The prime rate of interest increased a quarter of a point to 4% effective March 16, 2017. Read on for information on how this affects chapter 13 plans in the EDKY, and what other interest rates are applicable to secured claims.
Property taxes on real estate in Kentucky constitute a statutory lien on the property. Under state law (KRS Chapter 134), the lien has priority over any other debt on the property. If the property were to be sold, property tax claimants are paid ahead of any mortgages or other liens. How should delinquent property tax claims be treated in a chapter 13 case? Practitioners first need to understand what happens to delinquent property taxes under state law.
This post briefly discusses the following topics: Amended Federal Rules of Bankruptcy Procedure eff. 12/1/16; Motions to Incur Debt for Purchase of Vehicle; Motions to Compel Debtors to File Notices of Address Changes; and the 2017 Judge Joe Lee Bankruptcy Institute.
Our local rules mandate the use of a form chapter 13 plan, Local Form 3015-1. Here are a few notes to assist creditors’ attorneys and their clients in their review of plans filed in the EDKY. The tips are also useful for debtors’ attorneys and their staff in preparing the plan.
There is a difference between avoiding a lien under section 522(f) and treating a secured claim as wholly unsecured based on the value of the collateral. The latter is colloquially referred to as lien-stripping, but often it is erroneously considered a lien avoidance action, which causes confusion as to how the claim is to be treated in the plan. Do you know the difference?
Here are some more practice tips and “OMG!” lessons from the 2016 NACTT conference. This post is on two important cases affecting the debtor’s discharge (this is a must-read for debtors’ attorneys).
What do you do when there are insurance proceeds payable on the loss of a car that secures a claim being paid through the plan?