Illinois Order Confirming Chapter 13 Plan - B 230B

• Category: Bankruptcy - Plans
• State: Multi-State
• Control #: US-B-230B
• Format: Word; PDF; Rich Text

Description

This form is an order confirming a chapter 13 plan. The plan is confirmed with certain provisions encompassing payment amount, due date of payment, and period of payments. Illinois Order Confirming Chapter 13 Plan — B 230B is a legal document that confirms and approves the proposed repayment plan submitted by an individual or a business under Chapter 13 of the Bankruptcy Code in the state of Illinois. This plan is designed to help debtors reorganize their finances and repay their creditors over a specified period of time while keeping their assets and avoiding liquidation. The Chapter 13 Plan — B 230B is a specific type of plan that outlines the terms and conditions of the proposed repayment schedule, including the duration of the plan, the monthly or bi-weekly payment amounts, the priority and treatment of creditors, and any additional provisions specific to the debtor's financial situation. In Illinois, there may be different variants or versions of the Order Confirming Chapter 13 Plan, each catering to unique circumstances or preferences of the debtor. These variants could include: 1. Chapter 13 Plan — B 230B (Individual): This type of plan is tailored for individuals who are filing for Chapter 13 bankruptcy to address their personal debts, such as credit card debt, medical bills, or mortgage arrears. 2. Chapter 13 Plan — B 230B (Business): This plan is designed for small business owners or self-employed individuals who need to reorganize their business debts but wish to retain their assets and continue their operations. It may involve restructuring business loans, unpaid taxes, or vendor debts. 3. Chapter 13 Plan — B 230B (Modified Plan): In some cases, after the initial submission of the proposed plan, modifications may be necessary to accommodate changes in the debtor's financial circumstances. The Modified Plan variant allows for adjustments to be made to the repayment terms, payment amounts, or other provisions to reflect the debtor's current ability to repay. It is essential to consult with an experienced bankruptcy attorney in Illinois to ensure that the Order Confirming Chapter 13 Plan complies with the local regulations and meets the debtor's specific needs. Having a comprehensive and accurate plan increases the chances of receiving court approval and successfully navigating the Chapter 13 bankruptcy process.

Illinois Order Confirming Chapter 13 Plan — B 230B is a legal document that confirms and approves the proposed repayment plan submitted by an individual or a business under Chapter 13 of the Bankruptcy Code in the state of Illinois. This plan is designed to help debtors reorganize their finances and repay their creditors over a specified period of time while keeping their assets and avoiding liquidation. The Chapter 13 Plan — B 230B is a specific type of plan that outlines the terms and conditions of the proposed repayment schedule, including the duration of the plan, the monthly or bi-weekly payment amounts, the priority and treatment of creditors, and any additional provisions specific to the debtor's financial situation. In Illinois, there may be different variants or versions of the Order Confirming Chapter 13 Plan, each catering to unique circumstances or preferences of the debtor. These variants could include: 1. Chapter 13 Plan — B 230B (Individual): This type of plan is tailored for individuals who are filing for Chapter 13 bankruptcy to address their personal debts, such as credit card debt, medical bills, or mortgage arrears. 2. Chapter 13 Plan — B 230B (Business): This plan is designed for small business owners or self-employed individuals who need to reorganize their business debts but wish to retain their assets and continue their operations. It may involve restructuring business loans, unpaid taxes, or vendor debts. 3. Chapter 13 Plan — B 230B (Modified Plan): In some cases, after the initial submission of the proposed plan, modifications may be necessary to accommodate changes in the debtor's financial circumstances. The Modified Plan variant allows for adjustments to be made to the repayment terms, payment amounts, or other provisions to reflect the debtor's current ability to repay. It is essential to consult with an experienced bankruptcy attorney in Illinois to ensure that the Order Confirming Chapter 13 Plan complies with the local regulations and meets the debtor's specific needs. Having a comprehensive and accurate plan increases the chances of receiving court approval and successfully navigating the Chapter 13 bankruptcy process.