This form is an order confirming a chapter 13 plan. The plan is confirmed with certain provisions encompassing payment amount, due date of payment, and period of payments.
Iowa Order Confirming Chapter 13 Plan - B 230B
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How to fill out Order Confirming Chapter 13 Plan - B 230B?
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In bankruptcy law, a hearing generally occurs related to either Chapter 13 or Chapter 11 federal bankruptcy. Here, a confirmation hearing is a court proceeding wherein a judge either approves or rejects a proposed debtor repayment plan, based on its feasibility and other legal requirements.
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.
At the confirmation hearing, the judge reviews the filer's proposed plan to repay creditors. The plan is "proposed" because it isn't accepted automatically. Someone can object to it if it appears a creditor isn't getting paid the right amount.
An objection to the confirmation of a chapter 13 plan shall be made by motion setting forth the facts and legal arguments that give rise to the objection in sufficient detail to allow the debtor to file a reply or an amended plan that addresses the objection.
TO CHANGE HOW MUCH MONEY IS BEING PAID TO CERTAIN CREDITORS. Chapter 13 debtors can modify their plans to change how much money is going to certain creditors based on payments made to those creditors outside of the Chapter 13 plan.
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 .
Plan confirmation serves as a formal approval of your plan. It locks it in stone so-to-speak. This is a big milestone in Chapter 13 because you normally get certain privileges back when your plan is confirmed. You can start rebuilding your credit, for example. It also makes it easier to get a new car.