In three separate Orders in the same case, which began as a Chapter 11 and later converted to Chapter 7, the Court looks at the allowance of administrative expenses.
Croatan Surf Club filed a single asset real estate Chapter 11, with such real estate subject to a lien by Royal Bank America ("RBA"). In compliance with 11 U.S.C. § 362(d)(3), Croatan filed a Second Amended Plan within 90-days of filing the bankruptcy, but RBA sought relief from stay, arguing that such plan was patently unconformable and was also nullified by the filing of a Third Amended Plan, outside of the 90-day window.
Summary:
Swartville owed TD Bank $1,615,000, secured by real property and guaranteed by the three principals of the company. Following default and rather than foreclosing on the property, TD Bank brought suit against the guarantors. Swartville then filed Chapter 11, proposing to surrender the real property in satisfaction of the debt. TD Bank objected that such plan was not filed in good faith, as it was intended solely to benefit the guarantors by forcing TD Bank to take the real property in reduction of the debt.
Applying the two-prong good faith test dev
Summary:
Dickerson filed Chapter 7 pro se, initially failing to disclose and exempt a pending lawsuit against Bell Partners for personal injuries and pecuniary losses. The Debtor eventually claimed the lawsuit as fully exempt, but the Trustee objected to the exemption of an pecuniary losses
Dickerson, the Trustee and Bell Partners subsequently agreed, both on the telephone and in emails, to settle the lawsuit for $15,000, consisting of $10,000 in exempt personal injury proceeds and $5,000 for pecuniary losses, that would be available for the bankruptcy estate. Di
Prior to the Debtor’s discharge, the Tortoretes were granted two extensions of time for the purpose of reviewing documents provided in connection with the Rule 2004 Examination of Cornerstone and to consider filing a complaint objecting to discharge. When no objection was filed, the Debtor was granted a discharge. Nearly one year later, the Tortoretes sought to reopen the Debtor’s case to o
Summary:
Jacobsen Construction entered into a contract with Kiddco to perform subcontract work on a project at Wake Technical Community College. On May 7, 2004, Kiddco submitted an invoice to Jacobsen for $90,625.27 for grading work at the site and on June 2, 2004, submitted a second invoice for another $102,366.70. On June 10, 2004, Jacobsen paid Kiddco $35,000 and then on June 29, 2004, Jacobsen paid another $55,625.27. On September 24, 2004, Jacobsen filed Chapter 7, and the Trustee ultimately sought to avoid all of the payments to Kiddco as p
Summary: The Youngbloods are guarantors of several loans between Youngblood Construction and BB&T. Following the filing of the Chapter 11, Youngblood Construction brought a Motion to Extend Stay for the Youngbloods individually.
The Bankruptcy Court recognized that in "unusual circumstances" the Debtor and a third party may share such common identity that judgment against one may "in effect be a judgment or finding against the debtor." Kreisler v. Goldberg, 478 F.3d 209, 213 (4th Cir. 2007) (citing A.H.
Summary: Relying on In re Beaudet, 455 B.R. 671, 673 (Bankr. M.D. Tenn. 2011), the bankruptcy court held that while Ocwen was entitled to include future escrow amounts in the on-going monthly payment, the pre-petition escrow shortage should instead be included in the arrearage claim.
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.)
