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Objection to confirmation

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  • Objection to confirmation

    Okay... We had our 341 Meeting last week and today they filed the objection of confirmation... I am a bit confused with a few things they are asking. We made an appointment with the attorney's office for Saturday hopefully they can comb through this. Below is what they are objecting.

    1. The Chapter 13 Plan fails to provide for the appropriate pool of funds or dividend to the unsecured creditors, as required by 11 U.S.C. Section 1325(b)(1)(B). Specifically, the 22C Form reflects disposable income of $1,156.05, thus necessitating an unsecured pool of $69,363.00.

    2.The Debtor(s)’ Statement of Financial Affairs is inaccurate and/or incomplete; the Trustee is unable to determine the feasibility of the proposed plan. 11 U.S.C. Section 1325(a)(6); specifically, the Trustee is unable to administer the student loan provision of the plan as neither the plan nor the claim(s) indicate the amount of the arrearage.

    3.The Chapter 13 budget fails to include expenses for monthly contractual payment owed to the student loan creditor; thereby, possibly rendering the proposed Chapter 13 plan payment to be infeasible, in violation of 11 U.S.C. Section 1325(a)(6).

    At the very bottom they have this

    WHEREFORE, the Trustee moves the Court to inquire into the above objections, deny confirmation of this Debtor’s(s’) Plan and to dismiss the case; or, in the alternative, convert the case to one under Chapter 7.

  • #2
    Originally posted by prindia View Post
    Okay... We had our 341 Meeting last week and today they filed the objection of confirmation... I am a bit confused with a few things they are asking. We made an appointment with the attorney's office for Saturday hopefully they can comb through this. Below is what they are objecting.
    Many objects are standard and boilerplate. Let's see what they wrote...

    Originally posted by prindia View Post
    1. The Chapter 13 Plan fails to provide for the appropriate pool of funds or dividend to the unsecured creditors, as required by 11 U.S.C. Section 1325(b)(1)(B). Specifically, the 22C Form reflects disposable income of $1,156.05, thus necessitating an unsecured pool of $69,363.00.
    I don't kow why this matters in your District, but it may be the "Chapter 13 Plan" submitted by your attorney. In many District, a standard form is used, so there is no specific item that says "total unsecured pool" with a number. Maybe the math is wrong and your attorney didn't put $1,156.05 x 60???

    Originally posted by prindia View Post
    2.The Debtor(s)’ Statement of Financial Affairs is inaccurate and/or incomplete; the Trustee is unable to determine the feasibility of the proposed plan. 11 U.S.C. Section 1325(a)(6); specifically, the Trustee is unable to administer the student loan provision of the plan as neither the plan nor the claim(s) indicate the amount of the arrearage.
    Standard boilerplate language saying that there's something missing in the claim or the plan (that's why it's boilerplate... it's not specific). Your attorney will review the student loan provisions in the Plan and/or the claim submitted by the student loan creditor.

    Originally posted by prindia View Post
    3.The Chapter 13 budget fails to include expenses for monthly contractual payment owed to the student loan creditor; thereby, possibly rendering the proposed Chapter 13 plan payment to be infeasible, in violation of 11 U.S.C. Section 1325(a)(6).
    Again, this is boilerplate because of the issues in the prior reason for the objection. They can't determine the payment. Did the student loan creditor even file a claim?

    The Chapter 13 Plan is a contract and it must meet certain standards. It appears that your student loan debt is undetermined and the plan simply can't be confirmed with that undetermined. As for your disposable monthly income and project "pool" of funds (the unsecured pool) your attorney will need to check the math.

    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • prindia
      prindia commented
      Editing a comment
      Thank you! You are amazing! I'm a bit confused about number one because our monthly payments are 1464.00. I don't know if there was a miscalculation somewhere.

    • prindia
      prindia commented
      Editing a comment
      Yes they did file a claim but my payments were under income based repayment at 0.00 a month and now they are in forbearance.

  • #3
    Your payment may be $1,464 to the Trustee, but that objection #1 refers to your "disposable monthly income" (DMI). Your DMI is what's left over after you pay all your priority debt (taxes, attorney), trustee fees, and any secured debt (cars, homes, etc). SO that could be the difference that you are seeing.

    As for the student loan(s), the Trustee can't tell just what to pay. The fact that you were in IBR, at $0, is probably compounding the issue of what to pay the unsecured creditors versus the student loan(s). if your DMI is $1,156.05 x 60 = $69,363 dollars over five years, then they need to determine how much goes to the student loan(s) and how much goes to the other creditors. The Trustee may be thinking to just pay what you would be normally paying if they were in deferment or IBR, which makes it difficult -- because IBR had you paying $0. I'm confused too as to what the Trustee should pay on the student loan(s) monthly. This makes the plan unable to be confirmed because the amount to pay can't be calculated at this time.

    Your attorney may ask that the Trustee pay the unsecured creditors pro-rata (including the student loan(s)). Pro-rata means they each get a portion based on their percentage of the overall amount of unsecured debt. For example, if your total unsecured debt, including student loans, is $100,000 and the student loans represent $60,000 of that debt, then the student loans would get 60% of the total unsecured pool of money.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • prindia
      prindia commented
      Editing a comment
      Ooh I get it now.. It's making me sick thinking how low our DMI is smh. Thanks for all your help! I will wait and see what my attorney will do.

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