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.
Michigan Order Confirming Chapter 12 Plan - B 230A
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FAQ
"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.
The cram down effect provides that the court may approve a rehabilitation plan over the opposition of creditors, holding a majority of the total liabilities of the debtor if, in its judgment, the rehabilitation of the debtor is feasible and the opposition of the creditors is manifestly unreasonable. (
Chapter 7 bankruptcy works well for low-income debtors with little or no assets or those who can protect all household belongings. If you don't have any assets to sell, creditors receive nothing.
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.
Meaning of cram something down in English to eat a lot of something quickly: I just had time to cram down a few biscuits before we left. Eating.
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).
Crammed down refers to an investor or creditor being forced to accept undesirable terms. Crammed down is mainly used to describe either a dilutive venture capital (VC) financing round or the imposition of a bankruptcy reorganization plan by the court.
