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

In a Chapter 11 bankruptcy case in Virginia, a debtor must come up with a repayment plan in order to reorganize their finances. This repayment plan must be proposed to the court, and if approved, the debtor must make payments to creditors listed in the repayment plan. The debtor must complete an information sheet outlining their financial information in order for the court to review the repayment plan. This information may include the total amount of debt, the amount of income the debtor has in comparison to the amount of debt, and any assets the debtor owns. Once the information sheet is completed, the debtor must come up with a repayment plan to present to the court. This repayment plan should include a list of all the creditors owed, how much will be paid to each creditor, and over what period of time these payments will be made. It should also include a repayment plan for any secured creditors, such as a mortgage or car loan. The repayment plan will then be reviewed by the court. If approved, the debtor must follow the repayment plan and make payments on time. If the payment plan is rejected, the debtor will need to revise it and resubmit it to the court for approval. It is important to note that a repayment plan should not include payments that the debtor cannot afford. If this happens, the debtor may be unable to make the payments and could be subject to having their bankruptcy discharge denied. If the repayment plan is not approved by the court, the debtor should consult with a bankruptcy lawyer to discuss their options.

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

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