objection to confirmation-- what???

[trying2getby]

Received a notice from the Trustee that is an objection to confirmation of initial plan. What does this mean??


11 U.S.C. 1322(a)(1). The plan does not commit to the supervision and control of the Trustee funds sufficient for the execution of the plan.



Does this mean my plan is underfunded? We were told at the 341 meeting that our plan was underfunded by $10 a month and that would need to be corrected. Is that what this notice is about?

How long do you usually have to address this?

[justbroke]

Does this mean my plan is underfunded? We were told at the 341 meeting that our plan was underfunded by $10 a month and that would need to be corrected. Is that what this notice is about?

How long do you usually have to address this?

Yes, reads as though you aren't committing all of your money to fund the Plan. If your lawyer had quickly submitted an amended plan, then you probably wouldn't have received an official Objection to Confirmation.

Your lawyer will adjust your Plan to address any concerns of the Trustee or any other Secured Creditor (for that matter).

How long... it's usually very quick. Just a new Plan. However, your lawyer may need to play with the numbers to make them work.

One your plan is amened and filed, the Trustee will withdraw his objection.

[HHM]

Keep in mind, it is the trustees job to find "something" to object too. Trustees probably object to something in 95% of the plans that get submitted, of those 90% are worked out before confirmation and the plan is confirmed.

And yes, if at the 341 meeting the trustee told you the plan was underfunded by that amount, then so long as you agree with that assessment, simply submit an amended plan, problem solved.