#Floris evolved vs floris expanded code
#Floris evolved vs floris expanded trial

with respect to each allowed secured claim provided for by the plan- the holder of such claim has accepted the plan (B)(i) the plan provides that- the holder of such claim retain the lien securing such claim until the earlier of- (aa) the payment of the underlying debt determined under nonbankruptcy law or (bb) discharge under section 1328 and if the case under this chapter is dismissed or converted without completion of the plan, such lien shall also be retained by such holder to the extent recognized by applicable nonbankruptcy law the value, as of the effective date of the plan, of property to be distributed under the plan on account of such claim is not less than the allowed amount of such claim and if- property to be distributed pursuant to this subsection is in the form of periodic payments, such payments shall be in equal monthly amounts and the holder of the claim is secured by personal property, the amount of such payments shall not be less than an amount sufficient to provide to the holder of such claim adequate protection during the period of the plan or (C) the debtor surrenders the property securing such claim to such holder. Subsection (a)(5) governs a planвЂ™s treatment of an allowed secured claim: Except as provided in subsection (b), the court shall confirm a plan if.

#Floris evolved vs floris expanded code

Section 1325(a) of the Bankruptcy Code contains a number of requirements regarding a bankruptcy courtвЂ™s confirmation of a Chapter 13 plan. We review findings of fact for clear error and legal conclusions de novo. II When reviewing the ruling of a bankruptcy court, this court applies the same standards of review as the district court. The district court reversed the bankruptcy courtвЂ™s order confirming the Plan and remanded the case for further proceedings in accordance with its order.

#Floris evolved vs floris expanded trial

Evolve appealed the orders confirming the Plan and denying the motion for a new trial to the district court. Evolve filed a motion for a new trial, which the bankruptcy court denied. The bankruptcy court entered an order confirming the Plan. Evolve filed an objection to the Plan, specifically the вЂњpartial surrenderвЂќ of collateral under the Camry Claim, arguing that the cross-collateralization provisions in the loans prevented Barragan-Flores from surrendering the Camry and retaining the Sierra. Barragan-Flores could no longer afford to keep both vehicles, so his Chapter 13 Plan proposed that he retain the Sierra, вЂњcram downвЂќ the Sierra Loan, and surrender the Camry to Evolve as collateral for the Camry Loan. Both loan agreements contain a cross-collateralization provision that states: вЂњCollateral securing other loans with the Credit Union may also secure this loan.вЂќ The parties stipulated that each loan agreement is вЂњcross-collateralized by both vehicles.вЂќ Evolve filed two separate Proofs of Claim, one for the Camry Loan (Camry Claim) and another for the Sierra Loan (Sierra Claim). Barragan-Flores possessed both vehicles at the time of his Chapter 13 filing. Barragan-Flores used the proceeds of the first loan to purchase a 2011 GMC Sierra (Sierra Loan), and the proceeds of the second loan to purchase a 2016 Toyota Camry (Camry Loan). Prior to filing his Chapter 13 petition, Barragan-Flores entered into two loan agreements with Evolve Federal Credit Union (Evolve). In June 2017, Lucio Barragan- Flores filed a Chapter 13 bankruptcy petition. The bankruptcy court approved the Plan, but the district court reversed, holding that Barragan-Flores could not elect to surrender one of the vehicles as the collateral securing the Camry Loan (the Camry) and retain the other vehicle (the Sierra). В§ 1325(a)(5), proposed retention of the Sierra, вЂњcram downвЂќ of the loan for the purchase of the Sierra, and surrender of the Camry as the collateral for the purchase the Camry. Barragan-FloresвЂ™s bankruptcy plan (the Plan), citing 11 U.S.C. The loans were cross-collateralized, meaning that the Sierra and Camry were both pledged as collateral for each loan.

At the time, he had outstanding balances on car loans with Evolve Federal Credit Union that he had obtained to purchase a GMC Sierra and a Toyota Camry. OWEN, Chief Judge: Lucio Barragan-Flores filed for Chapter 13 bankruptcy. Before OWEN, Chief Judge, and WIENER and DENNIS, Circuit Judges.