Colorado Motion To Confirm Chapter 12 Plan is a legal procedure used to secure court approval for a Chapter 12 reorganization plan. It is filed by the debtor and supported by creditors in order to obtain a confirmation of the plan. The motion requires the debtor to provide detailed information about the proposed plan, including the payment of creditors, length of the plan, and the proposed use of funds. The motion must also demonstrate that the plan meets all the requirements of the Bankruptcy Code and that it is feasible and fair to all creditors. There are two types of Colorado Motion To Confirm Chapter 12 Plan: Full Confirmation Motion and Partial Confirmation Motion. The Full Confirmation Motion is used to confirm the entire plan and is filed after the meetings of creditors and the US Trustee have been held. The Partial Confirmation Motion is used to confirm only certain parts of the plan and is usually filed before the meetings of creditors and the US Trustee are held.
Colorado Motion To Confirm Chapter 12 Plan
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The individual or individual and spouse must be engaged in a farming operation or a commercial fishing operation. The total debts (secured and unsecured) must not exceed $11,097,350 (if a family farmer) or $2,268,550 (if a family fisherman).
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).
The essential parts of a Chapter 12 repayment plan include the following. Required plan payments. During the plan period, the debtor must turn over all "disposable income" to the Chapter 12 trustee.Mortgages and other secured claims.Trustee fee.Discharge of debt.
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.
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 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).