Confirmation order question

[jange]

With all the discussion around tax returns, i decided to re-read our confirmation order. The is no mention of taxes etc, but I wasn't really sure if I understand #3 below. Can anyone explain what it means in non legal terms? thanks


WHEREFORE, it is ORDERED:
1. that the plan is CONFIRMED
2. that pursuant to 11 U.S.C. 1327 the provisions of the confirmed plan bind the debtor and each of the
creditors of the debtor, whether or not the claim of such creditor is provided for by the plan, and whether or not said
creditor has objected to, has accepted or has rejected the plan; and
3. that all property of the estate, including any income, eamings, other property which may become a part
of the estate during the administration of the case which property is not proposed, or reasonably contemplated, to be
distributable to claimants under the plan shall revest in the debtor(s); provided, however, that no property received by the trustee for the purpose of distribution under the plan shall revest in the debtor except to the extent that such property
may be in excess of the amount needed to pay in full all allowed claims as provided in the plan.

[karm43]

wow what district are you in?

[jange]

Eastern, which one are you in?

[karm43]

Middle guess we can't compare notes.

[goon]

I am sure that someone that knows better will chime in, but I read that as ....

Any property/income that is not currently supposed to be part of the plan for payback to debtors is vested to you, ie yours to keep (as opposed to being part of the bankruptcy estate).

The last bit basically says that anything that you do/have/have to give the trustee will not be returned to you unless at the end of the plan you have overpaid.

[despritfreya]

Goon is correct. . .

In "cleaned up" Legalese:

all property of the estate. . . including. . . after acquired property. . . that is not proposed or contemplated to be distributable. . . under the plan belongs to the debtor. . . However. . . property received by the trustee, such as plan payments and tax refunds (if the Order requires the turnover of refunds). . . remains property of the estate until either the Plan is completed or all allowed claims are paid in full, whichever happens first.

Hope that clears it up.

Des.

[jange]

goon and des, thanks. It is what I thought it may have meant, but in legal terms I wasn't completely sure. I am not required to submit my tax returns or refunds. This is my complete confirmation order. Everything above it just talks about good faith stuff in filing,etc.