Question
Need help understanding this case study. Bankruptcy/Discharge Alex is a wage earner with a regular income. He has unsecured debts of $42,000 and secured debts
Need help understanding this case study.
Bankruptcy/Discharge
Alex is a wage earner with a regular income. He has unsecured debts of $42,000 and secured debts owing to Betty, Connie, David, and Eunice totaling $120,000. Eunice's debt is secured only by a mortgage on Alex's house. Alex files a petition under Chapter 13 and a plan providing payment as follows: (a) 60 percent of all taxes owed; (b) 35 percent of all unsecured debts; and (c) $100,000 in total to Betty, Connie, David, and Eunice. Should the court confirm the plan? If not, how must the plan be modified or what other conditions must be satisfied?
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