United States Bankruptcy Court for the Southern District of Illinois
471 B.R. 540 (2012)
When the Fredmans (plaintiffs) filed for chapter 7 bankruptcy in June 2011, they had mortgages on a home in Colorado and a home in Illinois. The Fredmans declared on their statement of intention that they planned to surrender their Colorado home and use the homestead exemption on their Illinois home. However, the Fredmans listed the mortgage payments for both homes under the total amount of allowed deductions for future payments on secured claims. Both mortgages together gave the Fredmans a negative 60-month disposable income, which allowed them to proceed in a chapter 7 bankruptcy case. The trustee contended that the Fredmans should not be allowed to deduct the mortgage payments on the Colorado home, because they would not actually be making those payments due to the planned surrender of the home.
Rule of Law
Holding and Reasoning (Grandy, J.)
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