Tuesday, July 03, 2007
Ind. Decisions - 7th Circuit rules on disputed bankruptcy question
In a case out of Illinois, In the Matter of Craig Wright, Chief Judge Easterbrook's opinion begins:
Bankruptcy judges across the nation have divided over the effect of the unnumbered hanging paragraph that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added to §1325(a) of the Bankruptcy Code, 11 U.S.C. §1325(a). Section 1325, part of Chapter 13, specifies the circumstances under which a consumer’s plan of repayment can be confirmed. The hanging paragraph says that, for the purpose of a Chapter 13 plan, §506 of the Code, 11 U.S.C. §506, does not apply to certain secured loans.
Posted by Marcia Oddi on July 3, 2007 12:40 PM
Posted to Ind. (7th Cir.) Decisions