A Hawaii Order Approving Disclosure Statement and Fixing Hearing on Confirmation — Form 13 is a legal document that is used in bankruptcy cases in the state of Hawaii. It serves as a means for the court to review and approve a disclosure statement submitted by the debtor, which provides detailed information about the debtor's financial situation, assets, liabilities, and plans to repay their debts. The purpose of this form is to ensure that all relevant information is disclosed to the creditors and the court, allowing them to make informed decisions regarding the debtor's proposed plan of reorganization. The disclosure statement must be comprehensive and accurate, providing a clear picture of the debtor's financial affairs. The approval of the disclosure statement is significant, as it paves the way for the next step in the bankruptcy process — the confirmation hearing. This hearing is scheduled by the court, where interested parties such as creditors, investors, and other stakeholders have an opportunity to review and contest the proposed reorganization plan. It is important to note that there may be different versions of the Hawaii Order Approving Disclosure Statement and Fixing Hearing on Confirmation — Form 13. These variations may depend on whether the bankruptcy case is governed by the PRE or post-2005 act. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAP CPA) brought about significant changes to bankruptcy laws, and therefore, the form may have been updated to reflect these changes. It is crucial for debtors and their legal representatives to use the correct version of the form in order to comply with the current bankruptcy laws and procedures. Filing the incorrect form may result in delays or complications in the bankruptcy process. In summary, a Hawaii Order Approving Disclosure Statement and Fixing Hearing on Confirmation — Form 13 is a crucial document in the bankruptcy process. It ensures that all relevant financial information is disclosed to creditors and the court, and it sets the stage for the confirmation hearing where the proposed reorganization plan is reviewed and potentially approved.
Hawaii Order Approving Disclosure Statement and Fixing Hearing on Confirmation - Form 13 - Pre and Post 2005 Act
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How to fill out Hawaii Order Approving Disclosure Statement And Fixing Hearing On Confirmation - Form 13 - Pre And Post 2005 Act?
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The chapter 13 trustee may file an objection to the confirmation of an amended plan no later than fourteen (14) days from the date the amended plan is filed or five (5) days before the date set for the first confirmation hearing, whichever is earlier.
For most creditors the objection is about whether or not they are being treated correctly under the law. For the trustee the objection is usually about how a class of creditors is being treated and whether the plan complies with the requirements of the law on the whole.
Any Chapter 13 debtor who receives an objection to confirmation should first take a deep breath and relax. Then, they should pick up the phone and call their bankruptcy attorney and ask for an explanation of the objections. In the vast majority of cases, the objections can easily be fixed.
If the court declines to confirm the plan or the modified plan and instead dismisses the case, the court may authorize the trustee to keep some funds for costs, but the trustee must return all remaining funds to the debtor (other than funds already disbursed or due to creditors).
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.