The plan of reorganization should specify the claims that the debtor proposes to pay, in whole or in part, and the terms of such payments over time -- often at least five years. The debtor must provide sufficient information for each creditor to determine exactly what, if anything, he or she will recover if the debtor's proposed plan is approved by the court. The plan will include separate classes of similar types of claims, whether secured, or unsecured, etc., as well as specified percentages of the value of the claims asserted against the debtor.
In order to maximize your recovery, you must exercise a role in this process. Merely filing a proof of claim, without more follow-up, is unlikely to generate the best result for you. The basis for your claim may be so unique, compared to the debtor=s other creditors, that you are in a class of one or just a few creditors, without whose support the debtor cannot obtain approval of the plan. As the debtor's goal is to obtain approval of its reorganization plan, you may be in a position to achieve a better-than-expected result, depending on the debtor and the overall value of the claims asserted in the case.
Once a reorganization plan is confirmed by the court, any claims that could or should have been brought against the debtor at the time of or before the bankruptcy filing will be discharged. If you wait to act after the defendant employer reports that it has emerged from bankruptcy, it probably will be too late to protect your claims.