Title: Colorado Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A: Detailed Description and Types Introduction: In Colorado, an order fixing the time to object to a proposed modification of a confirmed Chapter 12 plan helps ensure that all parties involved have ample opportunity to express their concerns or objections. This formal procedure aims to maintain fairness, transparency, and adherence to bankruptcy laws. This article will provide a detailed description of the Colorado Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A, as well as mention different types of related orders. Detailed Description: A Colorado Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A is issued in accordance with the Chapter 12 provisions of the United States Bankruptcy Code. It sets forth a specific timeframe within which parties can raise objections to proposed modifications made to a previously confirmed Chapter 12 bankruptcy plan. This order protects the rights and interests of both the debtor and the creditors involved in the bankruptcy case. The Colorado Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A will typically include the following essential details: 1. Debtor Information: It will state the debtor's name, case number, and contact information for ease of reference. 2. Modified Plan Details: The order will outline the proposed modification(s) to the previously confirmed Chapter 12 plan. This may include changes to repayment terms, extending the plan duration, modifying creditor claims, or any other alterations being sought. 3. Timeframe for Objecting: The order will establish a specific deadline by which all parties must file their objections to the proposed modification(s). This deadline is crucial as it allows the court to efficiently address any concerns before relevant hearings or proceedings. 4. Filing Procedures: The order may provide instructions on how to file objections, including the required forms, methods of submission, and any additional documentation that needs to be included. Types of Colorado Orders Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A: 1. Partial Modification: This type of order addresses cases where only specific aspects of the confirmed Chapter 12 plan are being modified, without altering the plan entirely. It could involve adjustments to repayment terms, revised creditor priority, or the inclusion/exclusion of certain debts. 2. Complete Modification: In cases where significant changes are being proposed to the previously confirmed Chapter 12 plan, a complete modification order may be issued. This order will outline all the modifications being sought and their impact on the overall plan. Conclusion: Colorado's Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan — B 231A is a critical legal instrument in bankruptcy proceedings. It allows all relevant parties to voice their concerns or objections related to proposed modifications to a previously confirmed Chapter 12 plan. By ensuring a fair and transparent process, this order helps maintain the integrity of the bankruptcy system while protecting the rights and interests of both debtors and creditors.
Colorado Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 12 Plan - B 231A
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Modification after confirmation. The court and the trustee will ask you to explain why you need to change your plan payments and provide proof of your changed circumstances (such as a job loss or a reduction in income). If satisfied, the court will order a new plan payment for the duration of your case.
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
In a Chapter 11 case in which the debtor is not an individual, a request for post confirmation modification must be made prior to substantial consummation of the plan. A modification is effective only if the court, after notice and a hearing, confirms the plan as modified.
An objection to the allowance of a claim and a notice of objection that substantially conforms to the appropriate Official Form shall be filed and served at least 30 days before any scheduled hearing on the objection or any deadline for the claimant to request a hearing.
Modification after confirmation. The court and the trustee will ask you to explain why you need to change your plan payments and provide proof of your changed circumstances (such as a job loss or a reduction in income). If satisfied, the court will order a new plan payment for the duration of your case.
An order confirming the chapter 13 plan is a Bankruptcy judge's approval of the Debtor's proposed chapter 13 repayment plan. For more information, see 11 U.S.C. §1325 .
If the court confirms the plan, the chapter 13 trustee will distribute funds received under the plan "as soon as is practicable." 11 U.S.C. § 1326(a)(2). If the court declines to confirm the plan, the debtor may file a modified plan.
Post-Confirmation means the period commencing on the date the Court enters the Confirmation Order and continuing thereafter until the case is closed by the Order of the Court.