Karen has filed for bankruptcy. Who has the authority to confirm ...

[lbcchick]

Karen has filed for bankruptcy. Who has the authority to confirm or reject a plan of payment, and what factors will be considered when deciding whether to approve a repayment plan under Chapter 13?

Question 2

The U.S. law that governs the liability of an ocean carrier for transporting goods from one U.S. port to a foreign port is:
 A) The Hague Rules.
 B) The Uniform Commercial Code.
 C) The Harter Act.
 D) The Carriage of Goods by Sea Act.

[mcinincha279]

Answer to Question 1

The court has the sole authority to confirm or reject the plan of payment. Creditors have no voting rights. However, the court will ensure the following:


 the creditors have the opportunity to voice their objections at a hearing.
 all of the unsecured creditors receive at least as much as they would have under a Chapter 7 filing.
 the plan is feasible and the bankrupt will be able to make the promised payments.
 the court must have a good reason to allow a plan to extend beyond three years and in no event can it last longer than five years.
 the debtor is acting in good faith, making a reasonable effort to pay obligations.


Answer to Question 2

D