New Jersey Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B: Detailed Description and Types In New Jersey, an "Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B" refers to a legal document issued by a court, setting a specific deadline for parties involved in a Chapter 13 bankruptcy case to object to any proposed modifications to a previously confirmed repayment plan. This order ensures that all interested parties have a fair opportunity to review and respond to proposed changes that may affect their rights and interests. This type of order is critical in the bankruptcy process, specifically within Chapter 13, which is a reorganization bankruptcy that allows individuals with regular income to create a repayment plan to satisfy their debts over a specified period. Once the court confirms the plan, it becomes legally binding on both the debtor and the creditors. However, there may be instances where a debtor seeks to modify the confirmed Chapter 13 plan due to unforeseen circumstances, such as changes in income, medical expenses, or any other legitimate reasons. In such cases, the court requires a formal process to review and approve these modifications. Types of New Jersey Orders Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B: 1. Initial Order Fixing Time to Object: This type of order is typically issued when a debtor initially files a request for modification to their confirmed Chapter 13 plan. It sets a specific time period within which interested parties must file any objections to the proposed modifications. 2. Amended Order Fixing Time to Object: In some situations, the debtor may need to amend their proposed modifications or introduce additional changes. An amended order is then issued, updating the deadline for objections based on the new proposed modifications. 3. Order Extending Time to Object: On rare occasions, the court may grant an extension to the deadline for objections if there are valid reasons presented by any of the interested parties. This order specifies the extended timeframe within which objections must be filed. Key Keywords: Jerseysse— - Order Fixing Time to Object — ProposeModificationio— - Confirmed Chapter 13 Plan — B 2—1Bankruptcyuptc— - Repayment Plan - Debtor — Credi—or - Cour— - Deadline - Objections — Amendme—ts - Extensio— - Interested Parties By using these relevant keywords, this content can help individuals understand the purpose and implications of a New Jersey Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B.
New Jersey 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.
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.
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.
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.
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).