South Dakota Order Confirming Chapter 12 Plan — B 230A refers to a legal document that confirms and approves the proposed repayment plan in a Chapter 12 bankruptcy case in South Dakota. This plan typically applies to family farmers and fishermen who meet the eligibility criteria set by the United States Bankruptcy Code. Under Chapter 12 bankruptcy, a debtor can reorganize their finances and create a repayment plan to pay back their debts over a specific period, generally three to five years. The purpose of the confirmatory order is to ensure that the proposed plan complies with the necessary regulations and presents a feasible path for the debtor to regain financial stability. There might be variations or different types of South Dakota Order Confirming Chapter 12 Plan — B 230A, depending on the specific circumstances of the debtor and the complexities of their financial situation. These variations could include: 1. Individual vs. Joint Filings: The plan may differ depending on whether the debtor is filing for bankruptcy individually or jointly with a spouse or business partner. 2. Specific Repayment Terms: The plan may outline different repayment terms based on the debtor's income, assets, liabilities, and the nature of their farming or fishing operations. These terms can vary significantly depending on individual circumstances. 3. Creditor Agreements: The confirmatory order may incorporate agreements reached with creditors, such as reduced interest rates, extended repayment periods, or modifications to existing loans. These agreements are crucial to ensure the success of the debtor's repayment plan. 4. Plan Modifications: In some cases, the debtor may need to modify their repayment plan due to unexpected changes in financial circumstances or other unforeseen events. The confirmatory order may address how modifications to the plan can be made and approved. 5. Discharge of Certain Debts: The order may specify which debts can be discharged or eliminated entirely through the Chapter 12 bankruptcy process. Some debts may be completely discharged, while others may require partial repayment. It is important to consult with a qualified bankruptcy attorney or legal expert to ensure that your specific South Dakota Order Confirming Chapter 12 Plan — B 230A adheres to all applicable laws and regulations. Bankruptcy laws can be complex, and professional guidance is crucial to navigate the process successfully.
South Dakota Order Confirming Chapter 12 Plan - B 230A
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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.
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.
Most Chapter 13 repayment plans last for either three years or five years. The length of the repayment plan depends on the filer's income, the amount of time needed to pay the required plan amount, and other factors. Certain debts must be paid fully within the plan.
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.
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.
Appointment of a trustee: In Chapter 7 and 13 bankruptcy cases, the order for relief triggers the appointment of a trustee. Notification to creditors: The order for relief informs the creditors of the debtor's bankruptcy filing, initiating the claims process.
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.
"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.