By Cathy Moran, Esq. (Redwood City, CA) Because its treatment varies so, we need to be asking more pointed questions of clients about both insurance policies and the debtor as beneficiary. Unmatured life insurance Starting with exemptions, §522(d)(7) makes an unmatured life insurance policy exempt without limit. So, the insurance element of a policy owned by the debtor is exempt...
From the Editor – Applicable Commitment Period
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By The Honorable William Houston Brown (Retired)
Fourth Circuit holds that above-median debtor must maintain 60-month plan. The above-median debtors, who had negative disposable income, proposed a plan that contained early termination language permitting completion in 55 months, but that would not pay unsecured creditors in full. The bankruptcy court denied confirmation and direct appeal to the Fourth Circuit resulted in holding that the applicable commitment period is a temporal requirement. Such debtors must either maintain a full 60-month plan or pay unsecured creditors in full. In dicta, the court also stated . . .
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