Missouri Order Confirming Chapter 13 Plan — B 230B is a legal document that plays a crucial role in the bankruptcy process specifically for Chapter 13 cases in the state of Missouri. This order confirms the proposed repayment plan outlined by the debtor (an individual or married couple) and ensures its acceptance by the bankruptcy court. Chapter 13 bankruptcy is designed for individuals with regular income who are unable to fully repay their debts. Unlike Chapter 7 bankruptcy, which involves liquidation of assets to discharge debts, Chapter 13 allows debtors to create a repayment plan to gradually pay off their creditors over a specified period, typically three to five years. The Order Confirming Chapter 13 Plan — B 230B serves as the official approval of the debtor's proposed repayment plan by the court. It addresses the terms, duration, and conditions of the plan, ensuring it complies with the bankruptcy laws of Missouri. This includes details such as the total amount to be repaid, the frequency of payments, how creditors will be prioritized, and any modifications or exceptions allowed. Additionally, the Order Confirming Chapter 13 Plan — B 230B may vary in certain circumstances and categories within Missouri. These variations can include: 1. Standard Plan: The most common type of Chapter 13 plan, where the debtor uses their disposable income to make regular payments towards the creditors according to a scheduled repayment plan. 2. Zero-Percent Plan: In some cases, debtors may propose a plan where unsecured creditors, such as credit card companies, receive no payment or a minimal percentage of their total claim. 3. Cram down Plan: This plan allows debtors to reduce the outstanding balance on secured debts to the fair market value of the collateral. For example, if a debtor owes $15,000 on a car that is currently valued at $10,000, they can propose a repayment plan based on the reduced amount. 4. Multiplier Plan: Debtors may sometimes require a longer repayment period beyond the standard three to five years. In such cases, they may propose a multiplier plan that extends the duration of the repayment plan to ensure they can feasibly meet their obligations. It is essential to consult with a qualified bankruptcy attorney to understand the specifics of Missouri Order Confirming Chapter 13 Plan — B 230B as it relates to an individual's unique financial situation. Following the court's approval of the plan, the debtor must adhere to the established terms to successfully complete the Chapter 13 bankruptcy process and achieve financial stability.
Missouri Order Confirming Chapter 13 Plan - B 230B
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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.
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).
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
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.
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.
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.
Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Missouri bankruptcy exemptions. Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation.
You can initiate the process by filing a motion with the court, explaining why you want to convert the case. The court is likely to grant you this opportunity unless you are ineligible or show bad faith. An example of bad faith could include concealment of assets in the Chapter 7 case.