From the Editor – Modification • NACTT Academy

From the Editor – Modification

By The Honorable William Houston Brown (Retired)

Decision certified to Fifth Circuit on whether above-median debtor may receive discharge prior to completion of 60-month plan. With no controlling decision from Fifth Circuit, the bankruptcy court approved the confirmed debtors’ ability to obtain discharge without paying unsecured creditors 100%, when they had made a lump sum payment that, combined with regular payments, exceeded the plan base. Trustee had moved to modify the plan to increase the plan base and appealed denial of that motion, citing four circuits’ opinions that above-median debtors are bound by . . .

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Duty to Disclose Substantial and Unanticipated Changes in Debtor’s Financial Condition

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In the case of In re Ilyev, 17-12987-KHK (Bankr. E.D. VA July 26, 2022), Judge Kenney granted the Chapter 13 Trustee’s motion to modify the plan to require the Debtor to repay some of the $29,250 of disposable income he retained by not making his mortgage payments during an 18-month Covid forbearance. The Debtor never disclosed to the Trustee, or...

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Small Business Reorganization Act…(“SBRA”) H.R. 3311 – Part Three

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Retired United States Bankruptcy Judge Randall (Randy) Lawson Dunn, District of Oregon, died at home on June 7, 2023.

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IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts. On July 26th, the IRS announced that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report...