New York Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B is a legal document that outlines the procedure for objecting to proposed modifications to a confirmed Chapter 13 repayment plan in the state of New York. This order is crucial for creditors, debtors, and other interested parties involved in Chapter 13 bankruptcy cases. Keywords: New York, Order Fixing Time, Object, Proposed Modification, Confirmed Chapter 13 Plan, B 231B, legal document, procedure, objecting, repayment plan, creditors, debtors, interested parties, bankruptcy cases. Different types of New York Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B include: 1. Voluntary Objector: This refers to a party who elects to object to the proposed modification of a confirmed Chapter 13 plan. It can be a creditor, debtor, or another party with a legal interest in the case. 2. Involuntary Objector: This relates to a situation where the court, on its own initiative, fixes the time for parties to object to the proposed modification of a confirmed Chapter 13 plan. This may occur if the court identifies potential issues or discrepancies that need to be addressed. 3. Creditor's Objection: This pertains to objections raised by one or more creditors regarding the proposed modification of a confirmed Chapter 13 plan. Creditors may object based on various factors, such as the feasibility of the modified plan, the fair treatment of creditors, or the impact on their own financial interests. 4. Debtor's Objection: This refers to objections made by the debtor regarding the proposed modification of their confirmed Chapter 13 plan. Debtors may object if they believe the proposed changes would be unsustainable, unfair, or negatively impact their ability to repay debts. 5. Interested Parties: This includes individuals or entities who have a legal interest in the Chapter 13 bankruptcy case but may not be directly involved as creditors or debtors. Interested parties may object to modifications if they believe their rights or interests would be compromised or if they have relevant information to contribute to the case. In summary, the New York Order Fixing Time to Object to Proposed Modification of Confirmed Chapter 13 Plan — B 231B is a crucial legal document that outlines the process and timelines for objecting to proposed modifications to a confirmed Chapter 13 plan in New York. Various parties, including creditors, debtors, and interested parties, may raise objections based on their legal interests and concerns.
New York 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.
If the court has already confirmed your plan, you will typically have to ask the court to modify your plan by filing a motion and obtaining a hearing date. When you file your motion to modify, you will have to explain why you need to change the terms of your plan.
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.
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 .
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.
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.
A motion to modify a confirmed Chapter 13 plan (also called a motion to amend confirmed plan) is filed typically by the debtor, but these motions can also be filed by the trustee or a creditor with an allowed, unsecured proof of claim.