Can a Bankruptcy Petitioner Appeal an Order that Denies a Chapter 13 Plan?
TRI Writer • October 2, 2020
Did your Chapter 13 bankruptcy plan get denied? Most of the time, when the court denies a Chapter 13 plan, it’s because the debtor did not comply with requirements outlined by the court or by their own attorney.
For a Chapter 13 Bankruptcy Plan to be Confirmed, the Petitioner Must:
- Attend the mandatory meeting of the creditors hearing.
- Make the first Chapter 13 payment within 30 days of filing, or as ordered by the Court.
- Be current on any post-petition child support payments.
- Filed all necessary tax returns within four years of filing bankruptcy (and give copies of the returns to your attorney so they can provide the trustee with the most recent tax return before the Meeting of the Creditors).
- Filed in good faith, provided accurate information in their petition, and honest answers during the creditors’ meeting.
How Do Chapter 13 Bankruptcy Petitioners Make their Payments?
Your bankruptcy attorney will make sure that you know everything you need to know about your Chapter 13 bankruptcy plan payment. They have answers to all your frequently asked questions.
- How much is my Chapter 13 plan payment?
- When is my Chapter 13 plan payment due?
- How do I make my Chapter 13 monthly payment?
- Where do I mail my first payment before payroll deductions are set up?
- How long does it take for the payroll deduction to show up on my paycheck?
If the Court Denies Your Payment Plan, Can You Appeal?
Sometimes a judge may decide to deny confirmation of a Chapter 13 payment plan. In Chapter 13 bankruptcy, the debtor always proposes the original plan, but if the plan is denied, the debtor cannot appeal the decision. However, the petitioner can go back and file an amended plan. If the Chapter 13 payment plan complies with requirements and your experienced local bankruptcy attorney has not mentioned any problems or issues about your case, you shouldn’t need to worry about a denial.
If you have questions about submitting a Chapter 13 bankruptcy payment plan or how to respond if your Chapter 13 plan is denied, please don’t hesitate to get in touch. Most bankruptcy offices in the Chattanooga area don’t have a Consumer Bankruptcy Specialist on staff, You are in good hands with Ken Rannick, Kenneth C. Rannick P.C.
The post Can a Bankruptcy Petitioner Appeal an Order that Denies a Chapter 13 Plan? appeared first on Kenneth C. Rannick, P.C..
Struggling with debt? Learn seven key signs that it might be time to consider bankruptcy. Kenneth C. Rannick P.C. offers legal guidance to individuals in Chattanooga ready for a financial fresh start.
Can I Keep My Car If I File for Chapter 7 Bankruptcy in Tennessee?
What Are My Options If I Am Drowning in Credit Card Debt in Tennessee?
What Are the Documents Required to Apply for Chapter 7 Bankruptcy in Tennessee?
What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy in Tennessee?
Understanding Chapter 7 Bankruptcy Qualifications
Understanding the Role of the Trustee in Chapter 13 Bankruptcy
Understanding which Debts can be Discharged in Chapter 7 Bankruptcy
Protecting Your Assets in Chapter 7 Bankruptcy
Are you a Tennessee resident facing financial challenges and considering bankruptcy? If so, you may have heard about a relatively new option called Subchapter 5 bankruptcy. But what exactly is Subchapter 5 and how does it differ from traditional Chapter 11 bankruptcy? More importantly, what benefits does it offer to individuals and small businesses? In this blog post, we will explore the world of Subchapter 5 bankruptcy and shed light on its advantages for Tennessee residents. Whether you're a struggling entrepreneur or an individual burdened by overwhelming debt, understanding the potential benefits of Subchapter 5 can help you make informed decisions about your financial future. What is Subchapter 5 Bankruptcy? Subchapter 5 is a relatively recent addition to the United States Bankruptcy Code, specifically designed to provide a streamlined and cost-effective bankruptcy process for small businesses and individuals. It was created as part of the Small Business Reorganization Act (SBRA) in 2019, with the aim of increasing accessibility to Chapter 11 bankruptcy relief. The Benefits of Subchapter 5 Bankruptcy Simplified Process: One of the key advantages of Subchapter 5 is its simplified and faster bankruptcy process. Unlike traditional Chapter 11 bankruptcy, which can be complex and costly, Subchapter 5 offers a more streamlined approach that is better suited for small businesses and individuals. Retention of Ownership: Under Subchapter 5, business owners have the opportunity to retain ownership and control of their company while developing a repayment plan. This allows for greater flexibility and the ability to restructure debts without losing ownership interests. Reduced Plan Requirements: Subchapter 5 eliminates certain stringent plan requirements that are typically associated with traditional Chapter 11 bankruptcy. This simplification of the plan process makes it more accessible to small businesses and individuals. Debt Repayment Plan: Subchapter 5 allows for the development of a debt repayment plan based on the individual's or small business's disposable income. This plan spans over three to five years, making it more manageable and achievable for debtors. Creditor-Friendly Approach: Subchapter 5 encourages creditor participation and collaboration, promoting consensual resolutions and a more amicable environment. This can lead to increased cooperation, reduced litigation costs, and ultimately, a more successful restructuring process. Subchapter 5 vs. Chapter 11 Bankruptcy: Understanding the Difference While both Subchapter 5 bankruptcy and traditional Chapter 11 bankruptcy share some similarities, there are significant differences between the two. The primary distinction lies in the complexity, cost, and requirements associated with each option. Subchapter 5 offers a more simplified and accessible bankruptcy process specifically tailored to the needs of small businesses and individuals, while Chapter 11 is better suited for larger businesses with more complex financial structures. If you're a Tennessee resident grappling with financial difficulties, Subchapter 5 bankruptcy may provide a viable solution. Its streamlined process, reduced plan requirements, and debtor-friendly approach make it an attractive option for small businesses and individuals seeking relief from overwhelming debt. Before making any decisions, it's essential to consult with a qualified bankruptcy attorney who can guide you through the process and help determine the best course of action for your specific situation. Remember, bankruptcy is not a one-size-fits-all solution, and the outcome will depend on various factors. However, understanding the potential benefits of Subchapter 5 bankruptcy can empower you to make informed decisions about your financial future. At Kenneth C. Rannick, P.C., we specialize in bankruptcy law and can provide the guidance and support you need during challenging times. Contact us today to schedule a consultation and explore your options for a fresh start. Take control of your financial future with Subchapter 5 bankruptcy. Let us help you navigate the path to a brighter tomorrow.