Puerto Rico Order Confirming Chapter 13 Plan — B 230B is a legal document that pertains to the bankruptcy process in Puerto Rico. This document confirms and approves the repayment plan proposed by the debtor in a Chapter 13 bankruptcy case. Chapter 13 bankruptcy is a form of debt restructuring that allows individuals with a regular source of income to create a repayment plan to pay off their debts over a period of time, usually three to five years. The purpose of this plan is to provide debtors with the opportunity to regain financial stability while addressing their outstanding debts. The Puerto Rico Order Confirming Chapter 13 Plan — B 230B is significant as it signifies the court's approval of the proposed repayment plan. It ensures that the debtor's plan is feasible, fair, and in compliance with the legal requirements of Chapter 13 bankruptcy. Once the court confirms the plan, the debtor must adhere to its terms and make regular payments to the assigned trustee for distribution to creditors. In Puerto Rico, there may be different types or variations of the Order Confirming Chapter 13 Plan — B 230B, depending on the specific circumstances of the debtor's case. These variations might include: 1. Standard Plan — This is the most common type of Chapter 13 plan, wherein the debtor proposes to repay a portion of their debts over the designated period according to a predetermined payment schedule. The plan usually includes secured debts, such as mortgages or car loans, and priority debts, like taxes and domestic support obligations. 2. Cram down Plan — In certain situations, debtors may propose a "cram down" plan that allows them to reduce the principal balance or interest rates on certain secured debts to the value of the collateral. This type of plan is commonly used for vehicles or other properties where the fair market value is significantly lower than the outstanding loan amount. 3. Zero Percent Plan — In rare cases, debtors with limited disposable income may propose a plan where unsecured creditors receive no payment or a nominal amount. These plans are typically suitable for debtors whose income is below the median income level for their household size and do not have sufficient disposable income to make significant payments to unsecured creditors. 4. Modified Plan — If a debtor experiences a change in circumstances during the repayment period, such as a job loss or medical condition, they may request a modification to their Chapter 13 plan. A modified plan may involve reducing the monthly repayment amount or extending the repayment period to accommodate the debtor's new financial situation. It is important to consult with a qualified bankruptcy attorney or legal professional in Puerto Rico to determine the specific requirements and options available for a Chapter 13 plan under Order Confirming Chapter 13 Plan — B 230B. Each case is unique, and tailored guidance is crucial for a successful bankruptcy process.
Puerto Rico Order Confirming Chapter 13 Plan - B 230B
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For example, a creditor may object or threaten to object to a plan, or the debtor may inadvertently have failed to list all creditors. In such instances, the plan may be modified either before or after confirmation. 11 U.S.C. §§ 1323, 1329.
Some common reasons creditors object to Chapter 13 plan confirmation include: Disagreement about the outstanding balance on the debt. Disagreement about the past-due amount. Objection to a ?cramdown? of an automobile loan.
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. (e) First Chapter 13 Confirmation Hearings.
In Chapter 13 bankruptcy, you propose a creditor repayment plan that lasts between three and five years. The plan length will depend on two factors: your monthly income, and. how much time you need to pay the required amount.
An objection to the allowance of a claim and a notice of objection that substantially conforms to the appropriate Official Form shall be filed and served at least 30 days before any scheduled hearing on the objection or any deadline for the claimant to request a hearing.
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.
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.