Description: Nassau New York Order Confirming Chapter 13 Plan — B 230B is a legal document issued by the court that confirms and ratifies a proposed repayment plan under Chapter 13 bankruptcy for individuals residing in Nassau County, New York. This order ensures that the debtor's repayment plan is approved and sets forth the conditions and obligations for the debtor and the creditors involved. Under Chapter 13 bankruptcy, individuals with a regular income can create a plan to repay their debts over a specified period, usually three to five years. This plan allows debtors to retain their assets while making regular payments to their creditors based on their disposable income. The goal is to provide a structured path for debtors to gradually repay their debts and regain financial stability. The Nassau New York Order Confirming Chapter 13 Plan — B 230B serves as a crucial step in the bankruptcy process, as it provides legal protection to the debtor and ensures that the repayment plan is legally binding and enforceable. This order is issued after a thorough evaluation of the debtor's financial situation, income, expenses, and debt obligations by the bankruptcy court. It is important to note that there may be variations of the Nassau New York Order Confirming Chapter 13 Plan — B 230B based on specific circumstances and individual cases. The court may modify or customize the plan to suit the debtor's unique financial situation. Some common variations or types of the Nassau New York Order Confirming Chapter 13 Plan — B 230B may include: 1. Standard Chapter 13 Plan — B 230B: This is the most commonly used variant, which outlines the general requirements and conditions for the repayment plan. 2. Modified Chapter 13 Plan — B 230B: In some cases, the court may make modifications to the standard plan to better accommodate the debtor's specific needs or address specific concerns raised by the creditors. 3. Customized Chapter 13 Plan — B 230B: In certain complex cases, a customized plan may be crafted for debtors with unique financial circumstances, allowing them to propose a repayment plan that addresses their specific challenges. It is crucial for debtors to consult with an experienced bankruptcy attorney who can guide them through the Chapter 13 process and help prepare an appropriate repayment plan to be included in the Nassau New York Order Confirming Chapter 13 Plan — B 230B. This document is essential for debtors seeking relief from their financial burdens and aiming to establish a path towards long-term financial stability.
Nassau New York Order Confirming Chapter 13 Plan - B 230B
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Once you have made all Chapter 13 plan payments and the Trustee has paid creditors under the terms of your plan, the Trustee will file Final Report and Accounting which details the amounts paid into the plan by the Debtor and the exact amounts disbursed to creditors.
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.
Can a Bankruptcy Trustee Take Your Tax Refund After a Discharge? There are two types of bankruptcy for individuals, Chapter 7 and Chapter 13. The bankruptcy trustee can keep your tax refund in both, though with Chapter 7 it will happen only once. With Chapter 13, it can happen every year of your repayment plan.
Once you finish your Chapter 13 repayment plan, the remaining 30 percent of your debt is discharged, meaning you won't have to repay that remaining debt. If you pay your Chapter 13 plan off early, you alter the agreed upon terms of your bankruptcy case.
How Long Does Chapter 13 Discharge Take? Discharging debt through Chapter 13 may take 6 to 8 weeks after the final payment is made on your 3 to 5-year repayment plan (whichever was approved by the bankruptcy court).
§ 1329 allows modification of the plan any time after confirmation but prior to completion of all payments under the confirmed plan. It also sets out how the plan may be modified to change the payments to creditors or to a particular class of creditors, or to extend or reduce the payment period.
After you file for Chapter 13 bankruptcy, the court will schedule a confirmation hearing to determine whether or not your plan should be approved. If the trustee or your creditors don't object to your proposed plan, the court will confirm your plan at the hearing.
A Chapter 13 confirmation hearing determines whether the bankruptcy judge approves your Chapter 13 Plan. At the hearing, the bankruptcy judge will determine if your plan meets the requirements of Chapter 13. Confirmation is a big step in the Chapter 13 process.
If the Court Confirms Your Plan at the Hearing After confirmation, the trustee will begin paying the creditors listed in your Chapter 13 plan from the monthly payments you send in. It is crucial to the success of your case that you make timely and regular payments to the trustee.