Savannah GA Chapter 11 bankruptcy plan attorney

Chapter 11 bankruptcy reorganization plan in Savannah GA

A written disclosure statement and a plan of reorganization should be submitted to the court. A disclosure statement is a document that should contain information regarding the assets, liabilities, and affairs of the debtor sufficient to help a creditor to reach an informed decision about the plan. The information required is governed by judicial discretion and the circumstances of the debtor. The plan should provide a classification of claims and should specify how each class of claims will be treated according to the plan. The plan must be voted upon by those creditors whose claims are impaired, i.e., those whose contractual rights will be altered or who will receive less than the total value of their claims under the plan. When the disclosure statement is approved and the ballots are cast and counted, there will be a confirmation hearing at which the court determines whether to confirm the plan.

———————
Savannah Georgia bankruptcy lawyer | Bankruptcy attorneys in Savannah GA and Richmond Hill – Filing for Chapter 13 Bankruptcy and Chapter 7 Bankruptcy in Savannah GA

http://www.savannahgabankruptcy.com