New York Order Confirming Chapter 13 Plan is a document issued by a court of law in the state of New York that affirms and approves a debtor's repayment plan. It outlines the terms of the repayment plan and the repayment schedule. The Order Confirming Chapter 13 Plan is used to ensure the debtor's compliance with the repayment terms and to protect creditors from potential losses. There are three types of New York Order Confirming Chapter 13 Plans: a Modified Plan, an Amended Plan, and a Reaffirmed Plan. The Modified Plan modifies the repayment terms of an existing plan, while an Amended Plan and Reaffirmed Plan are used to introduce new terms or reaffirm existing terms, respectively. All three plans must be approved by the court before being implemented.
New York Order Confirming Chapter 13 Plan
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FAQ
Time: Varies, but approximately 60-70 days after filing if no objection. If no objection to the original Chapter 13 plan is filed, the plan is usually confirmed within 30 days after the first meeting of creditors. If an objection is filed, the time for confirmation varies wildly.
The trustee might object because they believe you do not have enough income to fund your bankruptcy plan. This is known as a feasability objection and it might require you to make payments for several months before the trustee is satisfied you can handle the payment in the case.
Objections must be filed within 21 days after the conclusion of the 341 meeting. Plan can be confirmed without further notice or hearing absent timely objections.
In a Chapter 13, an objection to confirmation is basically a written statement from the Chapter 13 Trustee or a creditor of the debtor that there is something wrong with the case that needs to be fixed before the confirmation hearing.
Possible objections to Chapter 13 bankruptcy plans Lack of good faith ? Creditors are entitled to receive at least as much in a Chapter 13 as they would if the debtor had filed a Chapter 7 liquidation.Inaccurate listing of debt ? The plan must list the debtor's full amount of unsecured debt.
Once your repayment plan gets confirmed, you must continue to make timely payments to the bankruptcy trustee each month for the duration of your plan. You must also continue to make payments on debts, such as your mortgage or car payment, which you proposed to pay outside of bankruptcy.
An order confirming the chapter 13 plan is a Bankruptcy judge's approval of the Debtor's proposed chapter 13 repayment plan. For more information, see 11 U.S.C. §1325 .
If the court declines to confirm the plan, the debtor may file a modified plan. 11 U.S.C. § 1323. The debtor may also convert the case to a liquidation case under chapter 7. (4) 11 U.S.C. § 1307(a).