In re Cochran (15-52314)
Secured creditor objected to the confirmation of a Chapter 13 plan, contending that the plan violated § 1325(a)(5)(B)(iii)(I) by providing for monthly payments followed by a balloon payment. The Court held that a Chapter 13 plan that provides for a balloon payment is confirmable over objection because the plain language of and the Congressional intent behind § 1325(a)(5)(B)(iii)(I) does not prohibit balloon payments. Further, the Court held that the proposed plan, including the balloon payment, was feasible as required by § 1325(a)(6).
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Thursday, September 1, 2016