Daily Case Update Archive

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March 16, 2006

Ohio Supreme Court | Ohio First District | U.S. 6th Circuit - Ohio | U.S. 6th Circuit - Other States
 

TOPICS:
- Bankruptcy Code - secured creditor
 

Ohio Supreme Court

 

No Opinion.
 

First District Court of Appeals

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No Opinion.
 

U.S. Sixth Circuit Court of Appeals:  Ohio Cases

 

No Opinion.
 

U.S. Sixth Circuit Court of Appeals: Other States Cases

 

In Re: Nichols, Dwight v. (March 16, 2006) (Appeal from E.D. Michigan)
-  http://www.ca6.uscourts.gov/opinions.pdf/06a0098p-06.pdf
-  The instant appeal raises a problem that arises frequently in bankruptcy proceedings. The question before us is whether the Court should permit the modification of a Chapter 13 plan after confirmation pursuant to § 1329 of the Bankruptcy Code, or instead allow the secured creditor to repossess its security, a 1995 Ford truck, because under the modified plan the value of the security will fall faster than the creditor receives payments. In resolving this dispute, we look to the procedure outlined in our Court's previous case of Memphis Bank & Trust Co. v. Whitman, 692 F.2d 427 (6th Cir. 1982)(dividing a secured claim in Chapter 13 proceedings into the "allowed secured claim" and "allowed unsecured claim" and requiring the payment in Chapter 13 of the "allowed secured claim" and a reasonable interest rate on that amount as the "allowed unsecured claim"). Judgment AFFIRMED and court denies the motion to lift the stay and permitting the modification of the Chapter 13 plan.
 

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