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Ch. 20 (or 18) lien strips and paying discharged unsecured claims
I know this case. It was Mark Jessees case and I have the docket somewhere on my messy desk, because I was looking at it for a Chapter 20 I am currently involved with.
Desiree Causey, Esq.
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I recall there being a case that said that in a scenario where a
prior bankruptcy discharge was entered, the in personam liabilities
to creditors that were discharged are not required to received
payments in a subsequent Ch. 13 (or Ch. 11) plan.
For example: Debtor has a rental property which has a mortgage.
Debtor files Chapter 7 and receives a discharge. A few years later
debtor files a Chapter 11 and seeks to value the claim pursuant to
11 USC 506, into a secured and unsecured portion.
Does the Chapter 11 plan have to provide for the unsecured portion
of the claim? This makes a big difference as to whether the
absolute priority rule is implicated.
The case I'm thinking of would have been in a Chapter 13 I believe,
but maybe I'm hallucinating.
Anyone know?
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The post was migrated from Yahoo.