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§ 1325(a)(5)(B)(ii)

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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opinion summary, case decided on June 16, 2006 , LexisNexis #0706-047
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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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opinion summary, case decided on May 31, 2006 , LexisNexis #0606-112
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In re Pryor

May
12
2006
Ruling
Confirmation of amended plan was denied since plan modified payment stream and thus triggered present value requirement of section 1325(a)(5)(B)(ii).
Procedural posture

Creditor, which financed the debtor's vehicle and held a security interest in the vehicle, filed an objection to confirmation of the debtor's amended chapter 13 plan. The narrow question before the court was whether the interest rate payable on the secured claim was capped at the contract rate.

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opinion summary, case decided on May 12, 2006 , LexisNexis #0606-104
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In re Rives

May
04
2006
Ruling
Court valued vehicle as of effective date of confirmed plan.
Procedural posture

The debtors filed a petition for relief under chapter 13 and filed a proposed plan of reorganization. The creditor objected to the valuation assessed for the debtors'vehicle in the confirmation plan.

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opinion summary, case decided on May 04, 2006 , LexisNexis #0606-078
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In re Wright

Feb
28
2006
Ruling
Interest rate on secured claims is calculated by the formula approach not by the contractual interest rate approach.
Procedural posture

Creditor had financed the debtors purchase of a vehicle and took a security interest in that vehicle. The creditor objected to confirmation of the chapter 13 plan proposed by the debtors. At issue was whether, under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"), the plan could modify the contractual interest rate applicable to the creditor's secured claim.

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opinion summary, case decided on February 28, 2006 , LexisNexis #0506-004
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