Colorado Order Confirming Chapter 12 Plan — B 230A is a legal document issued by the court to approve and confirm a Chapter 12 bankruptcy plan in Colorado. This order is crucial for individuals or families engaged in farming or fishing businesses as it helps them reorganize their debts and operations while retaining control over their assets. The Chapter 12 bankruptcy plan under the federal law provides specific provisions tailored to family farmers or fishermen, helping them overcome financial difficulties and develop a feasible repayment plan. The Colorado Order Confirming Chapter 12 Plan — B 230A outlines the specifics of this plan, addressing key aspects such as debt reorganization, asset preservation, and repayment schedules. Different types of Colorado Order Confirming Chapter 12 Plan — B 230A may vary based on the specific details and conditions of the bankruptcy case. For example: 1. Standard Repayment Plan: This type of plan typically involves a three to five-year repayment period, during which the debtor adheres to a monthly payment schedule, gradually repaying their debts and getting financially stable. 2. Seasonal Payment Plan: Since farming and fishing businesses often experience fluctuating incomes based on seasonal demands, this plan structures the repayment schedule to align with their peak earning periods. It allows debtors to make larger payments during prosperous seasons and smaller ones during lean periods. 3. Loan Modification Plan: In some cases, debtors may consider modifying the terms of their existing loans, such as reducing interest rates or extending the repayment period. These modifications can be included in the Chapter 12 Plan, subject to court approval. 4. Asset Liquidation Plan: Although the primary goal of Chapter 12 bankruptcy is to reorganize debts and preserve assets, in some instances, debtors may need to sell certain assets to repay creditors. This particular type of plan outlines the process of asset liquidation, ensuring fair distribution of proceeds to settle debts. In conclusion, the Colorado Order Confirming Chapter 12 Plan — B 230A is a vital legal document that solidifies the approved Chapter 12 bankruptcy plan for family farmers or fishermen in Colorado. It caters to their unique financial realities and aims to provide them with a much-needed fresh start through a structured repayment plan.
Colorado Order Confirming Chapter 12 Plan - B 230A
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FAQ
A cramdown is the imposition of a bankruptcy reorganization plan by a court despite any objections by certain classes of creditors. A cramdown is often utilized as a part of the Chapter 13 bankruptcy filing and involves the debtor changing the terms of a contract with a creditor with the help of the court.
The cram down effect provides that the court may approve a rehabilitation plan over the opposition of creditors, holding a majority of the total liabilities of the debtor if, in its judgment, the rehabilitation of the debtor is feasible and the opposition of the creditors is manifestly unreasonable. (
Crammed down refers to an investor or creditor being forced to accept undesirable terms. Crammed down is mainly used to describe either a dilutive venture capital (VC) financing round or the imposition of a bankruptcy reorganization plan by the court.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
Meaning of cram something down in English to eat a lot of something quickly: I just had time to cram down a few biscuits before we left. Eating.
"Cram down" simply means the process by which the bankruptcy court can, as part of the confirmation of a Chapter 12 Bankruptcy Plan, force treatment upon an objecting creditor, provided the Plan otherwise meets all of the other confirmation criteria under Section 1225 of the Bankruptcy Code.