The Dangers of Extending a Plan Too Long - Or Alternatively, Why Take as Little Time as Possible • NACTT Academy

The Dangers of Extending a Plan Too Long – Or Alternatively, Why Take as Little Time as Possible

By Joseph A. Bledsoe, III, Chapter 13 Standing Trustee for the Eastern District of North Carolina (New Bern)

Under section 1113(b)(1)(C) of the CARES Act, upon the request of a debtor, and after notice and a hearing, a plan confirmed may be extended up to 7 years from the date the first payment under the original plan came due if “the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to the coronavirus disease 2019 . . .

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Eighth Circuit, like the Ninth, has ruled that when Chapter 13 cases are converted to Chapter 7, any increase in a debtor's home value beyond exemptions and liens becomes part of the Chapter 7 estate. See also: Critical Case Comment – Post-Petition/Pre-Conversion Equity

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So, what happens to post-petition appreciation of assets during a Chapter 13? Does the Debtor get to keep the money? Or does the Chapter 13 Trustee get it for the benefit of creditors? That was the question for the Court in In re Klein, 2022 WL 3902822 (Bankr. D. Colo. 2022). The question in Klein is a bit different than...

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The Academy

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From the AO

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