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In re Drew

United States Bankruptcy Court for the Northern District of Illinois
325 B.R. 765 (2005)


Facts

The Drews (plaintiffs) filed for chapter 13 bankruptcy, and their plan was confirmed. Approximately two years after filing, the court granted the Drews’ motion to obtain credit to refinance their property. The Drews refinanced their property and received a lump-sum cash payment. The Drews’ property had been valued at $90,000 but was refinanced at $105,000. The trustee motioned for modification of the Drews’ plan to increase payments to unsecured creditors, based on the appreciation of the property and the amounts of payout cash the Drews received. The Drews responded that the trustee was estopped from challenging the valuations at this point, and the Drews should be able to keep any surplus equity.

Rule of Law

Issue

Holding and Reasoning (Squires, J.)

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