Word: Debtor’s plan
Definition:
A proposal filed by the debtor outlining how they will repay creditors over time.
Sample Sentence:
The debtor’s plan proposed to repay creditors over a five-year period.
Why It Matters:
The plan is essential for reorganization in Chapter 11 and Chapter 13 cases.
Quick Tip:
Plans must be feasible and fair to gain court approval.
Source: https://www.uscourts.gov/glossary
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