By M. Jonathan Hayes, Certified Bankruptcy Specialist, Simon Resnik Hayes LLP (Sherman Oaks, CA)
Bank of America v. Caulkett, --- U.S. ----, 134 S.Ct. ----- (June 1, 2015)
Issue: May a chapter 7 debtor strip off a wholly unsecured secured claim pursuant to §506(d)?
Holding: No based on the previous ruling in Dewsnup.
Justice Thomas for 9-0 court
The chapter 7 debtor here owned a home with two mortgages. The value of the home was less than the amount owed on the second mortgage. The debtor filed a motion to “'strip off '—or . . .
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