CRITICAL CASE COMMENT: In re Elibo

CRITICAL CASE COMMENT

In re Elibo, 447 B.R. 359 (Bankr. S.D. Fla., March 15, 2011) (Kimball)

A Chapter 13 plan may both modify a secured creditor’s claim by “cramming down” the value of the collateral and by extending the remaining payments beyond the plan term pursuant to § 1322(b)(5).

 

Case Summary

 

Mr. Elibo owned real estate in West Palm Beach, Florida that was not his principal residence.  The property was subject to a first mortgage with a balance of approximately $200,000.  The property was valued . . .

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