Wisconsin Order Confirming Chapter 12 Plan is a document issued by the court in Wisconsin when a debtor is approved for a Chapter 12 reorganization plan. This order confirms the debtor's plan and outlines the terms under which the plan will be implemented. It also specifies the creditors involved in the plan and the payment terms they must follow. The Wisconsin Order Confirming Chapter 12 Plan typically includes the following: a list of creditors and their claims; a description of the debtor's proposed plan; a statement of the court's approval; and any other information needed to implement the plan. There are two types of Wisconsin Order Confirming Chapter 12 Plan: standard and modified. A standard order confirms the plan as is while a modified order modifies the plan based on creditor objections or other considerations.
Wisconsin Order Confirming Chapter 12 Plan
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A Chapter 12 plan must be completed within 3-5 years. Three years is the minimum plan length unless the debtor can pay all their debts sooner (including unsecured debts).
Effective April 1, 2022, a family farmer may file for chapter 12 bankruptcy with aggregate debts of less than $11,097,350. The previous chapter 12 bankruptcy debt cap was $10,000,000. With these changes, more individuals will now be eligible to seek relief under chapter 12 and chapter 13 bankruptcy.
In order to be eligible to file for Chapter 13 Bankruptcy, the filing individual(s) must owe less than $1,184,200 in liquidated, noncontingent secured debts, and less than $394,725 in liquidated, noncontingent unsecured debts. 11 U.S.C. §109(e).
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief. 11 U.S.C. § 109(e).
In March 2020, in response to the COVID-19 pandemic, Congress passed the CARES Act, which raised the Subchapter V debt ceiling to $7.5 million for one year. Congress extended it to March 27, 2022. It expired at that time, with the debt ceiling reverting to the original $2,725,625.