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.
Nebraska Order Confirming Chapter 12 Plan - B 230A
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How to fill out Order Confirming Chapter 12 Plan - B 230A?
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The essential parts of a Chapter 12 repayment plan include the following. Required plan payments. During the plan period, the debtor must turn over all "disposable income" to the Chapter 12 trustee. ... Mortgages and other secured claims. ... Trustee fee. ... Discharge of debt.
Chapter 12 bankruptcy was devised to help farms and fisheries pay off their debts through a process of reorganization rather than liquidation. It recognizes the special challenges that these types of businesses face and is usually the best bankruptcy option for those that qualify.
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 .
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.