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What is a payment plan in bankruptcy?

Our Professional Answer:

Typically when you discuss a payment plan in bankruptcy, you’re referring to the payments that you make in a reorganizing bankruptcy like chapter 13 or chapter 11. In both those chapters, you’re going to suggest a payment plan to the court in a plan of reorganization which will be approved and confirmed by the court. Once that’s done, you’ll be making payments for typically 60 months.