- 11 U.S.C.
In re White
Sep
29
2006
Ruling
Plan that proposed retention of motor vehicle lien until payment of less than value of creditor's lien was not confirmable.
Procedural posture
Chapter 13 debtor proposed a plan that bifurcated a car loan into secured and unsecured portions, paid the secured portion of the debt based on the value of the vehicle with eight percent interest over the life of the plan, and included the remaining amounts due the creditor in the unsecured class. The creditor objected to confirmation. The court held a hearing on the objection.
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Court
:
- 11 U.S.C.
In re Pool
Sep
27
2006
Ruling
Creditor covered by section 1325(a)(5) "hanging paragraph" was not entitled to a deficiency upon surrender of collateral.
Procedural posture
Debtors sought confirmation of their second amended chapter 13 plan. All other objections to confirmation had been resolved except for an objection raised by a creditor that financed debtors'purchase of a car, so the court considered whether the creditor's objection was properly sustained. At issue was the effect on that claim of the "hanging paragraph" enacted as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
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Court
:
- 11 U.S.C.
First Am. Title Ins. Co. v. Nation (In re Nation)
Sep
27
2006
Ruling
Title company that paid mortgage note under policy could not collect from debtor where mortgage was provided for in plan and discharge had issued.
Procedural posture
Plaintiff title company commenced an adversary proceeding against defendant debtor to determine whether a debt under a promissory note was discharged pursuant to a chapter 13 plan. In the alternative, the title company sought to vacate the discharge to permit collection. Both parties filed motions for summary judgment.
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Court
:
- 11 U.S.C.
In re Lemieux
Aug
16
2006
Ruling
Objection to plan sustained due to incorporation of prohibited balloon payments to mortgagee.
Procedural posture
After the debtors filed a voluntary chapter 13 petition, mortgage holder sought relief from the automatic stay pursuant to 11 U.S.C. § 362(g) and objected to the debtors'first amended chapter 13 plan.
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Court
:
1st Circuit ( ) [ Bankruptcy Court ]
- 11 U.S.C.
In re Fee
Jul
06
2006
Ruling
Court disallowed creditor's secured claim since confirmation order controlled and plan called for debtors to surrender vehicle in full satisfaction of debt.
Procedural posture
Debtors filed a voluntary bankruptcy petition. A creditor, which held a security interest in the debtors'automobile, filed a secured claim. A chapter 13 bankruptcy trustee filed an objection to the creditor's proof of claim.
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Court
:
In re Soards
Jun
16
2006
Ruling
Court deemed that Till provided applicable interest rate in sustaining creditor's objections to confirmation.
Procedural posture
Creditor filed objections to the chapter 13 plans of debtors in two separate cases. The creditor held security interests in the debtors'vehicles. The issue was that rate of interest that the creditor was entitled to receive on its claim.
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Court
:
In re Bufford
Jun
13
2006
Ruling
Court ordered plan be amended to apply Till interest rate so that plan provided required adequate protection.
Procedural posture
Creditor, whose purchase money debt was secured by a motor vehicle, amended its claim to include an interest rate of 17.9 percent as provided in its loan agreement with the debtor. Debtor's plan proposed a lesser rate of interest, and the court considered whether and how the adequate protection requirement in 11 U.S.C. § 1325(a)(5)(B)(iii), as amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA") applied.
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Court
:
- 11 U.S.C.
In re Brooks
Jun
09
2006
Ruling
Court deemed that to confirm chapter 13 plan with 910 claim, plan had to provide for full payment of secured claim with interest at Till rate.
Procedural posture
A chapter 13 bankruptcy trustee submitted a chapter 13 reorganization plan to the court for its approval. A creditor filed objections to the plan because it provided that it would be paid interest on its 910 claim based on the "Till," prime-plus rate rather than the rate specified in the chapter 13 debtors'contract. The debtors proposed an amendment to the plan, which would eliminate any interest payments with regard to the creditor's claim.
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Court
:
In re Scruggs
May
31
2006
Ruling
Objection to confirmation was sustained since plan failed to propose to pay interest on creditor's secured claim at rate prescribed by Till case.
Procedural posture
Debtors filed a voluntary petition for relief under the provisions of chapter 13. Debtors'plan proposed to pay the sum of $854 per month to the trustee for a period of 60 months. A creditor filed a timely objection to confirmation of the plan, asserting that the plan failed to propose to pay it the present value of its claim over the life of the plan as required by 11 U.S.C. § 1325(a)(5)(B)(ii).
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Court
:
- 11 U.S.C.
In re Wagner
May
22
2006
Ruling
Creditor's objection to plan confirmation was sustained since proposed plan violated equal monthly payment requirement.
Procedural posture
Objector creditor filed an objection to confirmation of the debtor's chapter 13 plan and asked the court to deny confirmation.
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Court
: