Massachusetts Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B is a legal document that outlines the procedures and deadlines for objections to proposed modifications of a confirmed Chapter 13 bankruptcy plan in the state of Massachusetts. This order ensures that all parties involved have sufficient time to review and respond to any changes made to a previously approved repayment plan. Chapter 13 bankruptcy is a type of debt restructuring process that allows individuals with regular income to develop a plan to repay their debts over a period of three to five years. It is often utilized by individuals who do not qualify for Chapter 7 bankruptcy or wish to protect certain assets from liquidation. In Massachusetts, there may be different types of Massachusetts Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B, depending on the specific circumstances of the case. Some possible variations could include: 1. Standard Order Fixing Time to Object to Proposed Modification: This order is issued in typical Chapter 13 cases where the debtor seeks modifications to the confirmed repayment plan. It establishes a specific timeline for all interested parties, including creditors, to object to the proposed changes. The order may specify the deadline for filings, the manner of filing objections, and the date of the hearing for the court to consider objections. 2. Expedited Order Fixing Time to Object to Proposed Modification: This type of order may be utilized in urgent situations where time is of the essence. It accelerates the objection process to allow for swift modifications to the bankruptcy plan. Such cases may involve imminent changes in the debtor's financial situation or other exceptional circumstances. 3. Jointly Proposed Order Fixing Time to Object to Proposed Modification: In some instances, the debtor and the trustee overseeing the Chapter 13 bankruptcy case may agree on proposed modifications to the confirmed plan. This jointly proposed order establishes the timeline for objections and sets the stage for a potential agreement between the parties. Regardless of the specific type of Massachusetts Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B, it plays a crucial role in maintaining the integrity and fairness of the bankruptcy process. It ensures that all interested parties have an opportunity to review, object to, or support any modifications to the debtor's repayment plan, contributing to the transparency and accountability of the bankruptcy system in Massachusetts.
Massachusetts Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan - B 231B
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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. Modifying Your Chapter 13 Plan Payment | Nolo nolo.com ? legal-encyclopedia ? modifying-... nolo.com ? legal-encyclopedia ? modifying-...
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.
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.
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.
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 . What is an Order Confirming a Chapter 13 Plan? uscourts.gov ? what-order-confirming-... uscourts.gov ? what-order-confirming-...
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. Chapter 13 - What is an Objection to Confirmation? kellycanhelp.com ? blog ? chapter-13-what-is-an-... kellycanhelp.com ? blog ? chapter-13-what-is-an-...
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).