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In Re Pichhi; Modifications Of Multi-Family Home Mortgages, Patrick Mcburney
In Re Pichhi; Modifications Of Multi-Family Home Mortgages, Patrick Mcburney
Bankruptcy Research Library
(Excerpt)
In a decision with important implications for lenders in the real estate business, the Bankruptcy Appellate Panel for the First Circuit determined that debtors can strip down a creditor’s under-secured claim in a multi-family dwelling to the appraised value of the property. While the Bankruptcy Technical Corrections Act of 2010 (“BTCA”) were in effect at the time of the decision, the panel decided the issue under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) because both parties argued the issue under the BAPCPA definitions and declined to raise the applicability of BTCA to the issue. Specifically …
Applying The “Applicable” Standard Or The Actual Amount: Monthly Rent In A Debtor’S Chapter 13 Plan, Paola Chiarenza
Applying The “Applicable” Standard Or The Actual Amount: Monthly Rent In A Debtor’S Chapter 13 Plan, Paola Chiarenza
Bankruptcy Research Library
(Excerpt)
Under The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) (S. 256, Pub. L. No. 109–8, 119 Stat. 23), debtors are subjected to a test in order to ensure their creditors are repaid as much as possible. Chapter 13 requires debtors in bankruptcy to file a plan indicting a monthly amount they will repay to creditors over a given set of years. The amount to be repaid is a debtor’s entire “disposable income,” which is income minus expenses. See 11 U.S.C. § 1325 (2007). Deductable expenses are to be calculated the same as a chapter 7 filing. …
Negligent Vehicular Homicide Caps A Debtor’S Homestead Exemption, Christine Knoesel
Negligent Vehicular Homicide Caps A Debtor’S Homestead Exemption, Christine Knoesel
Bankruptcy Research Library
(Excerpt)
In an expansive reading of the homestead exemption cap added by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the First Circuit Court of Appeals, in Larson v. Howell, held that criminal negligence is sufficient to trigger the section 522(q)(1)(B)(iv) homestead exemption cap. 513 F.3d 325, 328 (1st Cir. 2008). In Larson v. Howell, Larson was found guilty of negligent vehicular homicide. In Larson’s bankruptcy case, the homestead exemption cap was applied because the debt arose from a criminal act. Id. at 327. The Court of Appeals reasoned that the cap should apply …
American Home Mortgage, Holdings, Inc. V. Lehman Brothers Inc., Valerie Sokha
American Home Mortgage, Holdings, Inc. V. Lehman Brothers Inc., Valerie Sokha
Bankruptcy Research Library
(Excerpt)
The derivatives provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) amendments greatly enlarged the scope of the financial contracts that are shielded from traditional bankruptcy limitations such as the automatic stay and the prohibition on ipso facto clauses. Those exceptions were reaffirmed in a strong anti-debtor opinion in Am. Home Mortg. Inv. Corp. v. Lehman Bros. (In re Am. Home Mortg. Holdings, Inc.), 388 B.R. 69 (Bankr. D. Del 2008). Although Lehman may now regret its victory since it is a debtor in its own bankruptcy case, it succeeded in defeating a number …