Need advice

[steak]

Do some districts confirm the plan on the same day as the 341 meeting..I checked my profile on the trustee's website and it shows this..I'm in Riverside County,CA...I thought creditors had 60 days to object to the plan..



Dates and Times
Petition Filed Date Monday, March 16, 2009
First Meeting Date Wednesday, April 29, 2009 8:00 AM


Confirmation Date Wednesday, April 29, 2009

[justbroke]

Yes, some District confirm the plan early. This is because of a change in the Bankruptcy Law (the BAPCPA of 2005), which required the Confirmation Hearing to be held in so many days.

I actually don't like getting confirmed quick. There are just too many open items, like claims and potentially other contested matters like lien strips.

I feel it's better to get all those settled before or AT the confirmation hearing. Can't do that when the claims bar date hasn't even passed yet.

[steak]

So once it's confirmed I don't have to worry about any creditor filing a claim? Or can they still do?

[steak]

Yes, some District confirm the plan early. This is because of a change in the Bankruptcy Law (the BAPCPA of 2005), which required the Confirmation Hearing to be held in so many days.

I actually don't like getting confirmed quick. There are just too many open items, like claims and potentially other contested matters like lien strips.

I feel it's better to get all those settled before or AT the confirmation hearing. Can't do that when the claims bar date hasn't even passed yet.

Wouldn't you want them to confirm asap so creditors won't be able to file a claim?? Please explain...Not sure if I should be celebrating or what..Do I still wait for the 60 day period or am I good?? BTW..my lien strip was also done the same day and approved by the judge..

[justbroke]

I will answer all your questions with this one response. Confirmation does not modify the "claims bar date"! All it does is solidifies your Plan or Reorganization (The Plan), yet all the claims are certainly not in, and those that need to be handled through a contested matter (or complaint) certainly aren't done.

It is of no real benefit to the debtor. I like the "smart" Districts which hold an Initial Confirmation Hearing, in which all they do is "continue" it about 30 days after the claims bar date. This is so that they are following the letter of the law (BAPCPA of 2005)! This makes much more sense. As the judge explained to me, it's to allow the whole claims policing items to be taken care of.

There's nothing worse than modifying a confirmed plan! That's why it's best to deal with all those things that could be litigated, prior to confirming the plan!

[liz417]

Steak,
I PM'ed you