Word: Confirmation
Definition:
The court’s approval of a debtor’s plan of reorganization in bankruptcy.
Sample Sentence:
After a lengthy hearing, the judge granted confirmation of the Chapter 11 plan.
Why It Matters:
Confirmation is the final step for approving a bankruptcy repayment or reorganization plan.
Quick Tip:
The plan must meet statutory requirements and be feasible to obtain confirmation.
Source: https://www.uscourts.gov/glossary
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