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What does this mean? confirmation wording.....

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    What does this mean? confirmation wording.....

    Our confirmation was one page, pretty straightforward. It states our monthly payment, stepping up as 401K loans are paid off.

    Then goes in to the claims part...how they have to file a proper proof of claim...

    Then about paying the attorneys fee...

    Payments from the trustee...he should pay court costs, then attorney fees, then secured claims, then priority claims, then unsecured claims.

    Then is states special provisions

    One states claims distribution will be subject to modification after bar review date. What does this mean?

    Then talks about child support/alimony...which we have neither

    Then I this... don't understand this part either:
    Property of the estate "[T]he plan upon confirmation returns so much of the property to the debtor's control as is not necessry to the fulfillment of the plan." In re Telfair 216 F.3d 1333 (11th Cir. 2000)(quoting In re Heath 115 F.3d at 524 (7th cir. 1997))

    Can anyone explain this to me? I have a call in to our attorney but though I would check here also.

    That is it..that is the full contents of our confirmation..nothing about taxes, submitting returns, raises, etc.

    #2
    Originally posted by 8forme View Post
    One states claims distribution will be subject to modification after bar review date. What does this mean?
    It means that the distribution could change if a creditor doesn't actually file a claim! Or, you could object to a claim, have the objection sustained and then that would change the Distribution as well.

    Originally posted by 8forme View Post
    Property of the estate "[T]he plan upon confirmation returns so much of the property to the debtor's control as is not necessry to the fulfillment of the plan." In re Telfair 216 F.3d 1333 (11th Cir. 2000)(quoting In re Heath 115 F.3d at 524 (7th cir. 1997))
    This means that all of your property "revests" with you and is no longer part of the Estate. It's a technicality which means that you are in control of the property. However, this does not mean that you can dispose of or otherwise sell certain property without permission from the court and Trustee. It's a hyper-technical theory that only property that you acquire post-petition (such as your income) is needed to remain property of the Estate. Thus all your personal property and real property goes back to you.

    (There are some cases where an attorney may keep the property vested in the Estate. However, I haven't read any cases in which the confirmation order doesn't revest. In fact, if the confirmation order is silent on this issue, the property revests in the debtor automatically as a matter of law.) 11 USC 1327 Effect of Confirmation
    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

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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