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sale of residence in chapter 13 after plan has
Yea, but......
There is no requirement in the Code that a Chapter 13 debtor must
provide all assets and rents, issues, and profits of all assets,
during the pendency of a Ch. 13 case unless the Plan is a 100%
plan. It requires that all DISPOSABLE INCOME be put into the plan,
and D/I is defined in terms of PROJECTED income and expenses.
Unless the debtor knew (which is impossible) that the property was
going to increase in value by that amount when he filed his case
initially, then I don't see how it can be required to turn over the
proceeds from sale of such an asset to the creditors, when those
creditors would NOT have gotten those funds in a Ch. 7 case (unless
the Trustee kept the case open for 3 years in the hopes it would
increase in value, etc.).
However, the reality is that it's probably best to close the case
first, but there's no way to expedite that. It's a minimum 3-month
process under the best of circumstances.
This is the kind of thing our new group might consider taking up on
appeal in a case
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To: cdcbaa@yahoogroups.com
Sent: Tuesday, February 17, 2004 7:56 PM
Subject: [cdcbaa] Re: sale of residence in chapter 13 after plan has
been fully performed.
Steve:
10, 15 years ago the Hyman case was decided. It is a 9th Cir case
and held a home, which remains property of an estate, accrues equity
for the estate, not for the debtor.
You probably have to withdraw the motion to sell and press a motion
to have the case closed.
dennis
The post was migrated from Yahoo.