CACB — Samples and Tutorial for a Chapter 11 Plan and Disclosure Statement

Source: https://www.cacb.uscourts.gov/sites/cacb/files/documents/forms/C11.Plan.DS.Samples_and_tutorial.pdf

Samples and Tutorial for Plan and Disclosure Statement (Local Forms F 3018-1 and F 3017-1)

(1) Goal: reduce the cost of chapter 11 for small businesses or individuals, to make it affordable for competent counsel to take on those cases.

(2) Methods: (a) minimize data entry by using previously created documents (bankruptcy schedules, monthly operating reports, etc.), (b) minimize routine calculations by using spreadsheets.

(3) Example: Dudley Debtor manufactures widgets in his garage. He owns a home encumbered by (i) a 1st deed of trust (DOT) held by Home Loan Bank and (ii) a 2d lien from his business lender, Last National Bank. Prepetition Dudley got sick and fell behind on his financial obligations. He has steadily recovered and now he can fund the Plan.

(a) “No-Step” Plan. No projected changes during 60 month terms of the Plan.

(b) “Step” Plan. This is a “step up/step down” Plan because (i) Dudley owes taxes, and

those taxes have to be paid over a shorter period than the rest of his claims (pursuant to 11 U.S.C. § 1129(a)(9)(C)), and (ii) Dudley projects that in future his expenses will decrease and his income will increase due to specific events described in the Endnotes (Ex.H).

(4) Contents:

(a) “No-Step” plan. Pages 1 – 20

(b) “Step” Plan. Pages 21 – 27

(c) Tutorial. Pages 28 – 37

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EXAMPLE “A”

“NO-STEP” PLAN

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Attorney or Party Name, Address, Telephone & FAX Nos., State Bar No. & FOR COURT USE ONLY Email Address

Individual appearing without an attorney Attorney for:

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA – LOS ANGELES DIVISION

In re: CASE NO.: 2:14-bk-12345-NB

CHAPTER: 11 DUDLEY DEBTOR – Sample Plan – portions of the text

that may be filled out are highlighted in teal CHAPTER 11 PLAN DATED ______, 20

Confirmation Hearing/Status Conference Date: Time: Courtroom: Address:

Debtor(s)

This Chapter 11 Plan (Plan) proposes to restructure the financial affairs of the above-named Debtor(s)

(collectively, Debtor). If confirmed, this Plan will bind all persons it provides for, whether or not they accept this Plan, object to confirmation, file a proof of claim or interest, or have their claims or interests allowed.

Voting: You may be entitled to vote on this Plan. A Chapter 11 Disclosure Statement (Disclosure

Statement) that accompanies this Plan explains the voting rules and provides additional information.

Caution: Your rights may be affected. Read these papers carefully and discuss them with your attorney.

(If you do not have an attorney, you may wish to consult one.)

Effective date: This Plan becomes effective (Effective Date) on the 15th day following the entry of a non-

stayed and non-appealed confirmation order on the docket, or, if that is not a business day, then the next business day. Exception: the Plan proponent may waive the condition that the confirmation order not be subject to a pending appeal.

Definitions and rules of construction are as set forth in the Bankruptcy Code (11 U.S.C. section (§) 101

and following) and in the Federal Rules of Bankruptcy Procedure (FRBP or Rules). See §§ 101, 102 and 1101 and Rule 9001. All exhibits to this Plan are considered part of this Plan but, in the event of any conflict between this Plan and its exhibits, the terms of this Plan control.

This form is optional. It has been approved for use by the United States Bankruptcy Court for the Central District of California.

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ARTICLE I. TREATMENT OF CLAIMS AND INTERESTS

SUMMARY: Exhibit A to this Plan shows how claims and interests are treated, as qualified and explained below.

A. Unclassified claims. Some claims are unclassified (because they cannot vote and, unless the claim

holder agrees otherwise, their treatment is fixed by the Bankruptcy Code). These claims include costs of administering this bankruptcy case (Administrative Claims), such as professionals’ fees and expenses. Administrative Claims bar date: The last day to file a request for payment of Administrative Claims is 28 days after the Effective Date or such other date as the court may order.

B. Classified claims. All other claims and interests are separated into one of the following classes.

Classes 1 and 2 are for claims “secured” by collateral – such as a mortgage/deed of trust (DOT), a secured car loan, or any other claim secured by a lien on property of the bankruptcy estate (Collateral). Class 3 is for “priority” unsecured claims, class 4 is for general (nonpriority) unsecured claims, and class 5 is for “interests” (defined below). All classes are divided into subclasses for each unique type of claim (class 1A, 1B, 2A, 2B, etc.).

Class 1: Claims secured by principal residence. This class is reserved for claims secured only by
real estate that is an individual Debtor’s principal residence. If you hold that type of claim then it
cannot be modified by this Plan unless you consent. See § 1123(b)(5). (If Debtor is not an individual,
or if there is no such claim, then class 1 should be left blank.)

Class 2: Other secured claims. If you hold a secured claim that is not in class 1, then this Plan may
propose to modify your claim, as specified in Exhibit A. Modifications may include a new interest rate,
a longer term for payment, etc., subject to limitations in the Bankruptcy Code. If the dollar amount of
your claim exceeds the value of the Collateral, then your claim may be split (bifurcated) into (1) a
secured claim equal to that value (in this class 2) and (2) an unsecured claim for the remainder,
sometimes called the “deficiency” claim (in class 4, unless it is allowed as a priority claim in class 3).
Exceptions:

(a) Disputed valuation. If you wish to dispute the bifurcation/estimated value of the
Collateral provided in Exhibit A then you must file a timely objection to confirmation of this
Plan. Note: Your opportunity to object is intended only as a safeguard: the Plan proponent
should resolve all valuation issues before soliciting any votes on this Plan. Valuation can be
resolved by consent or by an order on a motion to value the Collateral.

(b) Sale. If this Plan provides for a sale of the Collateral, then you may credit bid the full
dollar amount of your claim, unless the court orders otherwise (§ 1129(b)(2)(A)(ii)).

(c) § 1111(b). If you make a timely election under § 1111(b) (per Rule 3014) then, (i) notwithstanding any other provisions of this Plan your secured claim will not be reduced to the value of the Collateral (it will not be bifurcated), (ii) you will lose any unsecured deficiency claim, and (iii) you may be paid over a longer time with a lower interest rate but with more dollars, resulting as nearly as possible in the same estimated present value as if you had not made the election. The precise treatment is either included in the exhibits to the Plan and Disclosure Statement as an alternative or it will be provided as a supplement to this Plan at a time to be agreed upon between you and the Plan proponent, or as otherwise ordered by the court. The election is complex - most creditors do not make it, and before doing so you should consult your attorney (if you do not have an attorney, you may wish to consult one).

Class 3: Priority Claims. A claim has “priority” if it is entitled to certain special treatment under
§ 507. For example, if Debtor owes you wages that you earned within 180 days before the
bankruptcy petition was filed, then you may hold a priority claim for those unpaid wages.

Class 4: General Unsecured Claims. If you hold a claim that is not secured and is not entitled to
priority, then you hold a general unsecured claim. This class is divided into two subclasses. Class 4A
contains all general unsecured claims other than any small claims in Class 4B (claims below the dollar

This form is optional. It has been approved for use by the United States Bankruptcy Court for the Central District of California.

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amount specified in Exhibit A) that, for convenience, are to be paid in full on the Effective Date (as
permitted by § 1122(b)). (Exception: if there are any additional classes, which is rare, then they are
listed on Exhibit A.) Claims in class 4A will be paid the following percentage of their allowed amounts:
estimated percentage: %, but the actual percentage could be higher or lower
depending on the total funds available and the total allowed claims – for example, if
administrative, secured, or priority claims are larger than expected then the percentage paid
to general unsecured claims will be lower. The stated estimate is calculated as follows:
(1) the total estimated funds available for class 4A under this Plan divided by (2) the sum of
all estimated allowed claims in class 4A.

OR
fixed percentage: %. The percentage is fixed: this Plan is a commitment to pay
this percentage regardless of future revenues, expenses, or the total allowed claims. If
Debtor is unable to pay this percentage then that will be a default under this Plan.

Only one of the above boxes should be checked.

Class 5 consists of “interests.” If Debtor is an organization then “interests” means ownership interests
(such as corporate stock, or a partner’s interest in a partnership). If Debtor is an individual, then
Debtor is the interest holder. This class will remain unchanged unless otherwise provided in the
exhibits to the Plan and Disclosure Statement (e.g., cancellation of existing interests, the dollar
amount of any proposed “new value,” who is required/permitted to provide such new value, and what
they will receive in exchange.)

C. Disputed claims or interests. A claim or interest is Disputed if (1) an objection has been filed against

it or (2)(a) it is not listed on Debtor’s bankruptcy schedules, or it is listed as disputed, contingent, or unliquidated, and (b) no proof of claim or interest has been filed. See §§ 502(a), 1111(a). Exception: a claim or interest ceases to be Disputed once it is allowed by a final non-appealable order.

D. Distributions. Except as otherwise specified in this Plan, payments on each claim will be made on the

first calendar day of each month (or other period specified in Exhibit A), in equal dollar amounts, starting with the month following the Effective Date, and continuing for the period specified in Exhibit A. A separate, interest-bearing bank account (Claims Reserve) will hold distributions for any claims that cannot be paid until they are allowed by court order, such as professional fees or Disputed claims (Reserved Claims). The Disbursing Agent (defined below) is required to reserve enough funds/assets to pay the distributions that each Reserved Claim will be entitled to receive if it is allowed in full (unless the court approves a different amount). Distribution of unclaimed or excess funds: To the extent that (1) Debtor has been unable to deliver distributions, and they remain unclaimed for at least 21 days after at least one good faith attempt to correct any incorrect address and redeliver them, or (2) a Reserved Claim is disallowed by final order, then, unless otherwise ordered by the court, the funds that had been reserved for such claim will be distributed (a) as

provided in this Plan to other creditors of the same class or (b) to Debtor if (i) this box is checked and (ii) as to disallowed claims, it is Debtor who obtained such disallowance.

E. Settlement. Debtor will have the power and authority to settle or compromise any claim by or against

Debtor, subject to notice and court approval under Rule 9019 for as long as the court retains jurisdiction, except that for any claims against Debtor no notice or court approval is necessary if the allowed amount of such claim under the settlement or compromise will be less than $ .

ARTICLE II. EXECUTORY CONTRACTS AND UNEXPIRED LEASES

On the Effective Date, Debtor’s “executory” contracts (described in the Disclosure Statement) and unexpired leases will be (a) assumed (i.e., cured and reinstated) as obligations of the reorganized Debtor, or (b) assumed and then instantaneously assigned, or (c) rejected, all as stated in the attached Exhibit B. Any executory contract or unexpired lease that is not listed on Exhibit B will be deemed rejected. Exception: if this This form is optional. It has been approved for use by the United States Bankruptcy Court for the Central District of California. June 2014 Page 3 F 3018-1.CH11.PLAN

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box is checked then any such unlisted contract or lease will be deemed assumed. The order confirming this Plan will constitute an order approving this paragraph’s treatment of executory contracts and unexpired leases.

Rejection bar date. Any claim arising from the rejection of an executory contract or unexpired lease

under the immediately preceding paragraph must be filed by the later of (1) the general bar date for claims or (2) 28 days after the date of the order confirming this Plan. Rejection claims are general unsecured claims in class 4, unless the claim is allowed as a priority claim in class 3.

ARTICLE III. MEANS OF IMPLEMENTATION

Funding. This Plan will be funded as explained in the exhibits to the Disclosure Statement. All transfers

of property under this Plan shall be made in accordance with any applicable provisions of nonbankruptcy law to the extent required by § 1129(a)(16).

The Disbursing Agent shall be Debtor, who shall serve without bond or compensation but shall be entitled to reimbursement of reasonable expenses by applying to the court no more frequently than once every three months.

The following paragraph does not apply to individual Debtors: (1) Regulated rates. To the extent that the foregoing funding depends on regulatory approval of rates charged by Debtor, governmental approval of such rates must be obtained prior to or upon confirmation of this Plan (as required by § 1129(a)(6)). (2) Corporate charter. Debtor’s corporate charter must be amended to include a provision prohibiting the issuance of nonvoting equity securities and providing an appropriate distribution of voting power among any classes of securities (as required by § 1123(a)(6)). The precise amendments to the corporate charter must be attached to the Disclosure Statement as an exhibit. (3) Post-Effective Date management. Exhibits to the Disclosure Statement also must disclose (as required by § 1129(a)(5)) all individuals proposed to serve, after confirmation of this Plan, as director, officer, or voting trustee of Debtor (or an affiliate of Debtor participating in a joint plan with Debtor, or any successor to Debtor under this Plan), as well as all insiders who will be employed or retained by Debtor, including such individual’s name, proposed compensation, job description, affiliation to Debtor, and qualifications.

ARTICLE IV. DISCHARGE; EFFECTS OF CONFIRMATION

A. Discharge. Debtor shall receive a discharge of debts to the extent and at the time provided in § 1141(d), whether or not a party in interest has filed a proof of claim or interest, or accepts this Plan, unless the court orders otherwise. The following paragraph only applies to Debtors who are individuals: Pursuant to § 1141(d)(5), Debtor will not be discharged from any debts unless and until (1) Debtor completes all payments “under” the Plan and obtains an order of the court granting a discharge (§ 1141(d)(5)(A)&(C)) – for purposes of this Plan payments that extend beyond the Plan Term stated in Exhibit A are not considered payments “under” the Plan (e.g., if the Plan Term is 5 years then Debtor will be eligible for a discharge under this clause if 5 years of payments are made, but the debtor will remain obligated on obligations that extend beyond the Plan Term, such as a 30-year mortgage); (2) the court grants a limited (“hardship”) discharge (§ 1141(d)(5)(B)&(C)); or (3) the court “orders otherwise for cause” (§ 1141(d)(5)(A)&(C)). Notwithstanding the other terms of this paragraph, a discharge will not discharge Debtor from any debts that are nondischargeable under § 523 (except as provided in Rule 4007(c)) or the obligations created by this Plan.

B. Vesting of Property. On the Effective Date, all property of the bankruptcy estate will vest in the

reorganized Debtor pursuant to § 1141(b) & (c), free and clear of all claims and interests except as otherwise provided in this Plan.

C. Plan Creates New Obligations. Except as otherwise provided in this Plan, (1) the payment terms

promised in this Plan constitute new contractual obligations that replace any payment terms that existed prior to the Effective Date, and (2) all rights and obligations other than those new payment terms continue to apply. For example, (1) this Plan does not modify any obligations to insure collateral, and (2) if the Plan only addresses arrears for a particular claim, then the regular payments will be made as they come due based on

This form is optional. It has been approved for use by the United States Bankruptcy Court for the Central District of California.

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the governing loan documents and, except with respect to curing the arrearages, the Plan does not alter the legal equitable, or contractual rights of the holder of that claim (unless otherwise provided with respect to a specific claim or Class of claims).

D. Actions Restrained. Creditors, interest holders and other parties in interest may not take any action to

enforce preconfirmation obligations, or any obligations due under this Plan, so long as Debtor is not in material default under this Plan (as defined below). If Debtor is in material default under this Plan, then any party in interest may: (1) take any action permitted under nonbankruptcy law either (a) to enforce the terms of this Plan as a contract of Debtor or (b) to pursue nonbankruptcy remedies including collection of the entire nondischarged dollar amount of any claim held by such person, or (2) if this case is still pending, move to dismiss this case or to convert this case to one under chapter 7, or seek other relief from the bankruptcy court. If this case is converted to chapter 7 at any time, then property will revest in the chapter 7 estate, and the automatic stay will be reimposed upon the revested property only to the extent that relief from stay was not previously granted by the court during this case.

E. Material Default Defined. If Debtor (1) fails to make any payment required under this Plan, or (2) fails

to perform any other obligation required under this Plan for more than 14 days after the time specified in this Plan, or (3) performs any act that is inconsistent with the terms of this Plan, then any affected creditor, interest holder, or other party in interest may file and serve upon Debtor and Debtor’s attorney (if any) a written notice of default at their most recent address(es) listed in this case. Debtor is in material default under this Plan if Debtor fails within 21 days after service of that notice of default, plus an additional 3 days if served by mail, either to cure the default or obtain from the court an extension of time to cure the default or a determination that no material default occurred. Notwithstanding the other provisions of this paragraph, to the extent that Debtor has assumed an executory contract or unexpired lease, or to the extent that a creditor retains a lien under this Plan that was a consensual lien, the default provisions of that contract, lease, or lien documentation govern what constitutes a default for purposes of the rights and remedies thereunder, all subject to applicable nonbankruptcy law and any exceptions set forth in this Plan.

ARTICLE V. GENERAL PROVISIONS

A. Modification of Plan. The Plan proponent may modify this Plan at any time before confirmation, subject to § 1127 and Rule 3019(a), but in that event the court may require a new disclosure statement and/or revoting on the Plan. The Plan proponent or the reorganized Debtor also may seek to modify this Plan at any time after confirmation (1) if this Plan has not been substantially consummated and (2) if the court authorizes the proposed modifications after notice and a hearing (§ 1127(b)). In addition, if Debtor is an individual then Debtor or other persons may seek to modify this Plan after confirmation pursuant to § 1127(e).

B. Cramdown. The Plan proponent reserves the right to seek confirmation notwithstanding the rejection

of this Plan by one or more classes of creditors or interest holders, pursuant to § 1129(b).

C. Governing Law and Binding Effect. Unless a rule of law or procedure is supplied by federal law

(including the Bankruptcy Code or Rules), the laws of the State of California govern this Plan and any agreements, documents, and instruments executed in connection with this Plan, except as otherwise provided in this Plan. The rights and obligations of any entity named or referred to in this Plan shall be binding upon and shall inure to the benefit of the successors and assigns of such entity.

D. Quarterly Fees. Quarterly fees accruing under 28 U.S.C. § 1930(a)(6) after confirmation shall be paid

to the United States Trustee in accordance with that statute until entry of a final decree, or entry of an order of dismissal or conversion to chapter 7.

E. Closing Case, and Post-Confirmation Status Report. As soon as practicable under Rule 3022, the

Plan proponent shall file a motion with the court to obtain a final decree to close this bankruptcy case, unless good cause is shown to keep this case open. As long as this case is not closed, the Plan proponent must file status reports every 120 days explaining what progress has been made toward substantial consummation of the confirmed Plan. The status report must be served on the United States Trustee, the official creditors’ committee (or, if none, then the twenty largest general unsecured creditors), and those parties who have requested special notice.

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F. Retention of Jurisdiction. After confirmation, the court retains and may exercise jurisdiction over

proceedings concerning: (1) whether Debtor is in material default under this Plan, (2) whether the time for performing any Plan obligation should be extended, (3) adversary proceedings and contested matters pending as of the Effective Date or specifically contemplated in this Plan or in the Disclosure Statement to be filed with the court, (4) whether the case should be dismissed or converted to one under chapter 7, (5) any proceedings to allow or disallow claims or administrative expenses (the court will not review professional fees incurred after the Effective Date, unless otherwise stated in attached exhibits to the Plan or Disclosure Statement), (6) settlements or compromises under Rule 9019, (7) any proceedings under §§ 110, 329, or 362, or regarding sanctions, and (8) any other proceedings, whether or not commenced or contemplated as of the Effective Date, regarding the implementation, interpretation, or enforcement of this Plan or the administration of the bankruptcy case or estate. This retention of jurisdiction, however, will end on the later of (a) __ year(s) (if blank, then two years) after the Effective Date, (b) as to any then-pending adversary proceeding or contested matter, when it is finally resolved by a judgment or order, or (c) as to an individual Debtor’s discharge, when that discharge is granted or denied by final order.

Printed name of signer:Signature:
__________________________________________________________________________
Debtor or other Plan proponent Organization (if applicable):
____________________________________

Date: _________ Title (e.g., President): ____________________________________

Printed name of signer:Signature:
__________________________________________________________________________
Attorney (if any) for Plan proponent Law firm:
____________________________________

Date: _________

Attorney Certification (subject to what the judge may permit/require, this form is not mandatory, but if it is used then it and its exhibits must not be altered without disclosure/authorization as provided below):

I, the undersigned, am legal counsel for the above-referenced Plan proponent, and I hereby certify the following: (1) this Plan, including the attached exhibits A & B, are true and correct copies of the latest versions of the LBR form plan and exhibits approved for use by the United States Bankruptcy Court for the Central District of California; (2) modifications have been made as directed or permitted by written order (docket no. ___) (or, if the presiding judge permits, by other authorization such as oral approval by the court on the record – specify: _ __); and (3) no other alterations or modifications to any provision of such form Plan have been made except as shown by a “redlined” version of this Plan (docket no. ___) or described as follows:

.

I declare under penalty of perjury under the laws of the United States that the foregoing is true and correct.

Date: _______________ Signature: ______________________, Printed name: ________________________.

This form is optional. It has been approved for use by the United States Bankruptcy Court for the Central District of California.

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Attorney or Party Name, Address, Telephone & FAX Nos., State Bar No. & FOR COURT USE ONLY Email Address

Individual appearing without an attorney Attorney for:

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA – LOS ANGELES DIVISION

In re: CASE NO.: 2:14-bk-12345-NB

CHAPTER: 11

DUDLEY DEBTOR – Sample Disclosure Statement – portions of the text that may be filled out are highlighted in teal CHAPTER 11 DISCLOSURE STATEMENT DATED ______, 20

Hearing/Status Conference Date: Time: Courtroom:

Debtor(s) Address:

This Chapter 11 Disclosure Statement (Disclosure Statement) relates to the accompanying Chapter 11

Plan (Plan). The Plan proposes to restructure the financial affairs of the above-named Debtor. You may be entitled to vote on the Plan.

The voting rules are explained below, along with a summary of the Plan and other relevant information. This Disclosure Statement is explanatory only. The Plan will be the binding document, if it is confirmed by the court.

Your rights may be affected. Read these papers carefully and discuss them with your attorney. (If you do

not have an attorney, you may wish to consult one.) Definitions and rules of construction are as set forth below and in the Plan.

PART 1. SUMMARY OF PLAN

Article I of the Plan divides creditors and interest holders into the following groups. The precise

treatment proposed for each group is specified in Exhibit A to the Plan. What follows is only a summary. Please review the Plan carefully. Unclassified claims, such as costs of administering this bankruptcy case, generally are entitled to be paid in full on the Plan’s Effective Date, which is defined in the Plan and should be a short time after the Plan is confirmed.

Use of this form must be authorized by the judge.

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Classes 1 and 2 – Secured Claims (divided into subclasses 1A, 1B, 2A, 2B, etc.) consist of claims secured by Collateral (such as a mortgage/deed of trust secured by a house, a car loan secured by the car, or any other claim secured by a lien on property of the bankruptcy estate), which generally are entitled to be paid in full, over time, with interest. Class 1 is reserved for claims secured only by real estate that is an individual Debtor’s principal residence. Class 2 contains all other secured claims. Class 3 – Priority Claims (divided into subclasses 3A, 3B, etc.) consists of “priority” unsecured claims (for example, wages due to employees that were earned, but unpaid, within 180 days before the bankruptcy petition was filed). Class 4 – General Unsecured Claims consists of “general” unsecured claims (claims that are not entitled to “priority” under the Bankruptcy Code and that are not secured by Collateral), which will receive, over time, the following estimated percentage of their claims (or fixed percentage, if the Plan so provides): ___%. Exception: the Plan may designate a subclass of small “convenience class” claims which will be paid in full on the Effective Date, and in rare situations the Plan may designate additional unsecured subclasses. Class 5 – “Interests”: if Debtor is an organization then “interests” means ownership interests – such as corporate stock, or a partner’s interest in a partnership – and if Debtor is an individual, then Debtor is the interest holder. This class will remain unchanged unless otherwise stated in the exhibits to the Plan or this Disclosure Statement.

Article II of the Plan governs “executory” contracts and unexpired leases (a contract is generally defined

as executory when both Debtor and the other party to the contract have not yet fully performed their obligations, and the unperformed obligations of both parties are significant enough that either party’s breach would excuse the other party from performing). Exhibit B to the Plan specifies whether, on the Effective Date, each such contract or lease (a) will be “assumed” as an obligation of the reorganized Debtor (generally meaning that defaults will be cured and the agreement will be reinstated), or (b) will be assumed and then instantaneously assigned to a specified person, or (c) will be “rejected” (meaning that Debtor will no longer perform under the agreement, and the other party can file a claim for damages resulting from that rejection (§ 502(g)).

Article III of the Plan explains how Debtor will implement the Plan, and exhibits to this Disclosure

Statement describe whether payments under the Plan will be made out of cash on hand, future income, sale(s) of property(ies), or other sources of funding, including supporting calculations. If Debtor is an individual, and if any holder of an allowed unsecured claim objects, then the value of property to be distributed under the Plan must be not less than Debtor’s projected disposable income for 5 years (60 months) from the first Plan payment, or for the total payment period under the Plan, whichever is longer (§ 1129(a)(15)).

Article IV of the Plan provides that Debtor will be discharged from existing debts as provided in

§ 1141(d). Generally this means that (1) if Debtor is not an individual then the discharge occurs when the Plan is confirmed (except for a liquidating Plan), and (2) if Debtor is an individual then (a) the discharge will not occur unless and until Debtor completes all payments under the Plan (all payments for the Plan Term, as specified in Exhibit A to the Plan), unless the court orders otherwise in certain situations, and (b) Debtor will not be discharged from debts that are nondischargeable under § 523. Article IV of the Plan also specifies certain effects of confirmation, including that creditors are prevented from attempting to collect preconfirmation obligations except in specific circumstances or in accordance with the terms of the Plan.

Article V of the Plan includes General Provisions, such as how the Plan can be modified, and a provision

that if the Plan complies with certain technical rules then it can be confirmed even if one or more classes of creditors or interest holders vote to reject the Plan (§ 1129(b)).

PART 2. VOTING ON PLAN, AND OBJECTIONS

A. Who may vote: You are entitled to vote on the Plan unless: (1) your claim or interest is Disputed (as

defined in the Plan); (2) your class is to receive no distribution (presumed to reject the Plan); (3) your class is

Use of this form must be authorized by the judge.

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“unimpaired” (presumed to accept the Plan – see Exhibit A to the Plan for the proponent’s designation of which classes are “impaired”) (§ 1124); or (4) your claim is unclassified (and thus is required by law to be paid in full) (§§ 1123(a)(1) & 1129(a)(9)(A) & (C)). If your claim or interest is Disputed then you must file a motion to have it allowed for voting purposes (you must do that soon, so that your motion can be heard before votes are counted) (Rule 3018(a)).

B. Who may vote in more than one class: If your claim has been allowed in part as a secured claim

and in part as an unsecured claim, or if you otherwise hold claims or interests in more than one class, you are entitled to accept or reject the Plan in each capacity and you should return one ballot for each claim or interest.

C. How to vote: Fill out and return the attached ballot (if you are entitled to vote) by the deadline and

according to the other instructions in the enclosed order or court-approved notice regarding voting and procedures.

D. Effect of vote: The Plan will be confirmed only if (1) it is accepted by each impaired class, or (2) it is

accepted by at least one impaired class (without counting the votes of “insiders,” as defined in § 101(31)) and the court determines that the Plan is “fair and equitable” (as defined by § 1129(b)) to all rejecting classes of creditors, and (3) it meets all of the other legal requirements for confirmation. A class of creditors accepts the Plan if a majority in number and at least two-thirds in dollar amount of the claims in that class are timely voted in favor of the Plan (§ 1126(c)). A class of interests accepts the Plan if at least two-thirds of those interests are timely voted in favor of the Plan (§ 1126(d)).

E. Solicitation of votes: Nobody is permitted to solicit your vote to accept or reject any plan during the

bankruptcy case unless, at or before the time of the solicitation, you have been provided with the plan or a summary of the plan and a written disclosure statement that has been approved by the court as containing adequate information for you to make an informed judgment about the plan. Then any person may solicit your vote for or against the Plan.

F. Who may object: Even if you are not entitled to vote, you can object to confirmation of the Plan if you

believe that the requirements for confirmation are not met (and if you are a party in interest in this bankruptcy case). For the deadlines and procedures, see the enclosed order or court-approved notice.

PART 3. OTHER INFORMATION

A. Background/Risk Factors. Attached as an exhibit to this Disclosure Statement is a brief description

of: (1) Debtor’s history: the events leading to the chapter 11 bankruptcy, and any other relevant history of Debtor’s business and financial affairs; (2) significant events during the bankruptcy case; and (3) exit strategy: steps taken or planned to fix the problems that led to bankruptcy, and the principal risk factors in future.

B. Litigation. Debtor might sue you if, for example, you received a transfer of funds or any other

property from Debtor that is avoidable under the Bankruptcy Code. Other types of claims also may be made, and the Plan proponent has not completed investigations, but the anticipated and pending legal proceedings by or against Debtor are listed in an exhibit to this Disclosure Statement.

C. Feasibility: The Plan cannot be confirmed unless the court finds it feasible. A Plan is feasible if

confirmation of the Plan is not likely to be followed by Debtor’s liquidation or need for further financial reorganization, unless such liquidation or reorganization is proposed in the Plan (§ 1129(a)(11)). The Plan proponent believes it is feasible because, both on the Effective Date and for the duration of the Plan, the proponent estimates that Debtor will have sufficient cash to make all distributions. Projected revenues, expenses, and proposed payments to creditors during the Plan Term are specified in Exhibit C to this Disclosure Statement.

D. Tax consequences of the Plan: (1) Tax consequences to the debtor: The tax consequences to

Debtor of the Plan's implementation, including but not limited to tax attribute reduction and the recognition of gain or loss on any sale of Debtor's assets (and the projected tax thereon), have been taken into account and

Use of this form must be authorized by the judge.

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are properly reflected in the financial projections attached to this Disclosure Statement and Exhibits A and B to the Plan.

(2) Tax consequences to holders of claims and interests: You should consult your own accountant,

attorney and/or advisors as to the tax effect to you of Plan transactions.

[Note: Pursuant to § 1125(a)(1), the court may require a more detailed description of the tax

consequences of the Plan to the debtor and other interested parties, including holders of claims and interests, if the court determines that such information is required in view of the Plan's complexity, the benefit of additional information to creditors and other parties in interest, and the cost of providing additional information].

E. Liquidation analysis: The Plan cannot be confirmed unless the court finds that, for each impaired

class of claims or interests that has not accepted the Plan, the class will receive or retain no less than if Debtor’s bankruptcy estate were liquidated under chapter 7 of the Bankruptcy Code. A liquidation analysis is attached as an exhibit to this Disclosure Statement.

F. Special procedures: This Disclosure Statement and the accompanying Plan, with exhibits, are the

principal documents for Debtor’s proposed financial restructuring, but the court may authorize more lengthy documents to be filed separately (a Plan supplement), or may authorize shorter documents to be served on some classes. Streamlined procedures are encouraged, both to save costs and because that may provide creditors and other parties in interest with more meaningful disclosure. For example, the court may consider: (1) whether, instead of receiving the full Plan and Disclosure Statement, some classes should receive a “court- approved summary” such as a brief table showing the proposed treatment of each class, with prominent instructions on how to request a copy of the full documents and/or review them online (per § 1125(b) & (c) and Rule 3017(d)(1)); (2) whether to establish special procedures for transmitting documents and information “to beneficial holders of stock, bonds, debentures, notes, and other securities” (per Rule 3017(e)), (3) whether to adjust any deadlines (see Rule 9006(c)), and (4) whether to adopt any other special procedures.

I declare under penalty of perjury under the laws of the Printed name of signer: United States that the foregoing and the factual ________________________________ assertions in the attached exhibits are true and correct. Organization (if applicable): Signature:_______________ Debtor or other Plan proponent Title (e.g., President): ___________________________ Date: _________

Printed name of signer:

Signature:_____________________________________ ________________________________ Attorney (if any) for Plan proponent Law firm:Date: _________ ____________________________________

Use of this form must be authorized by the judge.

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Attorney Certification (subject to what the judge may permit/require, this form is not mandatory, but if it is used then it and its exhibits must not be altered without disclosure/authorization as provided below):

I, the undersigned, am legal counsel for the above-referenced Plan proponent, and I hereby certify the following: (1) the foregoing Disclosure Statement and attached exhibits are true and correct copies of the latest versions of the local forms of disclosure statement and exhibits approved for use by the United States Bankruptcy Court for the Central District of California; (2) modifications have been made as directed or permitted by written order (docket no. ___) (or, if the presiding judge permits, by other authorization such as oral approval by the court on the record – specify: _ __); and (3) no other alterations or modifications to any provision of such form have been made except as shown by a “redlined” version of this Disclosure Statement (docket no. ___) or as follows:

I declare under penalty of perjury under the laws of the United States that the foregoing is true and correct.

Date: ___________Signature: ______________________, Print name: __________________________.

Exhibits to Description Exhibits to Description Plan Disclosure Statement A Treatment of Claims and Interests C Projected Revenues and Expenses Treatment of Executory Contracts and B D Recent Financial History Unexpired Leases Additional Description Secured Claims, and any § 1111(b) E Enclosures Analysis Ballot F General Unsecured Claims (Class 4) Order or Notice Regarding Deadlines G Liquidation Analysis and Procedures H Endnotes/Continuation Sheets

Use of this form must be authorized by the judge.

June 2014 Page 5 NWB.CH11.DISCLSR.STMT

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7c. 7d. 7e. 7f. 7g. 7h. 8. 9. 10a.Gen. 10b.Other 11.Total 12. 13. Schedules - - - - - - - - - - - - - - - - - - - - - - - - - - -

7c. 7d. 7e. 7f. 7g. 7h. 8. 9. 10a.Gen. 10b.Other 11.Total 12. 13. Schedules - - - - - - - - - - - - - - - - - - - - - - - - - - - approved 900,000.00 (72,000.00) 828,000.00 139,500.00 been bankruptcy has $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ It recent most property optional. etc. A: A B $ the claims is etc. to sharing division IP form estates, intangibles furnishings Schedule Schedule Schedule collectibles ventures liquidated life benefits, otherTutorial This businesses changes equivalent and in jointand or other pension/profit any total, death or &

profit any total, death or & franchises, goods antiques, receivable support/property interests, are 2014 instruments copyrights, other bankruptcy of bankruptcy hand deposits &Samples sale contingent/unliquidated art, apparrel jewelry equipment policies accounts or on accounts, and refunds from costs 2.Adjusted from Debtor below Annuities Tuition IRAs Stock/interests Partnerships Bonds Accounts Domestic Tax Equitable Inheritances, Other Patents, Licenses, June, 8% Cash Bank Security Household Books, Wearing Furs Hobby Insurance Total Total Dudley Itemized 1. less 3. B.1. B.2. B.3. B.4. B.5. B.6. B.7. B.8. B.9. B.10. B.11. B.12. B.13. B.14. B.15. B.16. B.17. B.18. B.19. B.20. B.21. B.22. B.23.

by Debtor or37 2:14-12345of litigation 20 of Page //__, affiliates status the starting California. relevant pay etc. of and business, of needed. request). tenants, as District 3018-1.CH11.PLAN-DS.EXHIBITS upon F comparable status course 27) paying sheets 22, at management, job of Central 11, current available ordinary new loss or the 10, and a Debtor. for improved. the 9, of claim continuation principals, 547) out Court steadily of dkt.

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Exit Principal Litigation File Endnote# Debtor's 12/26/13 //__ Significant against //__ //__

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Samples and Tutorial Page 21 of 37

EXAMPLE “B”

“STEP” PLAN

(Same Plan and Disclosure Statement except for about a dozen changes – highlighted in blue – to the Worksheet and the data on Exhibits A, C, and H. Only the changed pages are included in this example.)

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unchanged been Estimated 250.00 A-Treatment used1,250.00 40,000.00 20,000.00 70,000.00 10,000.00 has is 500,000.00 450,000.00 claims).
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$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ EXHIBIT(6)LLC height Endnotes (5)Lim row 2A unclassified optional.

IRS minimal - or is /FA form (Ex.F) Description a $ (7) (4)General classes,Tutorial any) arrears arrears arrears (if This Shortwith Bank toand Fees any) up Debtor (more (if DOT DOT DOT 507(a) 507(a) Stock row attorney accountant unsecured 1st 2d 3d § § 507(a)(8) 507(a)(8) 2014 Y/N This § § National 100%Samples (1)(C) Trustee Rows 365)
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---

60 25,000.00 25,000.00 348,000.00

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41 Projections Period 8,948.97 not 5,000.00 1,000.00

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- - - - contributions, explained Effective(projected been 3,500.00 3,500.00 8,500.00 $ has 30,000.00 capital 25,000.00 25,000.00 25,000.00 (21,500.00) $/mo (Ex.H) On 1
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- - -
been Effective(projected occupations On 1 (100.00) (100.00) $/mo $ 4,900.00 (5,000.00) has (Ex.H)
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by Debtor 37 orof litigation 27 of 2:14-bk-12345-NBPage //__, affiliates status the starting California. relevant pay etc. of and business, request). D) of needed. tenants, as District 3018-1.CH11.PLAN-DS.EXHIBITS Ex. comparable status course upon F (see at paying sheets management, job of Central current available 27) ordinary new loss or the and 22, a Debtor. for improved the of claim 11, continuation principals, 547) out 10,

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Samples and Tutorial Page 28 of 37

“TUTORIAL” showing how Source Documents are used to fill out the Exhibits

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WORKSHEET

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