The Oregon Order Confirming Chapter 13 Plan — B 230B is a legal document that pertains to bankruptcy proceedings under Chapter 13 of the United States Bankruptcy Code. This order is specific to the state of Oregon and serves to confirm and approve a proposed repayment plan submitted by an individual or debtor seeking to reorganize their debts. Keywords: Oregon, Order Confirming, Chapter 13 Plan, B 230B, bankruptcy proceedings, United States Bankruptcy Code, repayment plan, reorganize debts. There may be different types of Oregon Order Confirming Chapter 13 Plan — B 230B, depending on the specifics of each individual case and the unique circumstances of the debtor's financial situation. The document itself, B 230B, is a standard form utilized in Oregon bankruptcy courts for confirming Chapter 13 repayment plans. It is crucial to note that the Chapter 13 bankruptcy process allows individuals with a regular income to create a repayment plan that will span over a period of three to five years. This court-approved plan enables debtors to retain their assets while gradually paying off their debts to creditors. The Oregon Order Confirming Chapter 13 Plan — B 230B is a vital part of this process, as it solidifies the agreement between the debtor and the court on the terms and conditions of the repayment plan. It outlines the debtor's responsibilities, such as making regular payments to the trustee assigned to their case. The plan typically includes provisions for repaying priority debts (e.g., taxes or child support), secured debts (e.g., mortgages or car loans), and unsecured debts (e.g., credit card or medical bills). The precise terms of the plan will vary depending on the debtor's specific financial situation and the court's assessment of their ability to repay their debts. Once the debtor successfully completes the repayment plan as outlined in the Oregon Order Confirming Chapter 13 Plan — B 230B, they may receive a discharge, which relieves them of any remaining unpaid dischargeable debts. It is essential to follow all the terms of the confirmed plan diligently to benefit from the debt relief provided by Chapter 13 bankruptcy. In conclusion, the Oregon Order Confirming Chapter 13 Plan — B 230B is a significant legal document in the bankruptcy process that confirms and approves a debtor's proposed repayment plan. It is crucial for individuals undergoing Chapter 13 bankruptcy in Oregon to understand the terms and requirements outlined in this order to navigate the process successfully and achieve their desired financial fresh start.
Oregon Order Confirming Chapter 13 Plan - B 230B
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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.
Your Chapter 13 bankruptcy case officially ends when the court issues a final decree. This is different from the discharge order, which erases qualifying debts but does not close the case. The court can close a case without issuing a discharge if the debtor does something wrong or forgets a step in the process.
Chapter 13 is a special part of the bankruptcy law. It lets you file a payment plan and gives you a way to repay all or part of your debts while protecting you or your co-signer from claims by creditors. The plan essentially sets out your debts and says how you intend to pay them.
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.
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).
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
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.
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.