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

When filing for Chapter 11 bankruptcy in Washington, you must come up with a repayment plan that is approved by the court. In order to create a repayment plan, you must first analyze your financial situation and figure out how much you can reasonably afford to pay each month. It is important to be honest and realistic when budgeting, as any false information may result in court disapproval of the repayment plan. The repayment plan should include a detailed description of the debts that you are seeking to pay, the amount and frequency of payments, and the sources of the payments. Once the plan is finished, it must be submitted to the bankruptcy court and the creditor for approval. The court will analyze the repayment plan and decide if it is fair and feasible. The court may require you to attend a meeting with a trustee who will ask questions about your financial situation and the repayment plan. The trustee will then make a recommendation to the court as to whether or not the repayment plan should be approved. Once the court has approved the repayment plan, you must stick to the payments and any other terms included in the plan. Bankruptcy proceedings can be complicated and intimidating; it is best to consult with a bankruptcy attorney when drafting a repayment plan. An experienced lawyer will be able to help you determine what you are able to pay each month and ensure that the repayment plan is fair and feasible.

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

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