This form is an order confirming a chapter 12 plan. The plan is confirmed with certain provisions encompassing payment amount, due date of payment, and period of payments.
Florida Order Confirming Chapter 12 Plan - B 230A
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How to fill out Order Confirming Chapter 12 Plan - B 230A?
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An unsecured creditor with a nonpriority claim must be paid at least as much as the creditor would have received had the debtor filed under Chapter 7, and the payments need not be in cash. Nonpriority claims may be paid in cash, property, or securities of the debtor or the successor to the debtor under the plan.
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.
"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.
The essential parts of a Chapter 12 repayment plan include the following. Required plan payments. During the plan period, the debtor must turn over all "disposable income" to the Chapter 12 trustee. ... Mortgages and other secured claims. ... Trustee fee. ... Discharge of debt.
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
Chapter 12 and Chapter 13 are basically the same filing, except that Chapter 12 is for family farmers and Chapter 13 is for other individuals. As long as you have a steady, reliable income, less than $269,250 in unsecured debt and less than $807,750 in secured debt, you can file Chapter 13.
Chapter 12 bankruptcy was devised to help farms and fisheries pay off their debts through a process of reorganization rather than liquidation. It recognizes the special challenges that these types of businesses face and is usually the best bankruptcy option for those that qualify.
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations.
