What is a Payment Plan?

Deferred payment plans are a voluntary method of bankruptcy that the US allows individual owners to choose from. If the entrepreneur has a fixed income, as long as the unsecured debt is less than 100,000 US dollars and the guaranteed debt is less than 350,000 US dollars, you can apply for deferred payment. Entrepreneurs need to submit an installment plan for unliquidated debts. The plan must plan future income expenditures for any unliquidated debts and must pay for any debts that are deemed to have priority under the Bankruptcy Act (1979) Debt preparation. In addition, the plan should indicate how much will be paid in total when all payments are completed. The plan also allows ^[1]