Montana Order Confirming Chapter 12 Plan — B 230A is a legal document specific to the state of Montana that confirms the details and provisions of a Chapter 12 bankruptcy plan. This document is crucial for farm and fishing debtors seeking financial restructuring and protection under Chapter 12 bankruptcy laws in Montana. Keywords: Montana, Order Confirming Chapter 12 Plan, B 230A, bankruptcy, financial restructuring, farm debtors, fishing debtors, legal document, provisions. Different types of Montana Order Confirming Chapter 12 Plan — B 230A may include: 1. Montana Order Confirming Chapter 12 Plan — B 230A for Farm Debtors: This specific type of order is applicable for individuals or families primarily engaged in farming operations, enabling them to reorganize their debts and continue their agricultural activities while repaying creditors. 2. Montana Order Confirming Chapter 12 Plan — B 230A for Fishing Debtors: This type of order is designed for individuals or families primarily engaged in commercial fishing activities, providing them with the opportunity to restructure their debts and sustain their fishing operations while meeting their financial obligations. 3. Montana Order Confirming Chapter 12 Plan — B 230A for Combined Farm and Fishing Debtors: This order is for debtors engaged in both agricultural and fishing activities. It caters to individuals or families involved in diversified farming operations, including both crop and livestock production, as well as commercial fishing, by allowing them to create a comprehensive repayment plan for their combined debts. 4. Montana Order Confirming Chapter 12 Plan — B 230A for Specialty Agricultural Debtors: This type of order is specific to debtors engaged in specialized agricultural activities, including organic farming, niche markets, or unique crop production. It provides these debtors with a tailored plan to address their specific financial circumstances while allowing them to continue specialized agricultural operations. Keywords: Montana, Order Confirming Chapter 12 Plan, B 230A, bankruptcy, financial restructuring, farm debtors, fishing debtors, legal document, provisions, specialized agricultural debtors.
Montana Order Confirming Chapter 12 Plan - B 230A
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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).
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).
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.
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).
"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.