New York Order Confirming Chapter 12 Plan — B 230A is a legal document that plays a crucial role in the bankruptcy process for farmers and fishermen in the state of New York. This plan aims to help individuals and families involved in agricultural or fishing operations reorganize their debts and regain financial stability. In New York, there are two types of Order Confirming Chapter 12 Plan — B 230A: voluntary and involuntary. A voluntary plan is initiated by the debtor, who seeks debt relief through the reorganization process. On the other hand, an involuntary plan is filed by creditors who believe that the debtor's financial situation has become untenable and requires court intervention. This order confirms the approved Chapter 12 plan, which essentially means that the bankruptcy court has reviewed and accepted the debtor's proposed repayment plan. The plan outlines how the debtor will repay their debts over a specified period, typically three to five years, based on their income and ability to pay. The New York Order Confirming Chapter 12 Plan — B 230A includes detailed information regarding the debtor's financial condition, assets, liabilities, and repayment schedule. It ensures that all parties involved are aware of the terms and conditions of the approved plan, facilitating transparency and accountability throughout the bankruptcy process. Moreover, this order protects the debtor from any further collection attempts by creditors once the plan is confirmed. It provides the debtor with the opportunity to rebuild their financial standing by repaying their debts in an orderly and manageable manner, without the constant threat of legal action or asset seizure. Overall, the New York Order Confirming Chapter 12 Plan — B 230A is a critical legal document that establishes the framework for debt repayment and provides relief to farmers and fishermen facing financial distress. By offering a structured plan and protecting the debtor's rights, it aims to assist in the successful reorganization of their financial affairs and contribute to the long-term sustainability of their agricultural or fishing operations.
New York Order Confirming Chapter 12 Plan - B 230A
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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.
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).
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). Chapter 12 - Bankruptcy Basics | United States Courts uscourts.gov ? services-forms ? chapter-12-... uscourts.gov ? services-forms ? chapter-12-...
"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.