Post Confirmation matters, New York bankruptcy Lawyers

C. POST-CONFIRMATION MATTERS

1. Effects of Confirmation: A confirmed plan binds the debtor and every creditor, regardless of whether a creditor has accepted or rejected the plan or has objected to confirmation of the plan, or whether his claim is provided for by the plan.

a. Property: Unless the Chapter 13 plan or the confirmation order provides otherwise, confirmation causes all property of the estate to vest in the debtor "free and clear of any claim or interest of any creditor provided for by the plan." [B.C. §l327(b),(c)]

(I) Liens: Although there is authority holding that a creditor's lien not provided for by the plan passes through bankruptcy undisturbed, even if the secured party fails to file a proof of claim [B.C. §§1327(c), 506(d); In re Thomas, 883 l;.2d 991 (11th Cir. 1989)1, the more cautious practice, in light of the language of section 1327(c), is for the secured party to file a proof of claim.

b. Debts: In a Chapter 13 case, confirmation does not operate as a discharge of the debtor's debts. [B.C. §1328] .

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