Objections to Confirmation

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Chicago Lawyers for Objections to Confirmation

Chicago lawyers for Objections to Confirmation

Skilled Bankruptcy and Debt Collection Attorneys in DuPage County, Cook County, and Northern Illinois

When a debtor files for Chapter 13 bankruptcy, a reorganization/ repayment plan must be confirmed by the court before the proceeding is finalized. Before the plan is confirmed, creditors (and other interested parties) have the right to review the plan and file an objection if it does not adequately protect their interests. Creditors must be proactive in protecting their rights. Debtors' attorneys regularly propose blatantly unfair treatment of creditors. However, unless a creditor objects, the plan will be confirmed and the creditor is forced to stay with that treatment. Objections to confirmation need to show proper cause to make the requested changes to the repayment plan. To increase your chances of success with this type of action, it is best to work with an experienced creditor's rights attorney.

For over 40 years, Walinski & Associates, P.C. has helped countless creditors with objections to confirmation actions in the Chicago area. Our attorneys have extensive experience and a strong track record of success helping creditors maximize recovery efforts during bankruptcy proceedings. Our lawyers work directly on each case, and we work closely with our clients, exploring every available legal avenue toward a favorable resolution. We provide highly personalized representation, and we stay in regular contact with our clients, so they are always kept informed on the progress of each case.

Objections to Confirmation in Illinois

During bankruptcy reorganization (non-Chapter 7) cases, a confirmation hearing is typically scheduled sometime after the meeting of creditors. If there is a problem with the repayment plan, it is in the best interests of creditors to file an objection. Common reasons for objections to confirmation include:

  • Understated Repayment Amount: Banks, mortgage lenders, second mortgagees and other mortgage holders often object to the plan on the grounds that the proposed arrearage amount is understated.
  • Understated Collateral Value: Mortgage holders, auto lenders, truck lenders, equipment lenders, and other finance companies with loans secured by personal property may file an objection to confirmation because the repayment plan understates the value of the secured collateral.
  • Insufficient Monthly Payment Plan: When the loan amount or collateral value is understated, the monthly payment amount may also be inaccurate and/or insufficient to cover the balance of the loan.

Objections to confirmation can often be resolved satisfactorily through negotiation. If a reasonable settlement cannot be reached, the decision is made by the judge (typically after a presentation of evidence and arguments from both sides).

Contact a Chicago Bankruptcy Lawyer

At Walinski & Associates, P.C., we are skilled negotiators and strong litigators, and we put our experience to work to aggressively advocate for our clients' best interests during adversarial proceedings. For a personalized consultation with one of our Chicago bankruptcy attorneys, contact our office today at 312-704-0771.

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