348(f)(1)(B)
Posted: Tue Feb 14, 2012 10:27 am
My understanding is that the reference to valuation of property and allowance of securec claims in348is to 506(a)'s valuation of collateral and determination of existance of "allowed securd claims" for "plan purposes".Since 506 isn't used in Chapter7 where there are no plans,he valutation of property to determine whether a judgmen lien impairs and exemption pursuant to 522(f) is applicable in both 13 and 7, so the order survives conversion.
Peter M. Lively, JD, MBA
The Personal Financial Law Center
A-Bankruptcy-Attorney.com
Culver City (310) 391-2400
________________________________
To: cdcbaa@yahoogroups.com
Sent: Monday, February 13, 2012 6:27 PM
Subject: [cdcbaa] 348(f)(1)(B)
Have converted a chapter 13 to a ch 7. Stripped a jmt lien in the 13.348(f)(1)(B) reads: When a case is converted from 13 to another chapter valuations of property and of allowed secured claims in the ch 13 case shall apply only in ch 11 or 12, but not in a case converted to a case under Ch 7; and [348(f)(1)(C)] with respect to cases converted from ch 13- (i) the claim of any creditor holding security as of the date of the petition shall continue to be secured by that security unless the full amount of such claim determined under applicable non-bankruptcy law has been paid in full as of the date of conversion, not withstanding any valuation or determination of the amount of a secured claim made for the purposes of the case under ch 13;
For the motion, the property was valued and the secured claim was stripped to unsecured status in the 13. This seems to apply to a 522(f)(A) motion. If that is true, I need to bring the motion again in the 7.What say ye?
If you have any questions or concerns please contact me.
Pat
Patrick T. Green
Attorney at Law
1010 E. Union St. Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
Email: pat@fitzgreenlaw.com
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