Beaverton Bankruptcy: Debtor Plan of Reorganization

Beaverton Bankruptcy Question: What is a Debtor's plan of reorganization?
 
Answer: A debtor's plan of reorganization is a restructuring of a person or business debts inside a Chapter 11 bankruptcy filing.  The plan of reorganization typically classifies claims against the debtor, provides how those claims will be treated and states how those claims will be paid or dealt with as part of the plan. 
 
A debtor's plan of reorganization has 3 main parts that need to be completed before the bankruptcy Court will approve the plan.  First the debtors plan of reorganization must be created by the debtor.  Second the plan of reorganization must presented to the creditors for acceptance. Finally a confirmation hearing is held by the Court and the debtors plan of reorganization is either approved (confirmed) or not.
 
For a confirmation of the debtors plan of reorganization it must be accepted by one class of the impaired claims.  Impaired claims, as part of the debtors plan of reorganization as those claims by creditors that will not be paid in full as part of the confirmed plan.
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