{"id":920,"date":"2020-01-10T13:16:39","date_gmt":"2020-01-10T13:16:39","guid":{"rendered":"https:\/\/www.karinalucidlaw.com\/?p=920"},"modified":"2021-02-18T23:02:47","modified_gmt":"2021-02-18T23:02:47","slug":"confirmation-hearing-for-chapter-13-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.karinalucidlaw.com\/confirmation-hearing-for-chapter-13-bankruptcy\/","title":{"rendered":"Confirmation Hearing for Chapter 13 Bankruptcy"},"content":{"rendered":"
Financial distress can drive people to seek bankruptcy protection. Bankrupt debtors can relax when the automatic stay takes effect after they file for bankruptcy. The declaration of bankruptcy is often considered the last resort, but it\u2019s a solution for getting out of debt.<\/p>\n
For assistance on how to file bankruptcy correctly, it\u2019s best to engage the services of a bankruptcy lawyer. There are so many things to consider to ensure that you optimize the benefits that filing bankruptcy offers. To begin with, you need to know which bankruptcy chapter to file under. The bankruptcy code<\/a> presents different types of bankruptcy. If you want to file a personal bankruptcy petition, your filing chapter choices are likely 7 (liquidation) and 13 (reorganization).<\/p>\n A liquidation bankruptcy filing leads to a quicker debt settlement process. That said, filers also have to consider the benefits of reorganization. For starters, there is the super discharge available in Chapter 13. Debt reorganization also allows you to hold on to your property. However, you must realize the proposed actions of your debt repayment plan.<\/p>\n Chapter 13 bankruptcies<\/u><\/a> require the creation and proposal of a repayment plan. It needs approval from the bankruptcy court. It\u2019s possible for other parties, such as a creditor or the trustee of the bankruptcy case to raise an objection. When this happens, the bankruptcy judge will address the matter in a confirmation hearing.<\/p>\n In a bankruptcy, the usual points of objection are the proposed payment plan, the expenses claimed by the debtor, the right to discharge certain debts, and the bankruptcy exemptions being claimed. A creditor may also object to the trustee\u2019s decision not to liquidate a certain asset to pay back a debt. Meanwhile, the bankruptcy trustee usually objects when the plan to pay back debts is not adequate under bankruptcy laws. Or when the filer\u2019s monthly income isn\u2019t sufficient to make the assigned monthly payments.<\/p>\n When there are no objections, the judge may simply review the confirmation order submitted by the filer. There are undisputed bankruptcy filings, however, wherein the judge still conducts a hearing for the purpose of discussing the planned debt payments with the filer.<\/p>\n In these bankruptcies without objections, the judges simply review the filers\u2019 submitted confirmation orders. In other undisputed bankruptcy cases, judges may still conduct a hearing in order to discuss the payment plan with the debtors.<\/p>\nLiquidation and Reorganization<\/h4>\n
Discharge Objection<\/h3>\n
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Confirmation Hearing<\/h3>\n