A Massachusetts Order Confirming Chapter 13 Plan, also known as a confirmation order, is a court order issued by a bankruptcy court after a Chapter 13 plan has been filed by a debtor in Massachusetts. This order confirms the plan and allows the debtor to move forward with their repayment plan. The order outlines the payment terms of the plan, including the total amount to be paid, the duration of the plan, and the creditors who will receive payments. There are two types of Massachusetts Order Confirming Chapter 13 Plan: those that are approved with modifications and those that are approved without modifications. In either case, the order will outline the approved payment terms and provide a timeline for the repayment of the debt.
Massachusetts Order Confirming Chapter 13 Plan
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Order Confirming Chapter 13 Plan
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A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
The Chapter 13 Plan must: provide for payments of fixed amounts to the trustee on a regular basis, typically monthly. provide for the full payment of all claims entitled to priority under section 507 such as taxes and child support (unless the holder of a particular claim agrees to different treatment of a claim)
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 .
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
For Boston cases, the Chapter 13 Trustee is Carolyn Bankowski (617) 723-1313; for Worcester cases, the Chapter 13 Trustee is David A. Mawhinney (508) 791-3300.
Once your repayment plan gets confirmed, you must continue to make timely payments to the bankruptcy trustee each month for the duration of your plan. You must also continue to make payments on debts, such as your mortgage or car payment, which you proposed to pay outside of bankruptcy.
Chapter 13 is designed for individuals with regular income who are temporarily unable to pay their debts. Chapter 13 gives them the option to pay their debts in installments over a period of time. You are eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.
Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.
