A Texas Order Confirming Chapter 13 Plan is a court-approved legal document that confirms a debtor's repayment plan under Chapter 13 of the U.S. Bankruptcy Code. This document outlines the terms of repayment set out by the debtor and approved by the court, including the payment schedule, the amount to be paid, and the timeline for completion of the repayment plan. There are two types of Texas Order Confirming Chapter 13 Plans: a Standard Plan and a Modification Plan. The Standard Plan is the most common and outlines the original terms of repayment agreed upon by the debtor and the court. The Modification Plan is used when the debtor wishes to modify the repayment plan, either by extending the timeline of payments or reducing the amount to be paid. Both plans must be approved by the court before they can be put into effect.
Texas Order Confirming Chapter 13 Plan
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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 .
Possible objections to Chapter 13 bankruptcy plans Lack of good faith ? Creditors are entitled to receive at least as much in a Chapter 13 as they would if the debtor had filed a Chapter 7 liquidation.Inaccurate listing of debt ? The plan must list the debtor's full amount of unsecured debt.
Objections must be filed within 21 days after the conclusion of the 341 meeting. Plan can be confirmed without further notice or hearing absent timely objections.
In a Chapter 13, an objection to confirmation is basically a written statement from the Chapter 13 Trustee or a creditor of the debtor that there is something wrong with the case that needs to be fixed before the confirmation hearing.
If the court declines to confirm the plan, the debtor may file a modified plan. 11 U.S.C. § 1323. The debtor may also convert the case to a liquidation case under chapter 7. (4) 11 U.S.C. § 1307(a).
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.
Time: Varies, but approximately 60-70 days after filing if no objection. If no objection to the original Chapter 13 plan is filed, the plan is usually confirmed within 30 days after the first meeting of creditors. If an objection is filed, the time for confirmation varies wildly.
The trustee might object because they believe you do not have enough income to fund your bankruptcy plan. This is known as a feasability objection and it might require you to make payments for several months before the trustee is satisfied you can handle the payment in the case.