Can creditors object to the plan?
Yes, but normally Creditors’ objections are limited to the value of the secured item or the dollar amount you are scheduled to pay through the plan. They can object only if they contend the plan does not meet the best interests of creditors test and the best efforts test, or if they contend the debtor has not proposed the plan in good faith. The trustee can raise any objection that a creditor could raise. Under the Reform Act of 2005 the creditors may have more grounds for objection (required payments, prior discharges, etc.) Objections to confirmation are usually resolved by negotiation between the debtor’s counsel and the objecting party, usually by some sort of compromise. If the parties can’t reach a compromise, the judge will decide the question. Amending the Plan Before Confirmation: The plan must meet the tests for plan confirmation. Sometimes, the amount of money to be paid into a plan must be increased, where the claims that are actually filed and allowed are greater than esti
Yes, but normally Creditors’ objections are limited to the value of the secured item or the dollar amount you are scheduled to pay through the plan. They can object only if they contend the plan does not meet the best interests of creditors test and the best efforts test, or if they contend the debtor has not proposed the plan in good faith. The trustee can raise any objection that a creditor could raise. Under the Reform Act of 2005 the creditors may have more grounds for objection (required payments, prior discharges, etc.
