Although the debtor did not have regular income, she was willing to use the proceeds of the sale of property to fund her plan. While Chapter 13 doesn't usually contemplate liquidation, in this case the proposal was in the best interest of the creditors.
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Published at 368 B.R. 850. The debtor, a young single woman with no dependents and two advanced degrees, could make an effort to reduce her monthly expenses enough to make payments on her student loans. Repayment would not create an undue hardship.
Debtor's manager's personal friendship with the debtor's banker did not create a fiduciary duty owed by the bank. The borrower was financially savvy and was not subject to the bank's control or influence. This was a standard lending relationship.
The court denied an objection to confirmation of a Chapter 13 plan made by a creditor who argued the plan was not proposed in good faith because the debtor could pay more. The debtor demonstrated the ability to fund the plan with little disposable income.
The bankruptcy court had subject matter jurisdiction over a non-debtor corporate defendant because the allegations concerning commingling of assets and disregard of corporate structure could conceivably affect the debtor's bankruptcy case.
A fund transfer between the accounts of two corporations owned by the debtor was intercepted by the lender and applied to a corporate debt. The debtor sued to avoid the transfer, but the court ruled it wasn't a preference as it wasn't debtor's property.
A fund transfer between the accounts of two corporations owned by the debtor was intercepted by the lender and applied to a corporate debt. The debtor sued to avoid the transfer, but the court ruled it wasn't a preference as it wasn't debtor's property.
There was insufficient equity in debtors' residential property to secure any part of the third lien on the property. Pursuant to Nobelman v. American Savings Bank & In re Sanders, the lienholder's rights may be modified by the debtors' Chapter 13 plan.
The court granted relief from the stay to the Chapter 11 debtors' bank. The debtors were in default on their insurance requirements; there was no reasonable likelihood of obtaining a confirmed plan; and debtors ignored their obligations to the bank.
The debtors' disclosure statement was denied approval because it contained inadequate and erroneous information about assets, debts, cash flow, and financial history, and because it attempted to unilaterally modify a settlement stipulation.