Rejection Didn’t Rescind Sale of Future Credit Card Receivables, New York Judge Says
Bankruptcy Judge Glenn hints that the lenders and the debtor should mediate tough questions about the enforceability of a $150 million ‘sale’ of future credit card receivables.
Detroit District Judge Includes Social Security Benefits in the Chapter 13 ‘Abuse’ Test
Although Social Security benefits are not subject to the “operation of any bankruptcy or insolvency law,” judge says they can be considered in deciding whether someone should be allowed to confirm a chapter 13 plan or have a chapter 7 case dismissed for ‘abuse.’
Benchnotes August 2020
Journal Issue:
BAP Didn’t See Barnhill as Prescribing the Date of Transfer from a Retirement Account
The First Circuit BAP evidently believes that a transfer occurred, even though an ordinary check wasn’t cashed.
Court:
An Exempt Asset Effectively Loses Its Exemption in Chapter 13
Lower courts are split on whether an exempt asset is included in the calculation of “projected disposable income” in chapter 13.
Court:
To Impair an Exemption, Judicial Lien Must Attach to Property the Debtor Already Owns
A judicial lien may be avoided under Section 522(f) only if the lien attached after the debtor acquired the property.
Court:
Eighth Circuit Has No Per Se Rule Disallowing Exemptions for IRAs in Divorce
Eighth Circuit may have rejected blanket disallowance of exemptions for retirement accounts transferred in divorce.
Court: