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

In a Chapter 11 bankruptcy in Alaska, filing a repayment plan is an important step in the process. The repayment plan outlines how you intend to pay back your creditors, and is agreed upon by the court. Before filing a repayment plan, it’s important to determine your income and debts. Create a detailed budget to determine how much you are able to pay creditors, and for how long. Determine what assets you can liquidate, and the amount of money to be received from each asset. Determine the best way to pay your creditors. This could be a lump sum payment, a set payment over a set period of time, or a combination of both. Calculate the amount to be paid and the duration of the repayment plan. In addition, you will need to include a description of the type of debt you owe. List each creditor, the amount owed, and the amount you intend to pay each creditor. You must also list any exemptions you have from creditors. Exemptions vary according to state law, and may include some property such a primary residence or tools of the trade. Your repayment plan must be approved by the court before it can be implemented. You must provide evidence that you can meet the terms of the plan. Once approved, the repayment plan is binding and you must make all payments on time. If you fail to make payments, your bankruptcy case may be dismissed, and you may be subject to penalties from the court.

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

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