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New Ch. 13 Plan issue: Class 3B and Mandatory Request to Modify
Let's say a Ch. 13 debtor wants to pay a secured personal property
claim in full during the course of the Plan, but wants to reduce the
interest to a "Till" rate. It seems (based on discussions with our
Trustee attorneys) that Class 3B is the correct place to put this.
However, doing that seems to automatically mandate that section IV
be checked requiring either a Motion To Value be filed, or if not,
compliance with the Local Bankruptcy Rule regarding notice of a lien
modification (which requires exhibits evidencing value, etc.)
I can't tell if this is a software problem with BestCase, or whether
the form itself mandates this. In other words, does changing the
interest rate on a secured claim being paid in full constitute a
"non-standard plan provision"?
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