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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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how long do you have to pay of a chapter 11 bankruptcy

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how long do you have to pay of a chapter 11 bankruptcy?
Hello,

There is not a specific time frame on a Chapter 11 bankruptcy.

A Chapter 11 plan will be confirmed if it is accepted by at least one class of creditors whose legal rights are adjusted by the plan

Customer: replied 8 years ago.

So there is no maximum number of years for repaying the debt?

I read in Chapter 13 you have a limit of 3 - 5 years to repay the debt, so was assuming there would be a similar maximum time limit in a Chapter 11. Please confirm if there is or is not a maximum time limit to repay under Chapter 11 and if you could please clarify what you meant by, "A Chapter 11 plan will be confirmed if it is accepted by at least one class of creditor whose legal rights are adjusted by the plan," that will be helpful in accepting your response.

I have 4 total creditors, but only one that has not been willing to set agreeable terms. So does this mean that if one of my 4 creditors accepts the Chapter 11 reorganization plan that all of them have to comply with it, or are all 4 creditors treated as a single "class" of creditor and have to accept the plan as a group?

Thanks,

-Courtney
Hello,

There is not a maximum time limit in paying a Chapter 11 although a Chapter 13 does have such a limit. Different types of creditors, IE secured, unsecured, priority, may be treated differently. Chapter 11 is very complex and determining the classes of your creditors is outside the scope of this site.

I hope that this helps you.
Hello,

There is not a maximum time limit in paying a Chapter 11 although a Chapter 13 does have such a limit. Different types of creditors, IE secured, unsecured, priority, may be treated differently. Chapter 11 is very complex and determining the classes of your creditors is outside the scope of this site.

I hope that this helps you.





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