Summary: Vericrest sought relief from the automatic stay and the Chapter 7 Trustee objected. In the present case, the note contains two allonges purporting to transfer the Note by indorsement. The first purports to transfer the Note from Flagstar Bank, F.S.B. To LSF7 Bermuda NPL V Trust. The second allonge is blank indorsement from Bermuda Trust.
To prevail on a Motion for Relief from Stay where there is no issue as to the sufficiency of equity to adequately protect it interests, the moving party must show "[t]he [d]ebtor owes a
Summary: 11 U.S.C. § 101(31) has a list of third-parties with a statutorily defined relationship with the Debtor, which are called "statutory insiders". This definition, however, use the word "includes", which makes the list non-exclusive, with such being considered "non-statutory insiders." (The District Court notes the oddity of the Bankruptcy Code statutorily providing for non-statutory insiders.)
Summary:
ECP was retained, prior to the bankruptcy filing by the Debtor, to sell certain of the Debtor's properties. The listing agreement included a provision that the Debtor would seek to employ ECP in the event bankruptcy was filed. ECP was, in fact, approved by the Court to sell the properties. Unfortunately, following the objection by the lienholder, the sale of the properties was ultimately not approved, as it did not satisfy the requirements of 11 U.S.C.
Summary:
While the secured classes in the Chapter 11 accepted the plan, none of the unsecured creditors cast ballots and the class was deemed to have rejected the plan. The Debtor was, however, given an additional 14 days to obtain ballots. Otherwise, the Debtor would be allowed to file an amended plan, where the principal could purchase the equity interest in the Debtor.
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Summary:
The Debtor owned real property with her husband as tenants by the entireties, but then separated. Pursuant to a Separation Agreement, the Debtor signed a Quit Claim Deed granting the property to her husband in 2005 and the parties divorced in 2006. She later filed Chapter 13 on December 3, 2008, but, apparently unbeknownst to the Trustee, the Quit Claim Deed was not recorded until January 9, 2009, one day after the §341 Meeting of Creditors. The Debtor’s confirmed plan abandoned her interest in the property to the secured creditors
Summary:
The Debtor proposed a plan that would have paid roughly a 3.8% dividend to general unsecured claims, but would have separately classified his non-dischargeable student loans and paid them in full. The general unsecured class did not accept this plan.
11 U.S.C.
Summary:
Kenneth Jones filed a Chapter 13 bankruptcy on behalf of his minor nephew in 2003. After finding no evidence that Jones was his nephew's court appointed guardian, the Trustee moved for the appointment of a guardian ad litem pursuant to Bankruptcy Rule 1004.1. Prior to that motion being heard, however, the case was dismissed for non-payment.
Recently, however, the Nephew (now presumably having reached his majority) experienced difficulties obtaining credit due to this bankruptcy. Accordingly then moved to have the bankruptcy re-opened and then dismi
Summary:
The Debtor’s corporation filed Chapter 7 and the Debtor agreed to buy the assets of the corporation from the Chapter 7 Trustee for $3,400.00. The Trustee was later contacted by an auctioneer, who informed the Trustee that the Debtor was attempting to sell additional corporate assets, that had not be listed in the bankruptcy petition filed by the corporation. The Debtor eventually did sell these non-disclosed assets for $4,000.00 and also filed his own personal Chapter 7 bankruptcy, with the same Trustee being appointed. The Trustee eventually settle
Summary:
The Debtors pledged two properties to Sun Trust as collateral for a Deed of Trust. The Deed of Trust when recorded, however, was only indexed with the Orange Register of Deeds under the Parcel Identifier Number ("PIN") for Parcel II and not Parcel I. (Orange County, unlike the other 99 counties in North Carolina, which index under a grantor/grantee system based on Deed Book and Page, give every parcel of real property a unique PIN. This PIN is used as the basis for indexing all recorded documents related to that property.)
After the Debtors w
