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Answer :
Final answer:
Creditors must wait 18 months after a firm files for bankruptcy protection to submit their reorganization plan, in accordance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Explanation:
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, creditors must wait 18 months after a firm files for bankruptcy protection before they can submit their own reorganization plan to the court. This period allows the debtor company a chance to propose their own plan and work on its confirmation without the competition of plans from creditors. This mechanism is in place to encourage a debtor-focused resolution during the initial stages of bankruptcy proceedings.
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