Burning Down the House … by Use of 11 U.S.C. § 1322(b)
On Jan. 15, 2016, the U.S. Bankruptcy Court for the Middle District of Alabama decided In re Moorer, 15-30422-WRS, 2016 WL 199061 (Bankr. M.D. Ala. Jan. 15, 2016), wherein the court allowed the debtor to bifurcate a loan and treat the value of the property as the secured claim, with the balance of the loan being treated as an unsecured claim even though the debtor used the real estate as his principal residence.
William Moore (the debtor) purchased 98 acres of real property in Alabama in 2007. He then obtained a commercial loan from Community Bank and Trust for $289,000 and pledged the property as collateral for a mortgage. The debtor testified during the process that the loan was to be used for a startup chemical company. The loan was subsequently modified after inception by the parties, ending with a balance of $224,660 at 8 percent per annum. Read More
2016 Annual Spring Meeting Offers a Plethora of Networking and Educational Options
Connect with the industry’s thought leaders at the 34th Annual Spring Meeting, featuring dynamic speakers, top education and unparalleled networking. This year’s event boasts streamlined CLE sessions, more networking opportunities than ever before, and ABI’s take on the famous Hollywood Squares game show, the inaugural “Bankruptcy Judge Squares: The Supreme Court Edition.”This year’s final night event will feature "Saturday Night Live" alum, talk show host, and political commentator Dennis Miller!
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