Order Confirming Chapter 13 Plan is a court order issued by a bankruptcy court after a debtor's Chapter 13 repayment plan has been approved by the court. The order confirms the repayment plan and the rights and obligations of the debtor and the creditors. It outlines the duration of the plan and the amount of debt that will be paid during the repayment period. The order also determines the amount of the debtor's disposable income that will be used to make payments to creditors during the plan period. There are two types of Order Confirming Chapter 13 Plan: (1) Joint Order Confirming Chapter 13 Plan and (2) Individual Order Confirming Chapter 13 Plan. A Joint Order Confirming Chapter 13 Plan is issued when the debtor is a married couple filing jointly for Chapter 13 bankruptcy, and the plan applies to both spouses. An Individual Order Confirming Chapter 13 Plan is issued when a debtor is filing for bankruptcy as an individual, and the plan applies only to the debtor.
Order Confirming Chapter 13 Plan
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This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
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.
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.
The Chapter 13 process The Chapter 13 filing process generally takes 95 days from the filing of the petition to the approval of the repayment plan. But the bankruptcy won't actually be discharged until the three- to five-year plan is completed. Here's what to expect over a typical Chapter 13 bankruptcy proceeding.
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.
Your attorney will review your income, debt and other financial information and will help you complete the paperwork to officially file a bankruptcy petition. Once the petition is submitted, it can take anywhere from one to five months to complete the process.
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 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).