Kentucky Bankruptcy Law

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Prime Rate; Bar Dates; & Other New Plan-Related Topics

Stuff to know.

Chapter 13 Trustee, EDKY: Trustee's Blog

This post includes a little bit of information on several topics:

  • the most recent increase in the prime rate of interest:
  • bar dates in cases that convert to chapter 13;
  • estimated trustee fees in the plan;
  • problems with 522(f) lien avoidance calculations in the plan.

Prime Rate

The prime rate of interest increased to 4.5% effective December 14, 2017.  Click here for a previous article on interest rates on secured claims.

Bar Dates for Filing Proofs of Claims in Converted Cases

The amended bankruptcy rules that became effective on December 1 apparently apply in a case that was filed as a chapter 7 case before December 1 but that converted to chapter 13 after December 1.  Therefore, creditors have only 70 days from the date of conversion within which to file claims in a case converted to chapter 13 after December 1, regardless of when the case was initially commenced.

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December 20, 2017 Posted by | Uncategorized | Leave a comment

Trends and New Developments: Learning from Court Orders

So helpful!

Chapter 13 Trustee, EDKY: Trustee's Blog

When I see a similar order entered in two or three (or more) chapter 13 cases, I begin to watch for new developments or trends:  Is the court communicating an expectation that a particular procedure should be followed?  Are multiple practitioners making the same mistake but the court can only fix the problem one case at a time?

Recently I’ve seen a couple of issues that warrant attention and (re-) education.

The first issue relates to motions to extend the automatic stay.  I’ve noticed that the court has entered the same order in different cases (filed by different attorneys) to  summarily overrule a motion to extend the automatic stay.  The orders, which have been entered within a day or so after the motions are filed, say:

Debtor(s)’ Motion/Application to Extend the Automatic Stay (“Motion”) is hereby DENIED without prejudice because (a) no hearing is scheduled within 30 days of the…

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December 7, 2017 Posted by | Uncategorized | Leave a comment