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New Cases For the Week of November 20, 2000 - November
24, 2000
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for Business Bankruptcy Information on the Internet AND BKCLAIMS
Marketplace - The Online Market For Bankruptcy Claims
November 22,
2000
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Case
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Court
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Holding
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| In re Myrvang |
9th Cir. |
Under
11 USC 523(a)(15)(B), it is the debtor, not the creditor, who bears the
burden of proving that a debt that would be nondischargeable under
section 523(a)(15) nevertheless qualifies for discharge on an equitable
basis.
The Bankruptcy Court has authority to grant
"partial discharge" of a debt contested under 11 USC
523(a)(15), even though Congress did not use "to the extent"
language in the statute.
The Bankruptcy Court has the authority to order the
repayment of a debt nondischargeable under 523(a)(15) over a five-year
period, but the Court lacks authority to order payment of a penalty if a
default occurs during such period. |
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November 21,
2000
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Case
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Court
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Holding
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| In re Bailey |
6th Cir. BAP |
The
terms "alimony" and "support" are given a broad
construction to promote the Congressional policy that favors enforcement
of obligations for spousal and child support.
Liabilities arising from a divorce court's order
requiring an ex-husband to: (i) sell certain marital property and remit
the proceeds to his ex-wife and (ii) assume liability for the couple's
home mortgages and credit card debt, were debts in the nature of support
pursuant to 11 USC 523(a)(5). |
| In re Weathington |
6th Cir. BAP |
The
appropriate collateral valuation method for redemption of
automobile collateral pursuant to 11 U.S.C. 722 is liquidation value,
ascertained here by reference to the vehicle's "wholesale
value" in the Blue Book. |
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November 20,
2000
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Case
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Court
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Holding
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| In re CSC Industries |
6th Cir. |
A
PBGC claim in bankruptcy for unfunded future benefits which the PBGC
will have to pay should be calculated using discount rates derived from
the "prudent investor rule" rather than the artificially low
rates promulgated by PBGC pursuant to its rule-making authority.
A PBGC bankruptcy claim for future benefits is not
entitled to administrative priority as a "tax" unless the lien
provided by 26 U.S.C. § 412(n)(4) has arisen. |
| U.S. v. Kennedy |
2d Cir. |
Concealment
of assets in a bankruptcy proceeding (here, by a debtor's failure to
schedule his ownership interests in certain businesses) is a violation
of judicial process, warranting a two-level sentencing enhancement in a
sentence for bankruptcy fraud. |
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