“In evaluating lien avoidance, we often default to the most common scenario: a first mortgage, perhaps a second mortgage, and the debtor’s homestead exemption. The question then becomes, is the total of these obligations more than the value of the property? If so, the judicial liens are avoided. If not, the judicial liens are either partially avoidable or fully secured.But that’s not quite how it works.”
What a treat!!!! With no tricks. Judge Gustafson and Law Clerk Omshehe bring subscribers an in-depth look at the sexy topic of stripping.
From the Editor – Claims
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By The Honorable William Houston Brown (Retired)
Administrative expense allowed to attorney for substantial contribution in Chapter 13 case. The district court affirmed allowance to a law firm for administrative expense under § 503(b)(3)(D) for its substantial contribution to a case by its successful objection to an exemption claim in annuities. The law firm had represented the Chapter 7 trustee prior to conversion of the case to Chapter 13 and had objected to the exemption in the Chapter 7 phase of the case. On conversion, the law firm was a creditor for unpaid fees . . .
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