In re Kvamme

93 B.R. 698 (1988)

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In re Kvamme

United States Bankruptcy Court for the District of North Dakota
93 B.R. 698 (1988)

  • Written by Abby Roughton, JD

Facts

Tim and Teri Kvamme (debtors) filed for Chapter 11 bankruptcy. The Kvammes submitted multiple proposed reorganization plans over nearly two years. At a hearing on the Kvammes’ third amended plan, the bankruptcy court warned the Kvammes that they had only one more chance to propose a confirmable plan. The Kvammes subsequently filed their fourth amended plan. Farmers Home Administration (FmHA) (creditor) objected to the plan. FmHA had a claim against the Kvammes for $174,234.72 and had elected under 11 U.S.C. § 1111(b) to have its claim treated as a secured claim. The Kvammes’ plan proposed to pay FmHA for the value of FmHA’s collateral, including (1) cattle with a market value of $45,400, amortized over 15 years with 9 percent interest and paid in 15 installments of $5,632.27 and (2) machinery with a market value of $5,600, amortized over seven years at 7 percent interest and paid in seven installments of $1,112.67. The total combined amount of these payments equaled $92,272.74. FmHA asserted that the plan did not reflect FmHA’s § 1111(b) election because the plan did not provide for FmHA to receive payment of its total allowed claim of $174,234.72. In addition to FmHA’s objection, another creditor moved to dismiss the bankruptcy proceeding based on the Kvammes’ failure to propose a confirmable plan.

Rule of Law

Issue

Holding and Reasoning (Hill, J.)

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Casebooks

Bankruptcy

Key Terms

  • CollateralProperty pledged to secure payment of a loan or other obligation.
  • Chapter 11 BankruptcyA type of voluntary bankruptcy that allows a debtor to continue operating a business while reorganizing its finances to ensure payment to creditors.
  • Reorganization PlanIn bankruptcy law, a plan for corporate restructuring in a chapter 11 case.

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