Chapter 13 trustee filed an objection to confirmation of the debtor's plan, arguing it did not comply with the equal payment requirement of sec. 1325(a)(5)((B)(iii)(I). The plan provided for monthly payments at the rate due under the mortgage with a balloon payment at the end of the 60-month term. The court overruled the objection because the secured creditor accepted the plan.
In re Art Unlimited, Case No. 02-23992, Neil McKloskey, Trustee v. Galva Foundry Co., et al., Adversary No. 04-2098 Published: In re Art Unlimited, LLC, 356 B.R. 700 (December 2006) -- Judge M.D. McGarity
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.
In re John D. Brill & Kimberly M. Quass-Brill, Case No. 06-21600 Published: In re Brill, 350 B.R. 853 (September 2006) -- Judge M.D. McGarity
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.
In re Tina Dawn Hilbelink, Case No. 05-30111, Alma P. Leach v. Debtor, Adv. No. 06-2178 (September 2006) -- Judge M.D. McGarity
State court judgment deemed nondischargeable pursuant to s. 523(a)(4) due to issue preclusion.
In re Boden & Lundi Perry, Case No. 05-24027 (August 2006) -- Judge M.D. McGarity
Debtor was allowed to exempt his interest in Simplified Money Purchase Keogh Plan under Wis. Stat. s. 815.18(3)(j).
In re Anthony & Jennifer Rodriguez, Case No. 05-34551, Michael F. Dubis, Trustee v. Homecomings Financial Network, et al., Adv. No. 06-2028 (August 2006) -- Judge M.D. McGarity
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.
In re Rick E. Larson, Case No. 04-34605, Larry Liebzeit, Trustee v. Universal Mortgage Corporation v. Debtor, Adversary No. 05-2030 Published: In re Larson, 346 B.R. 486 (June 2006) -- Judge M.D. McGarity
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.
In re Bernard & Mary Guelig, Case No. 05-33634 (June 2006) -- Judge M.D. McGarity
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.
In re Jeffrey & Penny Munsch, Case No. 05-23178, Neil McKloskey, Trustee v. Guaranty Bank, Adversary No. 05-2437 (May 2006) -- Judge M.D. McGarity
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.
In re David & Christine LeFeber, Case No. 05-28540 (May 2006) -- Judge M.D. McGarity
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).