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Bankruptcy

 

Introduction to the Chapter 13 Plan of Debt Adjustment

Learn about the debtor's exclusive right and duty to file a chapter 13 plan, the minimum requirements for a chapter 13 plan, and the effect of confirmation.

Transcript

I. Binding Effect of Confirmed Plan and Debtor's Right and Duty to File a Plan

The centerpiece of any chapter 13 case is the plan of debt adjustment. This plan articulates the terms under which the debtor proposes to at least partially pay her outstanding debts and receive a discharge of any remaining dischargeable debts. Before the bankruptcy court confirms the plan, it has scarce legal effect. But after confirmation, the plan binds the debtor and all parties in interest, superseding any...