Chapter 7 trustee brought an adversary proceeding to set aside alleged fraudulent transfers. The debtor's principal was found liable for avoided transfer, but bank that structured the complex prepetition sales transaction was not.
Creditor whose claim was secured by purchase-money security interest in motor vehicle that chapter 13 debtors had acquired for their personal use by debt incurred within 910 days of petition date objected to confirmation of the debtors' plan. The court sustained the objection, finding the Till analysis applied to establish the interest rate on the secured claim at "prime rate plus risk factor" over the life of the plan, even though the original contract provided for 0% interest.
State court judgment deemed nondischargeable pursuant to s. 523(a)(4) due to issue preclusion.
Trustee filed complaint to avoid mortgage as preferential transfer under s. 547(b). Trustee entitled to judgment; avoided mortgage was preserved for benefit of estate. Trustee was not entitled to recover the amount of payments received by defendant postpetition.
Debtor was allowed to exempt his interest in Simplified Money Purchase Keogh Plan under Wis. Stat. s. 815.18(3)(j).
Chapter 7 trustee brought an adversary proceeding to avoid lender's mortgage lien. The court granted the lender's motion for summary judgment. The prepetition mortgage was invalid due to the failure of the debtor's spouse to sign the mortgage. Nevertheless, the secured creditor was equitably subrogated to the earlier mortgage, and the trustee as a hypothetical bona fide purchaser did not defeat its rights under that mortgage.
Due to court's findings of fact regarding value of debtors' real estate and amount due under land contract, debtors' objection to trustee's intent to sell property was overruled.
Debtors plan, which proposed to contribute such portion of $15,000 proceeds of sale of real estate as necessary to complete the plan, failed to meet the requirements of 11 U.S.C. s. 1325(b)(1)(B).
Defendant bank was granted summary judgment on fraudulent transfer cause of action; defense of accord and satisfaction was inapplicable because the amount the debtors owed the bank at the time of the prepetition transfer was not in dispute.
Debtors' claim of exemption of land contract payments as business property was disallowed. Debtors were allowed an exemption in 75% of the interest, but not principal due and owing under land contract as of the petition date; instead limited to interest due for one week and to extent reasonably necessary for support of debtors. Any claimed amount in excess was disallowed.