From the Editor’s Desk – Property of Estate and Exemptions • NACTT Academy

From the Editor’s Desk – Property of Estate and Exemptions

By The Honorable William Houston Brown (Retired)

Chapter 7 trustee’s authority to sell residence. A debtor’s residence, in which there was no equity above the first mortgage, remained property of the estate, notwithstanding the debtor’s reservation of $60,000 homestead exemption, which was subordinate to the first lien. The reserved exemption did not prevent the trustee’s sale of the residence, with the mortgage lien attaching to proceeds. Applying Schwab v. Reilly and North Carolina’s homestead, the residence was not subject to an in-kind or unlimited exemption, and unless . . .

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Critical Case Comment

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By Henry E. Hildebrand, III, Standing Chapter 13 Trustee for the Middle District of TN (Nashville) A creditor may request an extension of time to file a claim under Rule 3002, F.R.B.P. only where the conditions of that rule have been fully satisfied; the filing of a defective list of creditors does not permit an extension of the time for...

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Passing of Retired Ohio Judge

The Academy

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Passing of Retired Ohio Judge Judge Baxter was appointed United States Bankruptcy Judge for the Northern District of Ohio on December 16, 1985, and served in the Court’s Cleveland, Ohio location until his retirement in 2011. He served as Chief Judge between 2004 and 2008. Click here for obituary.

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By The Honorable William Houston Brown (Retired) Objection sustained to one-year late proof of claim. The mortgage creditor did not object to confirmation nor file a proof of claim until one year after the bar date in the Chapter 13 case. The trustee objected to the claim, which asserted a higher arrearage than provided for in the confirmed plan. Section...

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By Cathy Moran, Esq. (Redwood City, CA) Bankruptcy debtors with delinquent utility bills got a measure of protection from interruption in their service under an amendment to the Bankruptcy Code in the omnibus spending bill enacted December 27,2020. Individual debtors cannot have their utilities disconnected as long as they make some payment for service provided promptly after the commencement of...

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By David Cox,1 Cox Law Group, PLLC (Lynchburg, VA) III. Providing for the Secured Mortgage Claim, as Modified. A. Does the requirement of § 1325(a)(5)(B)(iii) for equal monthly payments permit the Debtor to propose a balloon payment in the payment of the creditor’s claim? Equal Monthly Payments Required By § 1325(a)(5)(B)(iii) Does NOT Permit Debtor To Propose A Balloon Payment....

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In re Lazaro: Non-Monetary Default and § 1322(b)(5)

James M. Davis

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Can a debtor provide for a non-debtor’s loan under § 1322(b)(5) even if the plan does not address a non-monetary default on the claim? In re Lazaro suggests the answer may be “yes.” In that case, the Court held not only that the Debtor’s plan could provide to cure a monetary default on a loan taken out by the Debtor’s...

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Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

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3/19/19 IRS reminded taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. This news release is part of a...

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The NACTT Emeritus Trustees

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We were curious about what our NACTT Emeritus Trustees have been doing in retirement. How have they been spending their time since making the decision to retire and moving on from the daily challenges as a Chapter 13 Trustee. Here are their replies to our inquiry:

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August 4, 2019

By John P. Gustafson, United States Bankruptcy Judge, Northern District of Ohio, Western Division Click here for Part 1 Click here for Part 2

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