A Wisconsin Order Confirming Chapter 13 Plan is a formal order issued by a bankruptcy court that confirms the repayment plan that the debtor has submitted in a Chapter 13 bankruptcy case. It is the court’s way of approving the debtor’s plan to repay creditors over a period of 3-5 years. This order is issued after the debtor has completed all the necessary paperwork, gone through a creditors’ meeting, and the court has reviewed the debtor’s proposed repayment plan. The primary purpose of the order is to make sure that the debtor’s plan is in accordance with the Bankruptcy Code. There are two types of Wisconsin Order Confirming Chapter 13 Plan: the “Stipulated” Order, which is a plan that is agreed upon by all the creditors, and the “Contested” Order, which is a plan that is contested by one or more creditors.
Wisconsin Order Confirming Chapter 13 Plan
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FAQ
The chapter 13 confirmation order is, in essence, a final judgment that binds each creditor to the terms stated in the chapter 13 plan. Once the bankruptcy judge issues an order confirming the plan, the creditors are just as bound by the terms of the confirmation plan as the debtor is.
A Chapter 13 confirmation hearing is a court proceeding at which a bankruptcy judge decides whether someone has sufficient income to qualify for Chapter 13 bankruptcy. At the confirmation hearing, the judge reviews the filer's proposed plan to repay creditors.
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.
If the trustee wants to object to your plan, he or she will typically file a written objection to confirmation with the court and set forth the reasons why the court should not approve your proposed plan. If you don't respond to the trustee's objection, most courts will not confirm the plan.
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 .
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
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.
Once you've completed your Chapter 13 repayment plan, most remaining nonpriority unsecured debt balances will get discharged. Student loan balances are a notable exception?you'll remain responsible for those (at least for the present). Student loans fall into the category of nonpriority unsecured debts.