B22C CONTROLS UNLESS SIGNIFICANT CHANGES IN CIRCUMSTANCES In re Lanning, Case No. 06-41037 May 2007, Judge Karlin Over the Chapter 13 Trustee’s objection, the Court confirmed the plan because of significant changes in circumstances at the time of … [Continue reading]
Means Test Form Controls Unless Significant Changes in Circumstances
Posted on December 21, 2009 Written by
What Is Chapter 12 Bankruptcy?
Posted on December 21, 2009 Written by
Chapter 12 bankruptcy: A simplified reorganization plan for family farmers whose debts fall within certain limits. Chapter 12 Bankruptcy Is Like Chapter 13 On Steroids … [Continue reading]
How Long Does Chapter 13 Last if My Income is Below Median?
Posted on December 20, 2009 Written by
BELOW MEDIAN MUST RUN 36 MONTHS, B22C IS TEMPORAL In re Daniel, Case No. 06-20714 December 2006, Judge Somers In a Below Median case, debtor’s income is determined by B22C and expenses by Schedule J and must “run†for 36 months (The Applicable … [Continue reading]
What Is Chapter 11 Bankruptcy?
Posted on December 20, 2009 Written by
Chapter 11 Bankruptcy: A reorganization proceeding in which the debtor may continue in business or in possession of its property as a fiduciary. A confirmed Chapter 11 plan provides for the manner in which the claims of creditors will be paid in … [Continue reading]
What Is Chapter 7 Bankruptcy?
Posted on December 19, 2009 Written by
Chapter 7 Bankruptcy: The most common form of bankruptcy, a Chapter 7 case is a liquidation proceeding, available to individuals, married couples, partnerships and corporations. More in Bankruptcy Basics. … [Continue reading]
What is the Bankruptcy Code?
Posted on December 19, 2009 Written by
Bankruptcy Code. Title 11 of the United States Code governs bankruptcy proceedings. Bankruptcy is a matter of federal law and is, with the exception of exemptions, the same in every state. When federal bankruptcy law conflicts with state law, federal … [Continue reading]
Who Gets Paid Out of Chapter 13 Pool?
Posted on December 18, 2009 Written by
WHAT GETS PAID OUT OF THE B22C POOL? In re Puetz, Case No 0620756 June 2007, Judge Berger B22C presumptively shows debtors projected disposable income, schedules I and J no longer determine plan payment for above median debtor, but, rather, … [Continue reading]
What are Bankruptcy Avoidance Powers?
Posted on December 18, 2009 Written by
Avoidance powers: Rights given to the bankruptcy trustee (or the debtor in possession in a Chapter 11) to recover certain transfers of property such as preferences or fraudulent transfers or to void liens created before the commencement of a … [Continue reading]
My Income Is Above Median, How Long Will My Chapter 13 Plan Run?
Posted on December 17, 2009 Written by
B22C CONTROLS, OR IF DEBTOR USES I AND J, MUST HAVE A FIVE YEAR PLAN In re Beckerle, Case No.06-20572 April 2007, Judge Berger ACP is a time frame of either 3 or 5 years and not a multiplier. B22C is a starting place in determining projected … [Continue reading]
What is Bankruptcy Lien Avoidance?
Posted on December 17, 2009 Written by
Avoidance: The Bankruptcy Code permits the debtor to eliminate (avoid) some kinds of liens that interfere with (or impair) an exemption claimed in the bankruptcy. Most judgment liens that have attached to the debtor’s home can be avoided if the … [Continue reading]
13 Plan Length Figured as of Bankruptcy Filing Date
Posted on December 17, 2009 Written by
ACP IS FIXED BUT PLAN PAYMENT IS NOT In re Anderson, Case No. 06-20664 April 2007, Judge Berger Applicable Commitment Period is determined as of the date of filing, but the amount of the plan payment is determined as of the effective date of the … [Continue reading]
Do You Owe What I Owe? Peace, Fresh Start Waiting for You New Year's Night
Posted on December 16, 2009 Written by
My blogging colleague, Wendell Sherk of St. Louis, MO, wrote this bankruptcy riff on an old Christmas carol: Do You Owe What I Owe? (To the tune of “Do You Hear What I Hear?â€) Said the neighbor to the young man, “Do you owe what I owe? Bills … [Continue reading]
Chapter 13 Payment Amount Can Change, But Not Plan Length
Posted on December 16, 2009 Written by
APPLICABLE COMMITMENT PERIOD IS FIXED AS DATE OF FILING In re Moore, Case No. 06-20031 April 2007, Judge Berger Debtors’ circumstances changed post petition pre confirmation. Although this does not change the ACP, it can change the amount to be … [Continue reading]
What is the Automatic Stay?
Posted on December 15, 2009 Written by
Automatic stay: The injunction issued automatically upon the filing of a bankruptcy case which prohibits collection actions against the debtor, the debtor’s property or the property of the estate. See Relief from Stay on terminating the injunction. … [Continue reading]
My Wife Didn't File Bankruptcy, Can I Deduct Her Car Payment on My Means Test?
Posted on December 15, 2009 Written by
NON DEBTOR EXPENSES NOT ALLOWED ON B22C In re Shahan, Case No. 06-11638 April 2007, Judge Nugent Above median debtor filed 13; wife did not. Trustee objected to confirmation on basis of various B22C deductions. Debtor was allowed to take a marital … [Continue reading]
What are Assets in Bankruptcy?
Posted on December 14, 2009 Written by
Assets. Assets are every form of property that the debtor owns. They include such intangible things as business goodwill; the right to sue someone; or stock options. The debtor must disclose all of his assets in the bankruptcy schedules; exemptions … [Continue reading]
