In Massachusetts, an Order Confirming Chapter 12 Plan — B 230A refers to a legal document that confirms the approval and implementation of a specific plan under Chapter 12 bankruptcy. This order signifies a significant step towards restructuring and resolving financial difficulties faced by family farmers or fishermen in Massachusetts. Chapter 12 bankruptcy is designed to provide relief to family farmers and fishermen facing financial distress. It allows them to reorganize their debts and develop a repayment plan to regain financial stability. The Order Confirming Chapter 12 Plan — B 230A is an important milestone in this process as it confirms the approval of a specific plan submitted by the debtor to the bankruptcy court. The content of the Order Confirming Chapter 12 Plan — B 230A includes detailed information about the approved plan, highlighting the terms and conditions that will govern the debtor's repayment obligations. It may include provisions such as the duration of the plan, the amount and frequency of payments, treatment of secured and unsecured debts, and any necessary modifications or conditions agreed upon by the debtor and the creditors. Different types or variations of the Massachusetts Order Confirming Chapter 12 Plan — B 230A may exist depending on the specific circumstances of the debtor and the nature of their financial distress. However, the purpose and general content of this order remain consistent, emphasizing the confirmation and implementation of an approved plan to facilitate the debtor's financial rehabilitation. Keywords: Massachusetts, Order Confirming Chapter 12 Plan — B 230A, legal document, approval, implementation, Chapter 12 bankruptcy, restructuring, financial difficulties, family farmers, fishermen, relief, debts, repayment plan, financial stability, milestone, debtor, bankruptcy court, terms, conditions, duration, payments, secured debts, unsecured debts, modifications, creditors.
Massachusetts Order Confirming Chapter 12 Plan - B 230A
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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).
Unlike chapter 7, creditors do not have standing to object to the discharge of a chapter 12 or chapter 13 debtor. Creditors can object to confirmation of the repayment plan, but cannot object to the discharge if the debtor has completed making plan payments.
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).
"Cram down" simply means the process by which the bankruptcy court can, as part of the confirmation of a Chapter 12 Bankruptcy Plan, force treatment upon an objecting creditor, provided the Plan otherwise meets all of the other confirmation criteria under Section 1225 of the Bankruptcy Code.
Chapter 7 bankruptcy works well for low-income debtors with little or no assets or those who can protect all household belongings. If you don't have any assets to sell, creditors receive nothing.