Nancy L. Kourland represents both creditors and debtors in Chapter 11 bankruptcy matters as an associate at Rosen & Associates in New York City. A Chapter 11 bankruptcy proceeding begins with either the debtor or creditors filing a petition. The debtor then has four months to create a reorganization plan to restore its finances and meet obligations, though courts may approve extensions. The plan is presented to creditors for a vote unless it provides full immediate payment. The court must then approve the plan if creditors approve it and the plan is fair, feasible, and in creditors' best interests.