Critical Case Comment – New Bankruptcy Term – “Sale Plan” • NACTT Academy

Critical Case Comment – New Bankruptcy Term – “Sale Plan”

Confirmation of a “sale” plan (proposing the sale of the debtor’s principal residence) depends upon how quickly the sale will be consummated, milestones established, and consequences for failing to meet those deadlines; a plan that makes payments to the mortgage company under a “sale” plan may not modify the rights of the mortgagee but if care is taken to comply with the requirements of § 1322(b)(2), 1322(b)(5), and 1325(a)(5)(B), confirmation is possible. (Panos) In re Materne, 640 B.R. 781 (Bankr. D. Mass. April 7, 2022)

Case . . .

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

Or Sign In Below:

Henry E. Hildebrand, III

Chapter 13 Standing Trustee for the Middle District of Tennessee (Nashville)

Henry E. Hildebrand, III has served as Standing Trustee for Chapter 13 matters in the Middle District of Tennessee since 1982 and as Standing Chapter 12 Trustee for that district since 1986. He also is of counsel to the Nashville law firm of Belcher Sykes Harrington, PLLC. Mr. Hildebrand graduated from Vanderbilt University and received his J.D. from the National Law Center of George Washington University. He is a fellow of the American College of Bankruptcy and the Nashville Bar Foundation. He is Board Certified in consumer bankruptcy law by the American Board of Certification and serves on its faculty committee. He is Chairman of the Legislative and Legal Affairs Committee for the National Association of Chapter 13 Trustees (NACTT). He is on the Board of Directors for the NACTT Academy for Consumer Bankruptcy Education, Inc. and is an adjunct faculty member for the Nashville School of Law and St. Johns University School of Law. In addition, he served as a commissioner to the American Bankruptcy Institute’s Commission on Consumer Bankruptcy.

Representing Elderly Clients in Bankruptcy – Part 2 of 3

January 12, 2020

By David Cox,1 Cox Law Group, PLLC (Lynchburg, VA) Click here for Part 1 of 3 C. Determining whether to file. Collection considerations outside of bankruptcy. Is the debtor judgment-proof? Are assets and income exempt? How active are creditors? Is the current situation likely to change? Has there been a previous filing, and if so, are there stay or exhausted...

Members

Meet a New Trustee

The Academy

October 8, 2023

David A. Mawhinney is the Chapter 13 Standing Trustee for the Central and Western Divisions of Massachusetts and a Subchapter V Trustee for Region One. He replaced Denise M. Pappalardo upon her retirement which was effective December 24, 2022. David is a 2002 graduate of Boston College and received his J.D. from Boston College Law School in 2011. When David started...

From the Editor

March 24, 2019

By Wm. Houston Brown, United States Bankruptcy Judge (Retired) Discharge - Direct mortgage payments unpaid by debtor were not “provided for” in plan. The confirmed plan stated that the debtor would directly pay two home mortgages to the credit union, but there was no specification of payment terms or other treatment of those mortgages. At the time of confirmation, the...

Members

From the Editor

April 7, 2019

By Wm. Houston Brown, United States Bankruptcy Judge (Retired) Confirmation - Debtors could not deduct ownership costs for vehicle secured by non-purchase money lien. The above-median debtors claimed ownership deduction of $497 from projected disposable income, when the title loan payments on the vehicle were only $66.67. The difference in these amounts meant unsecured creditors could receive $25,819.80 over the...

Members

Acquisition of Post-Confirmation Property in Chapter 13: What Remains of the Estate?

February 10, 2019

By Leo G. Spanos, Senior Staff Attorney to Martha G. Bronitsky, Chapter 13 Trustee, Northern District of California (Oakland Division) Courts around the country are split on whether property acquired post-chapter 13 confirmation remains property of the estate or vests in the debtor for all purposes absent contrary language in the plan or confirmation order under 11 U.S.C. § 1327(b).1...

Members

Social Media Scams: Con Artists Target the Vulnerable

Michael B. Joseph

July 23, 2023

Social media and internet dating sites have given rise to romance and confidence schemes. Catfishing and spear phishing are extensively used. Catfishing is faking an identity on the internet. Spear phishing uses more sophisticated and direct messages to trick the victim. New AI programs make it easier to reach and victimize the targets. The fraudsters prey upon the elderly, widowed...

Members

Critical Case Comment – Debtor Not Current But May Invoke CARES Remedies

Henry E. Hildebrand, III

March 13, 2022

In order to invoke remedies granted under the CARES Act, Chapter 13 debtor need not have been current on the date of enactment as long as the debtor satisfies the conditions in the CARES Act. (Grabill) In re Gilbert, 622 BR 859 (Bankr. E.D. La. Oct. 6, 2020) Case Summary Chapter 13 Trustee sought dismissal of a number of cases...

Members

Who Files the Tax Returns Under SBRA

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

Fond Farewell to Danny O’Brien

The Academy

September 25, 2022

Dear Danny, We know that you would not want a tribute – it’s simply not who you are. But we couldn’t let this moment pass without acknowledging how admired and respected you are. We will all miss you and are better for having known you. You are a stellar example of what all humanity should strive to be. As a...

IRS Updates Guidance for Deductible Business, Charitable, Medical and Moving Expenses

November 17, 2019

11/14/19, the IRS issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-46, posted today on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The guidance also...