Louisiana Order Confirming Chapter 12 Plan — B 230A is a legal document that plays a critical role in the bankruptcy proceedings of eligible family farmers or fishers. Chapter 12 bankruptcy is specifically designed to assist those engaged in agricultural or fishing operations to reorganize their debts and continue operating their businesses. The Order Confirming Chapter 12 Plan is issued by the bankruptcy court and serves as a final approval for the proposed repayment plan submitted by the debtor. It signifies that the court has reviewed and approved the Chapter 12 plan, ensuring its compliance with the necessary legal requirements. This order generally includes a detailed description of the debtor's proposed plan, outlining how they intend to repay their creditors over a specified period. The B 230A distinction in the Louisiana Order Confirming Chapter 12 Plan refers to the specific form number associated with this legal document. Each official bankruptcy form has a designated number to maintain uniformity and ease of reference within the legal system. Form B 230A is utilized for confirming the Chapter 12 plan in Louisiana jurisdiction. While different types of Louisiana Order Confirming Chapter 12 Plans may exist depending on specific case circumstances, they are generally categorized based on the nature of the debtor's agricultural or fishing operation. These plans can include a wide range of businesses such as crop farming, livestock farming, dairy farming, aquaculture, forestry, and fishing operations. The Chapter 12 plan itself can vary in its structure depending on the debtor's unique financial situation. Common elements commonly found in a Chapter 12 plan include: 1. Debt Repayment Schedule: The plan outlines the terms and conditions of debt repayment, including the timeline and amounts to be paid to each creditor. 2. Treatment of Secured and Unsecured Claims: The plan describes how different types of claims against the debtor will be treated, distinguishing between secured and unsecured creditors. It can propose partial repayment, modification of interest rates, or even surrendering collateral in certain cases. 3. Preservation of Essential Assets: The debtor outlines their strategic approach to maintain essential assets required for their agricultural or fishing operations. This can include equipment, livestock, or land necessary for the business's continued functioning. 4. Income Projections and Budgeting: The Chapter 12 plan generally includes the debtor's projected income and expenses, demonstrating the feasibility of the proposed repayment schedule. 5. Approval by Creditors and the Court: Prior to the Order Confirming Chapter 12 Plan, the debtor must obtain consent from the creditors for the proposed plan. Additionally, the bankruptcy court reviews the plan to ensure its compliance with applicable bankruptcy laws. It is important to consult with legal professionals familiar with Louisiana bankruptcy laws to ensure that the Chapter 12 plan complies with all necessary requirements and maximizes the chances of a successful restructuring of debts.
Louisiana Order Confirming Chapter 12 Plan - B 230A
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FAQ
Your bankruptcy filing can be found in the public records section of your credit report as well as the account information section. If you apply for credit, lenders can see your bankruptcy filing when they run a credit inquiry.
Chapter 12 and Chapter 13 are basically the same filing, except that Chapter 12 is for family farmers and Chapter 13 is for other individuals. As long as you have a steady, reliable income, less than $269,250 in unsecured debt and less than $807,750 in secured debt, you can file Chapter 13.
Chapter 12 bankruptcy was devised to help farms and fisheries pay off their debts through a process of reorganization rather than liquidation. It recognizes the special challenges that these types of businesses face and is usually the best bankruptcy option for those that qualify.
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.
The credit bureaus collect information regarding bankruptcy cases from the Bankruptcy Court's public records. No matter the status of your case (open, closed, discharged, dismissed, etc.)
No, not indefinitely, but if they are pursuing assets, a Trustee can keep it open as long as necessary. And if the asset in question was not disclosed in the bankruptcy filing, there is no time limit in which the Trustee can seek to reopen the bankruptcy case to administer that asset.
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.
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.