On September 23, 2019, Mouzon Bass, the president of Ebenconcepts, Inc., which was the Debtor's former employer, assigned to the Debtor a whole life insurance policy with a cash value of $814,917.00 in consideration for the Debtor's shares in Ebenconcepts. At that time, Ebenconcepts was the beneficiary of the whole life insurance policy.
Summary:
In determining whether 11 U.S.C. § 707(b) was applicable, the bankruptcy court held that despite the debtors having thirteen consumer debts totaling $296,775.43 and eight business debts totaling $294,595.56, “[b]ecause of how easily a mortgage can skew the claims in favor of consumer debt” the debt secured by real property should be excluded from this consideration. In re Jones, 2009 WL 102442, *1 (Bankr. E.D.N.C. Jan. 12, 2009) (citing In re Booth, 858 F.2d 1051, 1054 (5th Cir. 1998)).
Summary:
Mr. Powers is the owner of a 50% undivided interest in his home, which has a total value of $292,000.00. Bank of America holds a Deed of Trust against the entire property with a mortgage balance of $180,972.92. Mr. Powers also had three judgment liens against his interest, held, in order of seniority, by John Deere for $14,952.50, Evergreen for $4,617.48, and Farrar for $29,346.44. Upon filing of a Chapter 13 bankruptcy, Mr. Powers sought to avoid all three judgment liens as impairing his homestead exemption of $35,000.00.
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Summary:
American Residential Services, L.L.C (“American”) received $186,419.35 from the Debtor in the 90-days preceding its bankruptcy and the Trustee sought to avoid such payments as a preference under 11 U.S.C. § 547. The parties agreed that the Trustee had met his burden regarding the first four requirements of § 547(b), but that he had failed to show that American had received more than it would have under Chapter 7, as American “could and would have filed appropriate claims of lien ...
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:
In a property dispute between a sister, Ms. Lee, and her brother, Mr. Anasti, over real estate in South Carolina, Ms. Lee sought to assert superior title to Mr. Anasti though adverse possession. This matter was first commenced in South Carolina state court, but when Ms. Lee filed Chapter 7, later converting to Chapter 13, and brought an adversary proceeding asserting both adverse possession and seeking to avoid any interest Mr. Anasti had pursuant to 11 U.S.C.
