In Oregon every Chapter 13 bankruptcy must have a plan. In essence, the plan is really a summary distributed to your creditors that lets them know how you intend to take care of your debt issues. Once your plan is approved, the Oregon Bankruptcy Court will regard your Chapter 13 plan as a contract between you and your creditors. Of course like any contract, your Plan is subject to modification in the event your financial circumstances change. In the absence of a modification, the Oregon Bankruptcy Court will take your approved very seriously and will insist that you adhere to the contract’s terms. If you have filed a Chapter 13 Bankruptcy in Oregon and you don’t have a copy of your plan, get it and read it thoroughly.

The Oregon Chapter 13 Trustee must pay your creditors exactly as required by your plan. The Trustee does not have the power to change its terms. If you do need to change your plan, confer with your Oregon bankruptcy attorney so that an amended plan can be filed for the Bankruptcy Court’s approval.

Creditors get a chance to review your Chapter 13 Bankruptcy Plan prior to the first meeting of creditors and they may file objections to their treatment if they don’t like how their claims are treated. Once the plan has been sent to your creditors, you will meet with the Trustee’s attorney for what is called a 341 hearing to go over the plan, make any changes required and, if any creditors appear, to give them a chance to ask any questions they might have.

Roughly six weeks after the 341 hearing, you will have what is called a confirmation hearing. If you have an attorney, he or she will appear on your behalf. At that hearing, the judge will hear from the Trustee and any creditors that want to object to their treatment in the plan. Once the judge is satisfied with the Plan’s terms, the judge “confirms” your plan and signs an Order of the court that approves your plan that binds both you and your creditors to the contract, or in this case, the plan. The terms of this Plan will be operable for the remainder of your Plan until you file a Modified Plan. In the event that a Modified Plan is filed, the steps for getting it approved are largely the same as the process for getting your initial Plan approved with one major exception: You will not have to attend another 341 hearing.

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