conversion

Summary:

Gabiddon Builder proposed Subchapter V Plan in which it would sell the lot it owns and to use the net proceeds to pay creditors $10,000 each with the remainder of their claims to be paid over the balance of the Plan. Gabiddon Builders would then use the balance of the net proceeds to purchase a second lot and to build a 4,300 square foot house on that lot, from which it could then sell and use those proceeds to continue to fund the Plan.

Summary: The Phillips filed a Chapter 13 bankruptcy and successfully avoided the judgment lien held by McInnis. The Order allowing the avoidance provided that: 3. The Judgment lien of the McInnises is declared to be void and shall be removed of record upon the completion of the Chapter 13 Plan of the Debtors and entry of the discharge in this case pursuant to Section 506 of the Bankruptcy Code. 4.

Summary: In his Chapter 7 petition, Mr. Fields listed a 1987 Porsche 911 as non-operational and worth $500. The Trustee, however, obtained a on-site appraisal, which found the vehicle to be operable and worth between $12,000 and $30,000. After the Trustee declined to object, Mr. Fields did receive his discharge, but was unable to buy the vehicle from the Trustee. Instead he sought to have his discharge revoked and to convert to Chapter 13. Relying on In re Marrama, 549 U.S. 365 (2007), the bankruptcy court held that due to both Mr.

Summary: The Court held that Harris v. Viegelahn, 575 U.S. ___, 135 S. Ct. 1829, 191 L.E. 2d 783 (2015) did not prevent a Chapter 13 trustee from paying administrative expenses funds held by the following conversion of the case to Chapter 7 pursuant to 11 U.S.C. § 1326(a)(2) and Bankruptcy Rule of Federal Procedure Rule 1019. Commentary: Attached to the application for fees was an affidavit from the debtor stating that she understood that the funds on hand could be returned to her but that she nonetheless wanted those funds sent to the her attorney.

Summary: The Chapter 7 Trustee discovered that the Female Debtor was the 50% beneficiary of her late father's springing trust, with her share being worth approximately $100,000, that had not been listed in the petition. The Trustee also cam to believe, based on a valuation by a realtor, that real property valued at $10,000 by the Debtors was actually worth as much as $44,900. After discovery and belated disclosure of these, the Debtors sought to convert their case to Chapter 13, with the Trustee objecting.

Summary: In addition to a misstatement regarding their residency in the Western District of North Carolina, the Debtors failed to disclose in their Chapter 7 petition that they had transferred real property to their daughter within one year of their bankruptcy filing. Upon discovery by the Trustee (and likely facing avoidance of the transfer) the Debtors sought to convert to Chapter 13, amending their petition to include the transfer and also including additional income from the Female Debtor. Beginning from Marrama v.

Summary: Following conversion from Chapter 13, the Debtor sought to redeem a motor vehicle based on the NADA trade-in value from the commencement of the bankruptcy case. Finding that BAPCPA amendments in 2005 to 11 U.S.C. § 506(a)(2) abrogated the previous rule as stated in In re Murray, No. 00-10603, slip op. at 5-6 (Bankr. M.D.N.C.

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.

Summary: Conversion from Chapter 11 to Chapter 7 is governed by 11 U.S.C.

Summary: The Debtor filed a voluntary Chapter 11 case, but PNC Bank, the largest unsecured creditor, moved to dismiss the bankruptcy. The Debtor moved to convert to Chapter 7. The Bankruptcy Administrator supported dismissal. The Bankruptcy Court first found that und 11 U.S.C. § 1124(b)(4) there were sufficient grounds to convert of dismiss the case.