Seafort v. Burden (In re Seafort)

Feb

2012

Ruling

Postpetition income that becomes available after repayment of 401(k) loan must be committed to plan.

Procedural posture

Chapter 7 debtors challenged a decision of the U.S. Bankruptcy Appellate Panel for the Sixth Circuit, which held that the post-petition income that became available after a debtor completed repayment of a 401(k) loan was not excluded from property of the estate or disposable income under 11 U.S.C.S. § 541(b)(7) and had to be committed to a chapter 13 plan under 11 U.S.C.S. § 1325(b).

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Court :

Judge or Jurisdiction information not available

Consumer opinion summary, case decided on February 15, 2012 , LexisNexis #0312-030

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11 U.S.C.

Brock v. Branch Banking & Trust Co. (In re Johnson)

Jul

2010

Ruling

Enabling loan exception did not protect bank from avoidance of security interest not perfected within 20 days of debtor's receipt of collateral.

Procedural posture

Defendant bank appealed an order of the U.S. Bankruptcy Appellate Panel (BAP) for the Sixth Circuit ruling in favor of plaintiff trustee, holding that because perfection of the bank's security interest did not occur within 20 days of the debtor's receiving a new pick up truck secured by the bank, the enabling loan exception of 11 U.S.C.S. § 547(c)(3) was not available to protect the bank's interest from avoidance as a preferential transfer.

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Court :

Judge or Jurisdiction information not available

Consumer opinion summary, case decided on July 02, 2010 , LexisNexis #0910-104

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