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?
The interest rate on secured IRS claims increased to 4%, effective with cases confirmed on or after April 1, 2016.
Surrender of Collateral Without Delivery?: Can a debtor “surrender” collateral – and cause a secured claim to be treated as unsecured – without physically delivering the collateral to the creditor (or making the collateral available to the creditor)?