Ocean Beach is located on the California coast. Approximately a 7-mile drive from San Diego, O.B. is south of Mission Bay and Mission Beach and west of downtown on the Pacific Ocean at the western terminus of Interstate 8. Specifically, the OB community is bounded on the north by the San Diego River, on the west by the Pacific Ocean, on the east by Froude Street and West Point Loma Boulevard, and on the south by Adair Street. It includes three residential sub-areas, namely North Ocean Beach (north of the mid-block between Santa Monica and Saratoga avenues), South Ocean Beach (south of Niagara Avenue), and The Hill (east of Sunset Cliffs).
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Pacific Bankruptcy Center |
Chapter 13
Unsecured Creditors
"best interests of creditors" test met: The plan must provide that each unsecured creditor holding an allowed claim will receive property having a present value, as of the effective date of the plan, of not less than the amount he would receive for his claim in a Chapter 7 liquidation, taking into account the exemptions that would be available to the bankruptcy debtor. This element of confirmation usually is referred to as the "best interests of creditors test."Debtors efforts
Where an objection to confirmation is filed by an unsecured creditor or the Chapter 13 trustee, the court may not confirm the plan unless:(i) the plan proposes to pay the objecting creditor the total amount, although (according to Collier) not necessarily the present value, of his allowed claim (or, if the objection is made by the trustee, the plan proposes to fully satisfy all (he allowed unsecured claims), or
(ii) all of the bankruptcy debtor's expected disposable income for three years from the due date of the first payment under the plan will be used to make payments under the plan.
Disposable Income
The Code defines disposable income as that portion of the bankruptcy debtor's income which is "not reasonably necessary" to maintain or support the debtor or her dependents, and (in applicable cases) to pay the expenses required for the continuation, operation, and preservation of the business of a bankruptcy debtor engaged in business.
(I) Example: Debtor files a Chapter 13 plan proposing to repay unsecured creditors fourteen percent of their claims. Debtor's budget includes excessive expenses for the bankruptcy Debtor's children's tuition at college and private secondary school and excessive expenses for food and housing. The proposed payments under the plan total $132 per month. An unsecured creditor objects lo confirmation, and the court finds that the debtor's disposable income is $510 per month. Since the creditor will not receive the total amount of his claim and not all of the bankruptcy debtor's disposable income is being used to make payments, confirmation will be denied.
Ocean Beach, California
Ocean Beach is located on the California coast. Approximately a 7-mile drive from San Diego, O.B. is south of Mission Bay and Mission Beach and west of downtown on the Pacific Ocean at the western terminus of Interstate 8. Specifically, the OB community is bounded on the north by the San Diego River, on the west by the Pacific Ocean, on the east by Froude Street and West Point Loma Boulevard, and on the south by Adair Street. It includes three residential sub-areas, namely North Ocean Beach (north of the mid-block between Santa Monica and Saratoga avenues), South Ocean Beach (south of Niagara Avenue), and The Hill (east of Sunset Cliffs).
The Pacific Bankruptcy Center assists the residents of Ocean Beach, California in filing for relief under the United States bankruptcy code. We are a debt relief agency
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