Oregon Chapter 13 Plan-Motion To Value Collateral And Avoid Liens (For Cases Filed On Or After 10-17-05) is a motion that is filed with the court to determine the value of collateral and avoid liens in a Chapter 13 bankruptcy case. The motion is used to identify the amount of a secured debt that is subject to repayment and the amount of any liens on the property that can be avoided. The motion proposes a plan to value the collateral and a plan to avoid the liens. There are three types of Chapter 13 Plan-Motion To Value Collateral And Avoid Liens (For Cases Filed On Or After 10-17-05): 1) Motion to Value Personal Property; 2) Motion to Value Real Property; and 3) Motion to Avoid Lien. The Motion to Value Personal Property is used to determine the value of personal property that is secured by a lien (e.g., car loan, furniture loan, etc.). The Motion to Value Real Property is used to determine the value of real property that is secured by a lien (e.g., mortgage loan, home equity loan, etc.). The Motion to Avoid Lien is used to avoid liens on the personal or real property that the debtor is proposing to retain in the Chapter 13 Plan.
Oregon Chapter 13 Plan-Motion To Value Collateral And Avoid Liens (For Cases Filed On Or After 10-17-05)
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FAQ
An objection to the confirmation of a chapter 13 plan shall be made by motion setting forth the facts and legal arguments that give rise to the objection in sufficient detail to allow the debtor to file a reply or an amended plan that addresses the objection.
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)
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
The appointed trustee will collect and take control of a debtor's non-exempt assets, liquidate them, and distribute the proceeds to creditors.
A motion to prohibit use of cash collateral arises most frequently in a Chapter 11 case. "Cash collateral" is defined in 11 U.S.C. 363(a) as property on which one or more creditors has a lien. Before using that cash collateral, the debtor is supposed to get Court approval.
Advantages Offered in Chapter 13 but Not Chapter 7 You Can Catch Up on a Mortgage or Car Loan.You Can Force a Creditor Into a Payment Plan.You Can Protect a Codebtor on a Personal Debt.You Can Keep Property You'd Lose in Chapter 7.
Unlike chapter 7, creditors do not have standing to object to the discharge of a chapter 12 or chapter 13 debtor. Creditors can object to confirmation of the repayment plan, but cannot object to the discharge if the debtor has completed making plan payments.