CHAPTER 13 TRUSTEE S POSITION STATEMENT ON 11 USC 1325(a)(4) BEST INTEREST OR LIQUIDATION TEST
|
|
- Henry Weaver
- 8 years ago
- Views:
Transcription
1 JEFFREY P. NORMAN Chapter 13 Trustee Southern District of Ohio Eastern Division One Columbus 10 West Broad Street, Suite 900 Columbus, Ohio Telephone (614) Facsimile (614) Background CHAPTER 13 TRUSTEE S POSITION STATEMENT ON 11 USC 1325(a)(4) BEST INTEREST OR LIQUIDATION TEST Prior to October 1, 2011, the mathematical equation to determine the liquidation test of 11 USC 1325(a) in Chapter 13 cases was liberally construed. In determining whether or not a plan met the best interest test typically there was a deduction of 10% for costs of sale and/or a hypothetical Chapter 7 Trustee fee without further calculation or evidence. The problem with this calculation was that it was formulaic; it ignored the time value of money and/or required no evidence from the debtor that such costs of sale were reasonable. The Trustee set out to evaluate the mathematical equation and recalculate it as necessary. Interest Rate In assuming for purposes of the best interest or liquidation test of 11 USC 1325(a)(4) that a stream of Chapter 13 plan payments were the same as a lump sum payment, the pre October 1, 2011 calculation ignored the time value of money. Clearly given a choice, a creditor and the Chapter 13 Trustee would prefer a lump sum payment and not deferred monthly payments in the form of a Chapter 13 plan payment. A debtor s promise of future payments is worth less than an immediate payment of the same total amount because the creditor cannot use the money right away, inflation may cause the value of the dollar to decline before the debtor pays and there is always some risk of nonpayment. The challenge for bankruptcy courts reviewing such repayment schemes, therefore, is to choose an interest rate sufficient to compensate the creditor for those concerns. Till v. SCS Credit Corporation, 541 U.S. 465, 124 S. Ct (2004) at USC 1325(a)(4) provides as follows: (a)except as provided in subsection (b), the court shall confirm a plan if (4)the value, as of the effective date of the plan, of property to be distributed under the plan on account of each allowed unsecured claim is not less than the amount that would
2 be paid on such claim if the estate of the debtor were liquidated under chapter 7 of this title on such date; The Trustee s position is that unsecured creditors must receive the value, as of the effective date of the plan of property they would have received in a Chapter 7 liquidation on such date. In other words, the plan must pay the liquidation value and account for the time value of money. The Trustee s position is that Till interest is the interest rate that should be compounded for each period of time that payment is delayed. The Chapter 13 Trustee position based on Till, is that an interest rate of 2 points over the Wall Street Journal prime rate, as of the day of filing, should be set as the effective Till interest rate in all Chapter 13 cases. We think it likely that Congress intended bankruptcy judges and trustees to follow essentially the same approach when choosing an appropriate interest rate under any of these provisions. Moreover we think Congress would favor an approach that is familiar in the financial community and that minimizes the need for expensive evidentiary proceedings. Till at Taking its cue from ordinary lending practices, the approach begins by looking to the national prime rate, reported daily in the press, which reflects the financial market s estimate of the amount a commercial bank should charge a creditworthy commercial borrower to compensate of the opportunity costs of the loan, the risk of inflation and the relative slight risk of default. Because bankrupt debtors typically pose a greater risk of nonpayment than solvent commercial borrowers, the approach then requires a bankruptcy court to adjust the prime rate accordingly. The appropriate size of that risk adjusted depends, of course, on such factors as the circumstances of the estate, the nature of the security, and the duration and feasibility of the reorganization plan. Till at In Hardy v. Cinco Fed. Credit Union (In re Hardy), 755 F.2d 75 (6th Cir. 1985), the 6 th Circuit held that in a solvent estate, a plan which proposed to pay 100% of unsecured claims without interest did not comply with 1325(a)(4), because it did not account for the time value of money hence the interest is required for solvent estates rule of thumb. But 1325(a)(4) is not limited to solvent estates. In a case decided later the same year as Hardy, the 6 th Circuit interpreted 11 U.S.C. 1325(a)(4) to require interest on all deferred payments to be made under the plan. In our view, a contrary conclusion would prevent the creditor from realizing the full present value of the amount owed. Cardinal Fed. Savings & Loan Assoc. v. Colegrove (In re Colegrove), 771 F.2d 119, 121 (6 th Cir. 1985). Unfortunately in the context of a Chapter 13 these calculations are not simple or routine. Very rarely in a Chapter 13 case do unsecured creditors receive the same amount monthly from a plan payment. However, if they did receive equal monthly payments over the life 2
3 of a Chapter 13 plan the excel calculation for the present value (PV) of a stream of future payments is: =pv(rate, nper, payment,[fv],[type]) 1. pv is the present value and is the calculated amount. 2. rate is the interest rate per month (Till interest). 3. nper is the number of payments. 4. payment is the payment amount as a negative number. 5. fv is future value. 6. type is either 0 end of period or 1 beginning of period. So the present value of an even stream of $ monthly to unsecured creditors over 60 months is: =PV(.0525/12,60,-500) =$26, Adding the variables of most Chapter 13 plans which include payments of conduit mortgage payments, secured creditors and attorney s fees, all ahead of unsecured creditors makes the calculation even more difficult. The priority payment of conduit mortgages, adequate protection payments and the like leads to a stream of uneven monthly payments to unsecured creditors. Calculating present value of a stream of uneven payments to unsecured creditors is difficult because each payment must be considered to be a component of the total present value. Calculating the present value of each differing monthly payment to unsecured creditors using the same formula above but leaving the recurring payments argument blank is time consuming. So by example the present value of a single $ payment, 36 months from now is: =PV(.0525/12,36,,500) =$ But if you have 60 differing monthly amounts this calculation must be done sixty times and then summed. Adding up the present value of each of the single payments or string of payments gives the total present value of the stream of payments to unsecured creditors. An excel spreadsheet makes these calculations much easier but a calculated valuation of best interest or liquidation can be time consuming and for many lawyers/paralegals who are math/computer challenged impractical. 3
4 Costs of Sale Still further the Trustee believed that a blanket 10% deduction for costs of sale was excessive, not supported by any evidence (in most cases) or by local case law. Cases cited by the debtor s bar that a 10% deduction for costs was a reasonable standard, did not seem applicable. Based on a review of real estate closing transactions processed by the Trustee s office, it was determined that the average closing costs in a real estate transaction were 6.74%. Based on a review of sales of personal property processed by the Trustee s office, it was determined that there were very few cases that involved costs of sale. In the case of In re Weber, 140 B.R. 707 (BK S.D. Ohio 1992), the Court sustained a deduction of 10% of costs only because No argument has been advanced that 10% is an unreasonable estimate of those costs. Weber at 711. Weber did not seem to the Trustee to stand for the proposition that a debtor gets an automatic 10% deduction for hypothetical costs of sale; it is limited by its facts, specifically that there was no objection to the unreasonableness of these costs. In addition a blanket deduction of 10% without hearing effectively eliminates the introduction of evidence as to reasonableness. It also usurps the debtor s burden of proof as the plan proponent under 11 USC Conclusion Based on a net present value calculation the Trustee determined that the difference between calculating best interest with costs of sale plus Till interest vs. calculating best interest with no costs of sale with no Till interest was statistically insignificant. By example a debtor who has $30, of non-exempt assets who deducts 10% for costs of sale must make a stream of payments that has a net present value of $27, This equates to $ per month to unsecured creditors in a Chapter 13 plan. Calculating a nonexempt value of $30,000.00, with no costs of sale and no Till interest, $ per month for sixty months is the required plan payment to unsecured creditors and the net present value is $26, (as calculated above). In most calculations, taken by the Trustee, the difference in best interest calculations as adopted below was less than 2% and therefore insignificant. The Trustee therefore adopted for administration of Chapter 13 cases the following rules regarding satisfying the best interest or liquidation tests of 11 USC 1325(a)(4): 4
5 1. A debtor may deduct reasonable costs of sale and a Chapter 7 Trustee fee for determining the present value of the sum that must be paid to unsecured creditors to meet the best interest test of 11 USC 1325(a)(4). Debtors however must pay Till interest on any deferred payment to unsecured creditors. OR 2. For ease of administration the debtor may pay liquidation value without any deductions and forgo any required Till interest calculation to meet the best interest test of 11 USC 1325(a)(4). 5
THE HARD KNOCKS EVERYTHING YOU WANTED TO KNOW ABOUT HARDSHIP DISCHARGE BUT WERE AFRAID TO ASK
THE HARD KNOCKS EVERYTHING YOU WANTED TO KNOW ABOUT HARDSHIP DISCHARGE BUT WERE AFRAID TO ASK Jeffrey P. Norman Standing Chapter 13 Trustee Southern District of Ohio Eastern Division One Columbus 10 West
More informationThe Basics of Cramdown Interest Rates in Chapter 11
The Basics of Cramdown Interest Rates in Chapter 11 Ryan D. Thompson June 2013 A debtor in a chapter 11 bankruptcy may treat a secured claim in one of two ways in its plan of reorganization: (1) the debtor
More informationUNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA EASTERN DIVISION
Document Page 1 of 8 UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA EASTERN DIVISION In re: } TERESA STRICKLAND, } CASE NO. 09-41624 } Debtor. } CHAPTER: 13 } OPINION ON TRUSTEE S
More informationBANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES
TABAS FREEDMAN Attorneys One Flagler Building 14 Northeast First Avenue, Penthouse Miami, Florida 33132 Telephone 305.375.8171 Facsimile 305.381.7708 www.tabasfreedman.com Gary M. Freedman gfreedman@tabasfreedman.com
More informationFoundation review. Introduction. Learning objectives
Foundation review: Introduction Foundation review Introduction Throughout FN1, you will be expected to apply techniques and concepts that you learned in prerequisite courses. The purpose of this foundation
More informationModule 5: Interest concepts of future and present value
Page 1 of 23 Module 5: Interest concepts of future and present value Overview In this module, you learn about the fundamental concepts of interest and present and future values, as well as ordinary annuities
More informationCase 2:06-cv-13665-MOB-VMM Document 9 Filed 03/02/2007 Page 1 of 9 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION
Case 2:06-cv-13665-MOB-VMM Document 9 Filed 03/02/2007 Page 1 of 9 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In re: CARLA CRAIG-LIKELY, Debtor, / CARLA CRAIG-LIKELY, v.
More informationBankruptcy YOU SHOULD ALWAYS CHECK WITH YOUR LEGAL COUNSEL FIRST. I. What Happens When You Receive Notification of Bankruptcy?
Bankruptcy YOU SHOULD ALWAYS CHECK WITH YOUR LEGAL COUNSEL FIRST I. What Happens When You Receive Notification of Bankruptcy? When an institution receives a notice that a borrower has filed a petition
More informationChapter 13 Standing Trustee 350 Northern Boulevard Albany, New York 12204. Memorandum, Decision & Order
UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF NEW YORK -------------------------------------------------------- In re: Daniel F. Terrance, Debtor. ---------------------------------------------------------
More informationCHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES
CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES THE US TRUSTEES PROGRAM A BRIEF HISTORY LESSON: was an experiment in some districts when the Bankruptcy Code first became effective in 1979. is a
More informationHow To Find Out If A Bankruptcy Attorney Is Disinterested
Case 13-04639-8-RDD Doc 68 Filed 11/04/13 Entered 11/04/13 16:14:55 Page 1 of 7 SO ORDERED. SIGNED this 4 day of November, 2013. Randy D. Doub United States Bankruptcy Judge IN THE UNITED STATES BANKRUPTCY
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In Re: Jason D. Misleh, Case Number: 15-41721 Debtor. Chapter 13 Honorable Mark A. Randon / I. INTRODUCTION OPINION AND ORDER
More informationChapter 6. Learning Objectives Principles Used in This Chapter 1. Annuities 2. Perpetuities 3. Complex Cash Flow Streams
Chapter 6 Learning Objectives Principles Used in This Chapter 1. Annuities 2. Perpetuities 3. Complex Cash Flow Streams 1. Distinguish between an ordinary annuity and an annuity due, and calculate present
More informationNACTT ACADEMY TOOLBOX. A QUICK REFERENCE GUIDE to Selling Property While in Chapter 13 *
I. SUMMARY: NACTT ACADEMY TOOLBOX A QUICK REFERENCE GUIDE to Selling Property While in Chapter 13 * Beverly M. Burden, Chapter 13 Trustee, Lexington, KY Before a consumer debtor in chapter 13 may sell
More informationStatement of Jurisdiction. Central District of California dismissing the Debtors chapter 13 case. The Bankruptcy
1 1 1 1 1 1 1 1 0 1 CALIFORNIA BANKRUPTCY GROUP JOHN F. BRADY & ASSOCIATES, APLC JOHN F. BRADY, ESQ., State Bar #00 ANIKA RENAUD-KIM, ESQ., State Bar #0 1 West C Street, Suite 0 San Diego, CA 1 Tel: (1-1
More informationBusiness Chapter 13 Cases: The Self-Employed Debtor
Business Chapter 13 Cases: The Self-Employed Debtor (Friday, March 23, 2012, 1:45pm - 2:25pm) Presented by Douglas B. Jacobs, California Consumer Bankruptcy Attorney This presentation will discuss: 1.
More informationThe Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim
2014 Volume VI No. 14 The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim Michael Foster, J.D. Candidate 2015
More informationCorporate Finance Fundamentals [FN1]
Page 1 of 32 Foundation review Introduction Throughout FN1, you encounter important techniques and concepts that you learned in previous courses in the CGA program of professional studies. The purpose
More informationCHAPTER 13 PLAN CONFIRMATION
THE TRUSTEE S ROLE CHAPTER 13 PLAN CONFIRMATION The Chapter 13 Trustee s role in the confirmation procedure is to recommend confirmation of debtor s plans where the debtors and their plan comply with all
More informationModule 5: Interest concepts of future and present value
file:///f /Courses/2010-11/CGA/FA2/06course/m05intro.htm Module 5: Interest concepts of future and present value Overview In this module, you learn about the fundamental concepts of interest and present
More informationProperty Tax Certificate Claims: Do You Need to Object?
Property Tax Certificate Claims: Do You Need to Object? In the twelve largest counties in Ohio, delinquent property taxes can be sold to tax certificate buyers. Outside of bankruptcy, those buyers can
More informationLAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214
LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES Please Note: These documents
More informationMAT116 Project 2 Chapters 8 & 9
MAT116 Project 2 Chapters 8 & 9 1 8-1: The Project In Project 1 we made a loan workout decision based only on data from three banks that had merged into one. We did not consider issues like: What was the
More informationMEMORANDUM DECISION EXTENDING AUTOMATIC STAY IN THE DEBTOR S CURRENT BANKRUPTCY CASE
UNITED STATES BANKRUPTCYCOURT FOR PUBLICATION SOUTHERN DISTRICT OF NEW YORK --------------------------------------------------------------X : Chapter 13 In re. : Case No. 08-36229 (cgm) : Sophia Lynette
More informationA Guide to a Debt Settlement Arrangement ( DSA )
A Guide to a Debt Settlement Arrangement ( DSA ) May 2013 Contents Introduction... 2 What is a DSA?... 2 Eligibility... 3 What Type of Debts may or may not be included in a DSA?... 4 The DSA Process...
More informationUnited States Bankruptcy Court Central District of California
6:12-15990 #51.00 Confirmation of Plan Also #15 EH Docket #: Tentative Ruling: On March 9, 2012, Debtors filed a voluntary Petition. On the same day, Debtors filed their Plan (the Plan ). The Plan included
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI
IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI IN RE: DONALD BONUCHI and, Case No. 04-21387-drd-7 CINDY BONUCHI, Debtors. Adv. No. 04-2044-drd JANICE A. HARDER, Trustee, Plaintiff,
More informationCase 08-17825 Doc 58 Filed 04/21/09 Entered 04/21/09 11:13:39 Desc Main Document Page 1 of 6
Document Page 1 of 6 UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS EASTERN DIVISION IN RE: RICK J. BERNBAUM, Chapter 13 DEBTOR Case No. 08-17825-WCH I. INTRODUCTION MEMORANDUM OF DECISION The
More informationREASONS FOR COMMON RECOMMENDATION PROVISIONS RUSSELL BROWN, TRUSTEE
REASONS FOR COMMON RECOMMENDATION PROVISIONS RUSSELL BROWN, TRUSTEE RECOMMENDATION LANGUAGE The principal amount to be paid to [creditor] is to be reduced to the amount stated in the creditor s proof of
More informationHow To File A Trust Deed In The United States
5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY Laura A. Deeter, Esq. Five Things 1. What do the different BK chapters mean? 2. Do I need to file a Proof of Claim? 3. What does the BK Trustee do? 4.
More informationBANKRUPTCY CHAPTER 13 (aka ABill Consolidation@ or AReorganization@)
BANKRUPTCY CHAPTER 13 (aka ABill Consolidation@ or AReorganization@) ANSWERS TO THE MOST COMMONLY ASKED QUESTIONS Compliments of: Sam C. Gregory, PLLC 2742 82 nd Street Lubbock, Texas 79423 (806) 687-4357
More informationTHE TIME VALUE OF MONEY
QUANTITATIVE METHODS THE TIME VALUE OF MONEY Reading 5 http://proschool.imsindia.com/ 1 Learning Objective Statements (LOS) a. Interest Rates as Required rate of return, Discount Rate and Opportunity Cost
More informationHow To Discharge A Tax Debt
How to Bankrupt Income Taxes 507 & 523 Attorney Nick C Thompson Louisville KY 40223 800 Stone Creek Parkway Suite 6 Louisville KY 40223 502-429-0057 Bankruptcy@Bankruptcy-Divorce.com www.bankruptcy-divorce.com
More informationSimple Interest. and Simple Discount
CHAPTER 1 Simple Interest and Simple Discount Learning Objectives Money is invested or borrowed in thousands of transactions every day. When an investment is cashed in or when borrowed money is repaid,
More informationChapter 13 Hot Topics
Chapter 13 Hot Topics The following outline relates to practice in the Western District of Missouri. The Chapter 13 trustee or trustee referred to herein is the standing trustee for the Western District
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION
IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION DUTIES AND RESPONSIBILITIES OF A DEBTOR UNDER CHAPTER 7 AND ATTENDANCE AT THE 341 MEETING OF CREDITORS In either
More informationWhy File Bankruptcy?
Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current
More informationTIME VALUE OF MONEY. Return of vs. Return on Investment: We EXPECT to get more than we invest!
TIME VALUE OF MONEY Return of vs. Return on Investment: We EXPECT to get more than we invest! Invest $1,000 it becomes $1,050 $1,000 return of $50 return on Factors to consider when assessing Return on
More informationBANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7?
BANKRUPTCY F.A.Q. S While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for
More informationPromissory Note Comparison Guide
Borrowing from or lending money to a friend or colleague is a sensitive situation. A lender wants to be sure money is returned on a timely basis. A borrower wants enough time to repay the amounts and some
More informationChapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13.
GENERAL INFORMATION ABOUT THE BANKRUPTCY SYSTEM INCLUDING THE RIGHTS AND DUTIES OF CHAPTER 13 DEBTORS (and other information necessary to assist a debtor in completion of the chapter 13 plan) WHAT IS BANKRUPTCY?
More informationSHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND. by Jeffrey L. Smoot
Jeffrey L. Smoot Oles Morrison Rinker & Baker LLP 701 Pike Street, Suite 1700 Seattle, WA 98101 (206) 623-3427 smoot@oles.com SHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND by Jeffrey L. Smoot The
More informationWHAT TO SAY WHEN YOUR PROOF OF CLAIM IS FILED AFTER THE BAR DATE 1
WHAT TO SAY WHEN YOUR PROOF OF CLAIM IS FILED AFTER THE BAR DATE 1 Bradley R. Hightower United States Bankruptcy Court, Southern District of Alabama Law Clerk to the Honorable Margaret A. Mahoney What
More informationChapter 4. The Time Value of Money
Chapter 4 The Time Value of Money 1 Learning Outcomes Chapter 4 Identify various types of cash flow patterns Compute the future value and the present value of different cash flow streams Compute the return
More informationTAKE-1 BANKRUPTCY XVIII AIRBORNE CORPS LEGAL ASSISTANCE OFFICE
TAKE-1 BANKRUPTCY XVIII AIRBORNE CORPS LEGAL ASSISTANCE OFFICE BANKRUPTCY 1. Q. WHAT IS THE MAIN PURPOSE OF FEDERAL BANKRUPTCY LAW? A. Bankruptcy has a wide variety of purposes, one of which is to relieve
More informationUNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN MEMORANDUM DECISION AND ORDER
UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN In re: Chapter 13 Dawn L. Luedtke, Case No. 02-35082-svk Debtor. MEMORANDUM DECISION AND ORDER Dawn Luedtke (the Debtor ) filed this
More informationThis document has been electronically entered in the records of the United States Bankruptcy Court for the Southern District of Ohio.
This document has been electronically entered in the records of the United States Bankruptcy Court for the Southern District of Ohio. IT IS SO ORDERED. Dated: March 09, 2007 UNITED STATES BANKRUPTCY COURT
More informationBANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY
BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY by Roy F. Kiplinger Kiplinger Law Firm, P.C. August 5, 2010 We pride ourselves in providing quality legal services
More informationCase 14-02212-5-DMW Doc 22 Filed 01/07/15 Entered 01/07/15 16:23:58 Page 1 of 9
Case 14-02212-5-DMW Doc 22 Filed 01/07/15 Entered 01/07/15 16:23:58 Page 1 of 9 SO ORDERED. SIGNED this 7 day of January, 2015. David M. Warren United States Bankruptcy Judge UNITED STATES BANKRUPTCY COURT
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN NORTHERN DIVISION - BAY CITY. Chapter 13 Proceeding Hon. Daniel S.
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN NORTHERN DIVISION - BAY CITY IN RE: CRAIG W. MAIKE, Debtor. / Case No. 15-20218-dob Chapter 13 Proceeding Hon. Daniel S. Opperman OPINION REGARDING
More informationBANKRUPTCY: THE SILVER BULLET OF TAX DEFENSE. Dennis Brager, Esq.*
Adapted from an article that originally appeared in the California Tax Lawyer, Winter 1997 BANKRUPTCY: THE SILVER BULLET OF TAX DEFENSE Dennis Brager, Esq.* Many individuals, including accountants and
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEBRASKA
IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEBRASKA IN THE MATTER OF: JOSHUA & SHAUNA RHEA, CASE NO. BK04-42427 Debtor(s. CH. 7 MEMORANDUM Hearing was held in Lincoln, Nebraska, on October
More informationSUPREME COURT OF THE UNITED STATES
(Slip Opinion) OCTOBER TERM, 2003 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus
More informationCalculating Loan Payments
IN THIS CHAPTER Calculating Loan Payments...............1 Calculating Principal Payments...........4 Working with Future Value...............7 Using the Present Value Function..........9 Calculating Interest
More informationUNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF ALABAMA
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF ALABAMA In Re JUDITH D. KRAUSE Case No. 02-15031-MAM-7 Debtor ORDER SUSTAINING TRUSTEE S OBJECTION TO DEBTOR S EXEMPTION OF ACCOUNTS UNLESS DEBTOR AMENDS
More informationUnderstanding Bankruptcy
Understanding Bankruptcy What is Bankruptcy? Bankruptcy is a legal process where an individual or organizational debtor is able to seek some financial relief. A fundamental goal of the federal bankruptcy
More informationCase 09-12724 Doc 42 Filed 02/24/10 Entered 02/24/10 15:46:02 Main Document Page 1 of 6 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA
Page 1 of 6 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF LOUISIANA IN RE: CASE NO. LENA L. BOUDREAUX 09-12724 SECTION A DEBTOR CHAPTER 13 REASONS FOR DECISION This matter came before the Court on
More informationUnited States Court of Appeals
In the United States Court of Appeals For the Seventh Circuit No. 14-2423 IN RE: SWEPORTS, LTD., Debtor-Appellee. APPEAL OF: MUCH SHELIST, P.C., et al., Creditors-Appellants. Appeal from the United States
More informationday of Debtor s) filed a Chapter 13 petition on this 200_ The plan was confirmed on
INCLUDE HOW DEBTORS CAN AFFORD DEBT - ATTACH AMENDED SCHEDULES I & J BA5ED UPON CURRENT PAYSTUBS 2014 DO NOT FILE WITH COURT. SUBMIT TO THE CHAPTER 13 TRUSTEE UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION (DETROIT) In re: Chapter 13 Della Chubb, Case No. 09-60618 Debtor.
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION (DETROIT) In re: Chapter 13 Della Chubb, Case No. 09-60618 Debtor. / Hon. Phillip J. Shefferly OPINION (1) DENYING TRUSTEE
More informationUNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO ) ) ) ) ) MEMORANDUM OF OPINION 1
The court incorporates by reference in this paragraph and adopts as the findings and orders of this court the document set forth below. This document was signed electronically on January 28, 2009, which
More informationUNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS
UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified
More informationCase 8:09-bk-11551-MGW Doc 53 Filed 07/30/13 Page 1 of 7 UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION
Case 8:09-bk-11551-MGW Doc 53 Filed 07/30/13 Page 1 of 7 UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION IN RE: Randy L. Jones, Case No. 8:09-bk-11551-MGW Chapter 13 Debtor. /
More informationUNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO ) ) ) ) ) ) MEMORANDUM OF OPINION
UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF OHIO In re: RICHARD F. GOOD and MARY K. GOOD, Debtors. Case No. 03-22228 Chapter 7 Judge Arthur I. Harris MEMORANDUM OF OPINION This case is currently
More informationUNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF FLORIDA. JUNG BEA HAN and Case No. 00-42086 HYUNG SOOK HAN, v. Adv. No.
UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF FLORIDA In Re JUNG BEA HAN and Case No. 00-42086 HYUNG SOOK HAN, Debtors. JUNG BEA HAN, Plaintiff. v. Adv. No. 05-03012 GE CAPITAL SMALL BUSINESS FINANCE
More informationCHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY
CHAPTER 5 INTRODUCTION TO VALUATION: THE TIME VALUE OF MONEY 1. The simple interest per year is: $5,000.08 = $400 So after 10 years you will have: $400 10 = $4,000 in interest. The total balance will be
More informationChapter The Time Value of Money
Chapter The Time Value of Money PPT 9-2 Chapter 9 - Outline Time Value of Money Future Value and Present Value Annuities Time-Value-of-Money Formulas Adjusting for Non-Annual Compounding Compound Interest
More informationCase 13-17238-RG Doc 54 Filed 02/25/15 Entered 02/25/15 16:00:58 Desc Main Document Page 1 of 10
Document Page 1 of 10 FOR PUBLICATION UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW JERSEY -------------------------------------------------------X In Re: Chapter 13 Christopher P. Andolino, Case No.
More informationBy John J. Lamoureux Carlton Fields, P.A. Tampa, Florida. On April 20, 2005 President Bush signed into law the Bankruptcy Abuse Prevention and
RECENT CHANGES TO THE UNITED STATES BANKRUPTCY CODE WHAT CONSTRUCTION LAWYERS SHOULD KNOW AND THE POTENTIAL IMPACT SUCH CHANGES MAY HAVE ON CONSTRUCTION PROJECTS By John J. Lamoureux Carlton Fields, P.A.
More informationBANKRUPTCY TERMINOLOGY
ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing
More informationCHAPTER 6 DISCOUNTED CASH FLOW VALUATION
CHAPTER 6 DISCOUNTED CASH FLOW VALUATION Answers to Concepts Review and Critical Thinking Questions 1. The four pieces are the present value (PV), the periodic cash flow (C), the discount rate (r), and
More information5:11-ap-07157 Doc#: 21 Filed: 05/24/12 Entered: 05/24/12 11:38:23 Page 1 of 13
5:11-ap-07157 Doc#: 21 Filed: 05/24/12 Entered: 05/24/12 11:38:23 Page 1 of 13 IN THE UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF ARKANSAS FAYETTEVILLE DIVISION IN RE: MARCELO AND MARTHA GOMEZ,
More informationCase 06-57024 Doc 101 Filed 04/21/11 EOD 04/22/11 15:05:37 Pg 1 of 8 SO ORDERED: April 21, 2011. Basil H. Lorch III United States Bankruptcy Judge
Case 06-57024 Doc 101 Filed 04/21/11 EOD 04/22/11 15:05:37 Pg 1 of 8 SO ORDERED: April 21, 2011. Basil H. Lorch III United States Bankruptcy Judge UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF INDIANA
More informationCHAPTER 9 Time Value Analysis
Copyright 2008 by the Foundation of the American College of Healthcare Executives 6/11/07 Version 9-1 CHAPTER 9 Time Value Analysis Future and present values Lump sums Annuities Uneven cash flow streams
More informationCONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS
CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS This agreement is entered on this day between the undersigned (hereinafter referred to as "Client") and ADRIAN M. LAPAS,
More informationChapter 13 Plan Must Pay Adequate Protection Payments Prior to Attorney s Fees
Chapter 13 Plan Must Pay Adequate Protection Payments Prior to Attorney s Fees Brian Lacoff, J.D. Candidate 2010 I. Introduction In In re Dispirito, a decision of importance to Chapter 13 debtors attorneys,
More informationTrust Deed Equivalents in Australia, Canada and the U.S.
Trust Deed Equivalents in Australia, Canada and the U.S. Australia A personal insolvency agreement (PIA) under Part X of the Bankruptcy Act 1966 is a way for a debtor to come to an agreement with their
More informationUnited States Court of Appeals
In the United States Court of Appeals For the Seventh Circuit No. 14-2052 IN RE: EDWARD J. PAJIAN, Debtor-Appellant. Appeal from the United States Bankruptcy Court for the Northern District of Illinois,
More informationRule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code.
Rule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code. (a) Section 1326 Payments. (i) (ii) The debtor shall, after commencing timely
More informationUNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF HAWAII
OFFICE OF THE UNITED STATES TRUSTEE STEVEN JAY KATZMAN United States Trustee CAROL K. MURANAKA 1884 Assistant United States Trustee CURTIS CHING 1132 Bishop Street, Suite 602 Honolulu, Hawaii 96813 Telephone:
More informationUNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS
02/03/04 rev. UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS RIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND THEIR ATTORNEYS (Model Retention Agreement) Chapter 13 gives
More information503-326-4000 (phone) 503-326-7658 (fax)
Visit our website at http://www.justice.gov/ust/r18/portland/chapter11.htm United States Trustee 620 SW Main St., Suite 213 Portland, OR 97205 503-326-4000 (phone) 503-326-7658 (fax) TO: CHAPTER 11 DEBTORS,
More informationPlease put: Brankruptcy - Online Presentation in the subject line of your email. email to: cecertificate@stewart.com 9/18/2014. Bankruptcy Update 2014
Please put: Brankruptcy - Online Presentation in the subject line of your email email to: cecertificate@stewart.com 9/18/2014 Bankruptcy Update 2014 Charlie Craig Associate General Counsel & Texas Underwriter
More informationDeborah Langehennig Chapter 13 Trustee
Deborah Langehennig Chapter 13 Trustee Send only plan payments to: PO Box 298 Memphis, TN 38101-0298 Send only correspondence to: 3801 Capital of Texas Hwy South, Suite 320 Austin, TX 78704 www.ch13austin.com
More informationUNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEBRASKA
UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEBRASKA IN THE MATTER OF LYNETTE BRANCH, CASE NO. BK93-81413 DEBTOR A93-8190 LYNETTE BRANCH, CH. 13 Plaintiff vs. UNIPAC/NEBHELP and THE UNITED STATES
More informationChapter 16.---CONTRACTS AND PROMISES. Article 1.---General Provisions
Chapter 16.---CONTRACTS AND PROMISES Article 1.---General Provisions K.S.A. 16-117. Credit agreements; definitions. As used in this act: (a) "Credit agreement" means an agreement by a financial institution
More informationIN THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF ARKANSAS LITTLE ROCK DIVISION. IN RE: CHRISTOPHER M. ROBERTS, Debtor Ch.
IN THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF ARKANSAS LITTLE ROCK DIVISION IN RE: CHRISTOPHER M. ROBERTS, Debtor No. 4:05-bk-40338 Ch. 7 ORDER On December 27, 2006, the chapter 7 trustee filed
More informationINSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION
INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION This form, known as a "voluntary petition," must be used by a debtor to begin a bankruptcy case. Filing this petition is
More informationCase 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS
Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ENTERED 04/21/2010 ) IN RE ) ) SOUTHWEST GUARANTY,
More informationUNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING]
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] Original plan Amended plan -- Date amended: The debtor's future earnings are submitted
More informationUNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF GEORGIA VALDOSTA DIVISION
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF GEORGIA VALDOSTA DIVISION IN RE: : : CASE NO. 99-71191 SGE MORTGAGE FUNDING : CORPORATION, : CHAPTER 11 : Debtor, : ADVERSARY PROCEEDING : NO. 00-7013
More informationUNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN. Debtors. Chapter 13 ORDER OVERRULING DEBTORS OBJECTIONS TO CLAIMS
THE FOLLOWING ORDER IS APPROVED AND ENTERED AS THE ORDER OF THIS COURT: DATED: October 4, 2013 G. Michael Halfenger United States Bankruptcy Judge UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT
More informationMANDATORY BANKRUPTCY DISCLOSURE
2418 Main St. Vancouver, WA 98660 www.mcaleerlaw.net Telephone: (360) 334-6277 Facsimile: (360) 356-1920 MANDATORY BANKRUPTCY DISCLOSURE IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM
More informationChapter 7 Liquidation Under the Bankruptcy Code
From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"
More informationBankruptcy Issues in Foreclosure Actions. Andrew J. Zeigler
Bankruptcy Issues in Foreclosure Actions Andrew J. Zeigler Bankruptcy Automatic Stay 11 U.S.C. 362 Once a bankruptcy petition is filed all collection activities must stop immediately. Applies to all creditors
More informationCHAPTER 5. Interest Rates. Chapter Synopsis
CHAPTER 5 Interest Rates Chapter Synopsis 5.1 Interest Rate Quotes and Adjustments Interest rates can compound more than once per year, such as monthly or semiannually. An annual percentage rate (APR)
More informationCase 12-49219 Doc 2472 Filed 08/18/14 Entered 08/18/14 09:16:40 Desc Main Document Page 1 of 6
Document Page 1 of 6 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION In re: EDISON MISSION ENERGY, et al., Debtors. Chapter 11 Case No. 12-49219 (Jointly Administered
More informationApple Federal Credit Union. Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014
Apple Federal Credit Union Reporting Delinquent Matters and 1099-A and 1099-C Presentation 2014 Discussion Topics Reporting Delinquent Matters 1099 Overview 1099-A 1009-C IRS Position on 1099-C Bankruptcy
More informationThis is Time Value of Money: Multiple Flows, chapter 7 from the book Finance for Managers (index.html) (v. 0.1).
This is Time Value of Money: Multiple Flows, chapter 7 from the book Finance for Managers (index.html) (v. 0.1). This book is licensed under a Creative Commons by-nc-sa 3.0 (http://creativecommons.org/licenses/by-nc-sa/
More informationChapter 6 Contents. Principles Used in Chapter 6 Principle 1: Money Has a Time Value.
Chapter 6 The Time Value of Money: Annuities and Other Topics Chapter 6 Contents Learning Objectives 1. Distinguish between an ordinary annuity and an annuity due, and calculate present and future values
More information