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Confirmation

With regard to bankruptcy filings, the term confirmation refers to the official approval by the court of a bankruptcy plan or a sale of assets. In the case of a Chapter 13 filing, the debtor first proposes a reorganization plan. This reorganization plan clearly states which creditors get paid, and how much and when they will be paid. The debtor's reorganization plan is then reviewed by a Chapter 13 trustee, who will either approve the plan, disapprove the plan, or request changes in the plan. After this, a confirmation hearing is held. During the confirmation hearing, the court will either confirm the debtor's plan or set a hearing if there are any objections to the plan. Once the debtor's plan is confirmed by the court, all parties, including the debtor, the creditors, and the trustee, are bound by the confirmed plan.

Fast Facts

  • There were a total of 1,504,806 bankruptcy filings in the United States in 2002.
  • 91% of bankruptcy filers have suffered a job loss, a medical event or a divorce.

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