Suki files a reorganization plan as part of a bankruptcy proceeding under Chapter 13.The court can approve the plan by applying specific rules to the value of the property to be distributed if there is an objection to the plan by

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Chapter 13 bankruptcy involves a reorganization plan for individuals with regular income. The plan must provide for the repayment of creditors over a period of 3-5 years. In the event that there is an objection to the plan, the court can approve it by applying specific rules to the value of the property to be distributed. This can be done regardless of whether the objection is raised by an insider, preferred creditor, or innocent third party. However, if an unsecured creditor objects to the plan, the court must apply a specific formula to determine whether the proposed plan meets the requirements for confirmation. Therefore, an unsecured creditor has the power to challenge and potentially change the terms of the reorganization plan.

Suki Files a Reorganization Plan as Part of a Bankruptcy