When must I pay my creditors during a Chapter 11 bankruptcy?

In South Carolina, individuals who file for Chapter 11 bankruptcy must pay their creditors according to a payment plan that is outlined in the bankruptcy agreement. This payment plan typically requires creditors to be paid in full within a certain amount of time. Generally, creditors must be paid in full within three to five years. During this time period, the debtor must make regular payments to their creditors. These payments are typically calculated based on the total amount of money owed to the creditor. The debtor must also follow the payment plan as outlined in the bankruptcy agreement. In addition to making regular payments, the debtor must also provide evidence to the court that they are able to make the payments on time and in full. This evidence may include income tax returns, checks or money orders, and other financial documents. The debtor must also submit a budget to the court outlining how they will use their money to pay the creditors. In some cases, the court may require the debtor to provide a security deposit to the court in order to secure the payment plan. This security deposit can be in the form of cash, a promissory note, or a lien on property. In conclusion, individuals who file for Chapter 11 bankruptcy must make regular payments to their creditors according to the payment plan outlined in the bankruptcy agreement. The court may also require them to provide evidence that they are able to make the payments on time and in full, as well as a security deposit to the court in order to secure the payment plan.

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When must I pay my creditors during a Chapter 11 bankruptcy?

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