A New Mexico Order Confirming Chapter 13 Plan is a court order issued by a bankruptcy court upon completion of a Chapter 13 repayment plan. This order confirms and approves the repayment plan, which is a document that outlines the debtor's repayment plan to creditors. The Order Confirming Chapter 13 Plan details the amount of money the debtor will pay to creditors, as well as the terms of the repayment. This Order also sets the amount of time the debtor has to complete the repayment plan. There are two types of New Mexico Order Confirming Chapter 13 Plan: the Joint Plan and the Individual Plan. The Joint Plan is prepared with the help of a bankruptcy attorney and is submitted to the court by the debtor and the debtor's spouse. The Individual Plan is prepared and submitted by the debtor alone.
New Mexico Order Confirming Chapter 13 Plan
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FAQ
The Chapter 13 Plan must: provide for payments of fixed amounts to the trustee on a regular basis, typically monthly. provide for the full payment of all claims entitled to priority under section 507 such as taxes and child support (unless the holder of a particular claim agrees to different treatment of a claim)
Once you've completed your Chapter 13 repayment plan, most remaining nonpriority unsecured debt balances will get discharged. Student loan balances are a notable exception?you'll remain responsible for those (at least for the present). Student loans fall into the category of nonpriority unsecured debts.
Once your repayment plan gets confirmed, you must continue to make timely payments to the bankruptcy trustee each month for the duration of your plan. You must also continue to make payments on debts, such as your mortgage or car payment, which you proposed to pay outside of bankruptcy.
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 .
A Chapter 13 confirmation hearing is a court proceeding at which a bankruptcy judge decides whether someone has sufficient income to qualify for Chapter 13 bankruptcy. At the confirmation hearing, the judge reviews the filer's proposed plan to repay creditors.
The chapter 13 confirmation order is, in essence, a final judgment that binds each creditor to the terms stated in the chapter 13 plan. Once the bankruptcy judge issues an order confirming the plan, the creditors are just as bound by the terms of the confirmation plan as the debtor is.
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
After receiving all required payments under the plan (including any tax refunds owed) and completing an audit to determine that all amounts owed were received, the Chapter 13 Trustee will file a Certificate of Final Payment with the Bankruptcy Court.