Massachusetts Order Confirming Chapter 13 Plan — B 230B is a legal document specific to bankruptcy cases filed under Chapter 13 in Massachusetts. This order serves as a confirmation of the debtor's proposed repayment plan, outlining the terms and conditions that will govern their debt repayment over a specified period. Chapter 13 bankruptcy is designed for individuals with a regular income who want to reorganize their debts while having the opportunity to retain their assets. The order confirming a Chapter 13 plan is crucial as it signifies the court's acceptance of the debtor's proposed plan and gives them the chance to repay their creditors gradually over three to five years. The Massachusetts Order Confirming Chapter 13 Plan — B 230B encompasses various significant aspects of the repayment plan. It establishes the monthly payment amount that the debtor needs to make to the trustee, who will then distribute the funds to the creditors accordingly. The order also outlines the duration of the payment plan, typically ranging from thirty-six to sixty months. Additionally, the order may specify any modifications made to the debtor's original plan, such as adjustments in payment amounts or the inclusion of additional creditors. If the debtor complies with the terms of the approved plan and completes all payments as scheduled, they may be eligible for a discharge of remaining debts at the end of the repayment period. While the Massachusetts Order Confirming Chapter 13 Plan — B 230B is the primary form for confirming Chapter 13 plans, there may be variations or different types of related orders applicable in specific situations. These variations can include plan modifications due to changes in circumstances, amendments addressing post-confirmation issues, or orders regarding the treatment of secured debts. It is crucial for debtors in Massachusetts to understand the requirements and implications outlined in the Massachusetts Order Confirming Chapter 13 Plan — B 230B. Working closely with an experienced bankruptcy attorney is highly recommended ensuring compliance with the necessary procedures and regulations associated with Chapter 13 bankruptcy. A knowledgeable attorney can guide debtors through the process and help them achieve their goals of debt reorganization and financial stability.
Massachusetts Order Confirming Chapter 13 Plan - B 230B
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Modification after confirmation. The court and the trustee will ask you to explain why you need to change your plan payments and provide proof of your changed circumstances (such as a job loss or a reduction in income). If satisfied, the court will order a new plan payment for the duration of your case.
In a Chapter 13, an objection to confirmation is basically a written statement from the Chapter 13 Trustee or a creditor of the debtor that there is something wrong with the case that needs to be fixed before the confirmation hearing.
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.
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 .
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.
The bankruptcy court must confirm a plan if (1) the plan satisfies the provisions of chapter 13 and other applicable provisions of title 11; (2) it is proposed in good faith; (3) it is in the best interests of creditors, and defined by subsection (a)(4) of Section 1325; (4) it has been accepted by the holder of each ...
Chapter 13 Plan Confirmation Requirements Whether your plan is practical in terms of making the required payments on time. Whether unsecured creditors will get at least the amount they would have gotten had you filed a Chapter 7 bankruptcy.