Summary:
The Debtors brought a Motion for Sanctions against Sun Trust, serving the motion by certified mail, return receipt requested, to the attention of the “Officer or Managing Agent” at the address listed on the Proof of Claim filed by Sun Trust, at the address listed on the billing statements and one additional address.
By Ed Boltz, 12 March, 2013
Summary:
The creditor had obtained a judgment against the debtor, with such judgment still being on appeal. The creditor, nonetheless, filed a Proof of Claim in the debtor’s Chapter 11 case, to which the debtor objection.
Read together, 11 U.S.C. § 502(a) and 1126(a) prohibit a claimant from voting on a Chapter 11 plan if the debtor has objected to the claim. Bankruptcy Rule 3018(a), however, allows the bankruptcy court, at its sound discretion, to temporarily allow the claim for purposes of accepting or rejecting the proposed plan.
By Ed Boltz, 12 March, 2013
Summary:
The Debtor contested large portions of the Domestic Support Obligation (DSO) claim filed by his ex-wife, who was also seeking dismissal of his Chapter 13 plan. The bankruptcy court held that the Indiana Superior Court where this claim originated was best suited for deciding the issues, See Caswell v. Lang, 757 F.25 608, 610 (4th Cir.
By Ed Boltz, 6 February, 2013
Summary:
Sea Horse Realty, which is wholly owned by Richard Mercer, is the owner of a parcel of real property located in Nags Head. In 2005, Mercer executed a promissory note, currently held by Citimortgage (to whom reference will be made, regardless of whether the party was Citimortgage or its predecessors), for $1.5 million, pledging the property as collateral. The Deed of Trust was originally to list Sea Horse Realty as the grantor, but this was changed at the request of the mortgage broker to list Mercer as the grantor.
Mercer filed Chapter 11 in 2009.
By Ed Boltz, 6 February, 2013
Summary:
Around the time of the Confirmation of the Debtors’ plan, the Male Debtor was injured in a motor vehicle accident. Subsequently, he amended his schedules to disclose the personal injury claim and his exemptions to claim the d claimed the full $10,379.35 settlement as exempt property per N.C.G.S. § 1C-1601(a)(8). The Trustee failed to object to the exemption but did seek to have this amount determined to be disposable income.
Relying heavily on In re Graham, 258 B.R. 286 (Bankr. M.D. Fla.
By Ed Boltz, 6 February, 2013
Summary:
The Debtor’s Chapter 11 case was converted to Chapter 7, following a hearing, at which neither the Debtor nor Debtor’s counsel attended, based on testimony presented by the bankruptcy administrator elaborated on the basis of her motion to convert, that despite being granted generous opportunities for amendment, inaccuracies and confusion continued to plague the debtor’s monthly operating reports.
By Ed Boltz, 18 January, 2013
Summary:
Affirmed the bankruptcy court opinion from In re Somerset Props. SPE, LLC, 2012 Bankr. LEXIS 1603, 56 Bankr. Ct. Dec. 88, 2012 WL 1230268 (Bankr. E.D.N.C. Apr. 12, 2012) on the same grounds.
For a copy of the opinion, please see:
MGHC Group v.
By Ed Boltz, 18 January, 2013
Summary:
Conversion from Chapter 11 to Chapter 7 is governed by 11 U.S.C.
By Ed Boltz, 18 January, 2013
Summary:
The Deed of Trust held by BB&T against real property references a promissory note dated September 7, 2005. The actual promissory note, however, is dated September 8, 2005. Relying on Beaman v. Head (In re Head Grading Co.), 353 B.R.122, 123- 24 (Bankr. E.D.N.C. 2006), the Debtors attacked the validity of the lien.
BB&T first argued that because the Debtor had executed a Change in Terms Agreement, explicitly affirming the note, it should be estopped from now contesting the enforceability.
By Ed Boltz, 18 January, 2013
Summary:
SRCR pledged a Piper Navajo Airplane as collateral for a loan to Park Sterling. After default on the loan, Park Sterling repossessed the airplane on February 3, 2012. SRCR filed a Chapter 11 bankruptcy on February 21, 2012.