If Surrender Is the Answer, What Is the Question?

(Reprinted from the Norton Bankruptcy Law Adviser newsletter, June 2015, with permission. Copyright © 2015 Thomson Reuters/West. For more information about this publication please visit http://legalsolutions.thomsonreuters.com/)
By Michael E. Cecil, Staff Attorney for Jon M. Waage, Chapter 13 Standing Trustee (Bradenton, FL)

One of the many things a debtor in a Chapter 13 bankruptcy case is allowed to do is surrender collateral to a secured creditor. This includes real property that may be subject to multiple liens, mortgages and/or homeowners’ association . . .

It looks like you are not signed in or registered! This content is only available to members.

Or Sign In Below:

No Author Biography has been linked to this Article.

Related Articles

January 21, 2019
By Jan M. Sensenich, Chapter 13 Standing Trustee for the District of Vermont As we reach the end of the first month of the partial government shutdown, with no end in sight, 800,000 federal workers have started missing their paychecks. As the shutdown continues, Chapter 13 trustees are weighing how best to address the inevitable question from federal government employee...
Members
NN Photo
March 5, 2023
In a recent opinion, an Ohio bankruptcy court joined the majority of other courts by holding the Code excludes Social Security Act (“SSA”) benefits from disposable income.i The issue was brought before the Court by the Chapter 13 Trustee’s objection to confirmation. The objection to confirmation asserted the Debtors failed to commit all disposable income to their plan and included...
Members
ahern_larry_regular
April 30, 2023
Introduction One new rule and amendments to 16 rules took effect December 1, 2022.  Many reflected changes necessitated by the Small Business Reorganization Act of 2019 (SBRA), and had been in place in the same or similar form on an interim basis since that legislation took effect.  Part 1 of this series summarized . . . It looks like you...
Members
May 19, 2019
The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home: Ownership and use To claim the exclusion, the taxpayer must meet ownership and...
January 10, 2021
By The Honorable William Houston Brown (Retired) This legislation includes several bankruptcy-related provisions, in addition to government funding and other COVID relief. Consumer bankruptcy issues are addressed in Title X of the Act, section 1001, which amends Bankruptcy Code § 541(b)’s exclusions from property of the estate, adding subsection 11 for certain coronavirus relief, defined as “recovery rebates made under...
Members
October 20, 2019
By Herb Beskin, Chapter 13 Trustee and Edward M. Wayland, Esq. (Charlottesville, VA) Trustees are not privy to the struggles of Debtors as they emerge from Chapter 13 and work to re-establish (establish?) their credit worthiness. A crucial factor in this process is the Debtor’s credit report. In this article, we discuss the Fair Credit Reporting Act (“FCRA”), the rules...
Members
June 7, 2020
By Steven L. Walker, Esq. (San Jose, CA) Subchapter V of the newly amended Bankruptcy Code is silent on the question as to whether the debtor-in-possession, or the court appointed trustee, must file the entity’s income tax returns on Form 1065, Form 1120, or Form 1120S. Although the IRS also has not issued any formal guidance, answers can be found...
Members
moran_cathy
November 13, 2022
Community property works differently in bankruptcy. I probably don’t have to tell you that. On the issue of assets and debts, community property is pretty straightforward. All of the community property comes into the estate upon the commencement of a bankruptcy case, even when only one spouse files. §541(a)(2). Every creditor with a right to be paid from the community...
Members
March 22, 2020
By Alex Schmidt, Law Clerk to the Honorable John P. Gustafson., Northern District of Ohio at Toledo As the United States begins the process of coming to grips with COVID-19, those who work in the consumer bankruptcy world are going to have to roll with the punches thrown by a global pandemic that is already creating financial chaos throughout the...
Members
ahern_larry_regular
November 13, 2022
Introduction This series reviews developments in bankruptcy procedure during 2022. Amendments to 16 rules and new one new rule take effect December 1, 2022, absent Congressional action. Many reflect changes necessitated by the Small Business Reorganization Act of 2019 (SBRA),1 and have been in place in the same or similar form on an interim basis since that legislation took effect.
Members