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.
Indiana Order Confirming Chapter 12 Plan - B 230A
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FAQ
The individual or individual and spouse must be engaged in a farming operation or a commercial fishing operation. The total debts (secured and unsecured) must not exceed $11,097,350 (if a family farmer) or $2,268,550 (if a family fisherman).
In order to be eligible to file for Chapter 13 Bankruptcy, the filing individual(s) must owe less than $1,184,200 in liquidated, noncontingent secured debts, and less than $394,725 in liquidated, noncontingent unsecured debts. 11 U.S.C. §109(e).
"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.
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.
Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief. 11 U.S.C. § 109(e).
