an accurate and detailed list of the creditors and their claims against you. Then, you must submit a reorganization plan that is fair and equitable for both the creditors and you. You also must negotiate with your creditors and demonstrate to them why your proposal is in their best financial interests. This could include providing them with evidence that your business is still viable and could generate a profit in the future. You can also provide an assurance that each of their claims will be fully satisfied over the projected time period. In some cases, creditors may oppose your reorganization plan. In this case, you may have to file a motion with the bankruptcy court to give them more incentive to approve the plan. The motion will request that the court authorize a “cramdown” of the reorganization plan over the creditors’ opposition. Ultimately, the goal is to get your creditors to agree to a plan that will be beneficial for you and them.

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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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