Confirmation of liquidating plan bankruptcy farmer

21-Mar-2018 13:35

The plan of liquidation, however, makes no provision for the claimed exemptions in the assets owned by the debtor on the date of filing, and as such, fails to comply with the requirements of § 1123(c), and in this respect the plan fails to meet the requirements of § 1129(a)(2). The above constitutes findings of fact and conclusions of law relative to the issues presented at the confirmation hearing, and this matter is continued generally until further orders of the Court.

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By voluntarily placing himself before the Court and its jurisdiction, he is subjected to all the provisions of the applicable law, those affording relief and protection as well as those rights of creditors expressly stated and not otherwise limited.In other words, the debtor is no longer legally required to pay any debts that are discharged.The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts.It is uncontroverted that the individuals and partnership qualify as a "farmer" as defined in 11 U. Testimony was given as to the value of the assets comprising the estate and the proposed treatment under the plan of the classes of creditors.

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Based thereon, it is the opinion of the Court the provisions of § 1129(a)(7) have been met under the plan as proposed as well as the requirements of § 1129(a)(11). § 303(a) precludes an involuntary petition in bankruptcy against farmers under Chapter 7 or Chapter 11, and further, since § 1112(c) precludes the conversion from Chapter 11 to Chapter 7 of a farmer, that a proposed liquidation plan filed by a party in interest (§ 1121(c)(2)) is likewise precluded in a farmer's voluntary Chapter 11 petition, since to so sanction would allow a creditor to do indirectly that which cannot be achieved directly.

In a chapter 7 (liquidation) case, for example, the court usually grants the discharge promptly on expiration of the time fixed for filing a complaint objecting to discharge and the time fixed for filing a motion to dismiss the case for substantial abuse (60 days following the first date set for the creditors' meeting).

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