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
Summary:
The former officers of EBW Laser, Inc., which has been the subject of a fair bit of litigation in its bankruptcy in the Middle District of North Carolina, brought a complaint against the Chapter 7 Trustee’s law firm and several individual attorneys at the law firm, as well as the accountant for EBW Laser, as they allegedly improperly obtained the officers’ tax return in an attempt to show preferential transfers and/or fraudulent conveyances. The case was originally brought in state court, but then removed by the Defendants to federal district court, where, foll
Summary and Commentary:
Starting by painting a vivid tableau of a §341 Meeting of Creditors, its atmosphere is aptly compared with the anxiety of an emergency room. The metaphor gets pushed too far, with the Trustee being likened to a doctor diagnosing people "with a financial emergency- bankruptcy." This would be a fully congruent comparison only if, and I hesitate to extend this metaphor, because most Trustees are truly good and caring people, who keep a debtor’s interest in mind, if not at heart, a medical doctor was charged by his Hippocratic Oath
