In the case of In re Brady, 419 B.R. 479 (Bankr. M.D. FL. 2009), the court addressed a hotly debated issue as a result of the US Trustee filing a motion to dismiss the Chapter 7 case on “abuse” grounds. The trustee sought dismissal because the debtor took a means test deduction for secured payments relating to debtor’s principal residence that debtor intends to surrender postpetition.
The Court rejected the US Trustee’s position and allowed the debtor to take the deduction. The Court found that under the “snapshot” approach to interpreting the Means Test, a Chapter 7 debtor may deduct from current monthly income long-term secured debt payments that are allowed on the petition date, even If the debtor intends to surrender the property securing the debt.
Warmest Regards,
Bob Schaller
Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm
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Monday, February 15, 2010
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