By Eric K. Fox, Esq. (Hendersonville, TN) Jane Debtor has a home with a mortgage. An unsecured creditor obtains a judgment against Jane for, say, a credit card debt. Creditor’s attorney records a certified copy of the judgement order with the county register of deeds, thereby converting the unsecured claim against Jane in personam, to a secured claim against her...
From the Editor – Surrender
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By The Honorable William Houston Brown (Retired)
Section 1322(b)(8) does not permit payment of judgment creditor’s claim with property and partial surrender is prohibited. The proposed plan provided that a judgment creditor’s secured claim would be paid by surrender of a lake house in full satisfaction. The court held that § 1325(a)(5)((C)’s surrender may not be invoked to surrender part of collateral in full satisfaction. Moreover, § 1322(b)(8) does not permit “payment” of a claim by delivery of possession of property—this would be a surrender. State law . . .
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