Karen has filed for bankruptcy. Who has the authority to confirm or reject a plan of payment, and what factors will be considered when deciding whether to approve a repayment plan under Chapter 13?
The court has the sole authority to confirm or reject the plan of payment. Creditors have no voting rights. However, the court will ensure the following:
? the creditors have the opportunity to voice their objections at a hearing.
? all of the unsecured creditors receive at least as much as they would have under a Chapter 7 filing.
? the plan is feasible and the bankrupt will be able to make the promised payments.
? the court must have a good reason to allow a plan to extend beyond three years and in no event can it last longer than five years.
? the debtor is acting in good faith, making a reasonable effort to pay obligations.
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__________focuses on maximizing the surplus of income over costs
Fill in the blanks with correct word.
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