The Binding Effect of Chapter 13 Plan Confirmation

There has been little question but that absent a sustained objection prior to confirmation, both debtors and creditors are bound by the valuation of collateral set forth in the debtor’s chapter 13 plan. I say “little” question because recent dissent on the issue causes us to carefully examine the relevant statutory authority, case law, and policy considerations which require chapter 13 plan confirmation to bind all parties to the terms set forth therein, and require any objection to the plan terms to be made prior to confirmation.