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Objection to Confirmation based on Unfiled POC and 910
It seems to me the answer to both questions is governed by the same plan provision. Page 2 of the Chapter 13 plan provides Holders of secured claims .........will be paid according to the plan......unless the secured creditor files a proof of claim in a different amount than that provided by the plan. If a secured creditor .....files a proof of claim, that creditor will be paid according to that creditor's proof of claim , unless the court orders otherwise. So the 910 creditor does not need to file an objection to confirmation, his claim will be paid in the higher amount and that could make the plan infeasible which would mean it cannot be confirmed as is.
Pat Said.
Patricia Said
Attorney at Law
13443 McCormick Street
Sherman Oaks, CA 91401
(818)789-0781 fax (818)789-5820
patriciahsaid@yahoo.com
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On Tue, 8/2/16, jsmith@cgsattys.com [cdcbaa] wrote:
Subject: [cdcbaa] Objection to Confirmation based on Unfiled POC and 910 day rule question in one case
To: cdcbaa@yahoogroups.com
Date: Tuesday, August 2, 2016, 10:45 AM
Chapter 13
gurus:
Client has a Chapter 13
Plan confirmation approaching. Mortgage company files an
objection before the POC deadline expires that says Debtor
underestimated the arrears amount for Class 2 by about
$6,000. Objection to confirmation says it is based on the
Proof of Claim "that will be filed shortly". No
timely Proof of Claim is filed.In fact,no Proof of Claim
is filed by mortgage company at all. Continued
confirmation hearing is coming up in a couple of
weeks.
If I had to guess I would
say we probably did underestimate the claim, but I'm not
sure. Am I just spinning my wheels by opposing the
objection to confirmation by saying "no claim filed,
you are stuck with the Debtor's number"?What is
the bank's remedy if they never file a claim or file a
late claim after confirmation, and their number is not
wrong?
Same case. We received a
Proof of Claim from a car lender that says the secured
amount of the claim is $24K, but admits the carvalue is
only $16K, which is what we scheduled. The POC says the
claim is not subject to cramdown because of the 910 day
rule. That is a correct statement. The Plan proposes to
pay the claim in the Plan at the car 's value, a
substantial cramdown. That creditor has NOT filed any
objection to confirmation and the Trustee seems not to
care.I am inclined to jest keep my mouth shut. The POC
is not an objection to confirmation and if the plan gets
confirmed I would guess that it is a final order. Any
thoughts or pitfalls to this
strategy?
Thank
you
Jeff Smith
The post was migrated from Yahoo.