By Henry E. Hildebrand, III, Chapter 13 Standing Trustee for the Middle District of TN (Nashville) Bankruptcy Court is under an obligation to examine the eligibility of a debtor to file Chapter 13 even where no party raises a timely, written objection. (Seibel) Preuss v. Perry (In re Perry), 7:20-cv-04617-CS (S.D. N.Y., Sept. 21, 2021) Case Summary Bruce Perry filed...
From the Editor’s Desk – Lien Stripping
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By The Honorable William Houston Brown (Retired)
For purposes of strip off, property is valued at petition date. Discussing the various dates courts have used for purposes of valuation when the debtor proposes to strip off a junior lien, the court compared the petition date and effective date of the plan, concluding that the petition date was the critical one for determination of secured claim valuations. The court strongly encouraged debtors’ counsel to obtain a professional independent appraisal of value prior to filing the Chapter 13 case, if strip off is contemplated. Hegeduis v. Harris . . .
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