Texas Order Confirming Chapter 12 Plan — B 230A is a legal document that pertains to the confirmation of a Chapter 12 bankruptcy reorganization plan in the state of Texas. This specific plan, also known as Plan — B 230A, provides bankruptcy relief to family farmers or fishermen facing financial distress in Texas. In bankruptcy cases, Chapter 12 is specifically designed for those engaged in farming or commercial fishing operations. It allows them to create a feasible repayment plan, restructure their debts, and maintain their agricultural or fishing operations while seeking to pay off their creditors over time. The Texas Order Confirming Chapter 12 Plan — B 230A is the court's formal approval of this reorganization plan, ensuring its legal enforceability. There may be different variations of Texas Order Confirming Chapter 12 Plan — B 230A, depending on the specific details and requirements of the bankruptcy case. For example, the order may differ based on the nature and scale of the agricultural or fishing operations involved, the amount of debt owed, and the proposed repayment terms. Each unique plan is tailored to the specific circumstances of the debtor and must comply with the bankruptcy laws of Texas. The Order Confirming Chapter 12 Plan plays a crucial role in the bankruptcy process, as it signifies the court's approval and support of the proposed plan. Once the order is issued, it grants the debtor the legal protection necessary to proceed with the reorganization plan outlined in Chapter 12. It's important to note that the details and legalities associated with Texas Order Confirming Chapter 12 Plan — B 230A can be complex and require the expertise of bankruptcy attorneys and other professionals well-versed in bankruptcy law. These professionals play a vital role in guiding debtors through the bankruptcy process, ensuring that their rights are protected and that they have the best chance of successfully reorganizing their financial affairs. In summary, Texas Order Confirming Chapter 12 Plan — B 230A is a significant legal document that outlines the court's approval of a specific reorganization plan for farmers or commercial fishermen facing financial hardship in Texas. It represents the necessary step toward seeking bankruptcy relief and achieving debt repayment while maintaining the viability of their agricultural or fishing operations.
Texas Order Confirming Chapter 12 Plan - B 230A
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The bankruptcy court must confirm a plan if (1) the plan satisfies the provisions of chapter 13 and other applicable provisions of title 11; (2) it is proposed in good faith; (3) it is in the best interests of creditors, and defined by subsection (a)(4) of Section 1325; (4) it has been accepted by the holder of each ...
In bankruptcy law, a hearing generally occurs related to either Chapter 13 or Chapter 11 federal bankruptcy. Here, a confirmation hearing is a court proceeding wherein a judge either approves or rejects a proposed debtor repayment plan, based on its feasibility and other legal requirements.
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.
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 confirms the plan, the chapter 13 trustee will distribute funds received under the plan "as soon as is practicable." 11 U.S.C. § 1326(a)(2). If the court declines to confirm the plan, the debtor may file a modified plan.