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File Chapter 7 Bankruptcy Lawyer Cortland New York Keith Dayton Attorney at Law - Cortland NY. Bankruptcy, DWI Defense, Criminal Lawyer, Landlord Tenant, Debtor, Creditor, Cortland New York. Keith Dayton Law Office Cortland file chapter 11
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ACCEPTANCE OF THE PLAN OF REORGANIZATION     (Page 108)

In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation. It also permits the creditors to take a more active role in fashioning the liquidation of the assets and the distribution of the proceeds than in a chapter 7 case.

Section 1123(a) of the Bankruptcy Code lists the mandatory provisions of a chapter 11 plan, and section 1123(b) lists the discretionary provisions. Section 1123(a)(1) provides that a chapter 11 plan must designate classes of claims and interests for treatment under the reorganization. Generally, a plan will classify claim holders as secured creditors, unsecured creditors entitled to priority, general unsecured creditors, and equity security holders.

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