HomeMy WebLinkAboutDismissing Chapter 13 William and Nellie Bacon
Augusta Richmond GA
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LAW OFFICES OF
CAPERS, DUNBAR, SANDERS & BRUCKNER
PAUL H. DUNeAR. III
E, FREDERICK SANDERS
1500 FIRST UNION BANK eUILDING
699 BROAD STREET
ZIVA P. BRUCKNER (ALSO S,C,)
CARL p, DOWLING
AUGUSTA. GEORGIA 30901'1454
(706) 722,7542
TELECOPIER (706) 724-7776
February 28, 1996
Mr. Charles Dillard
Acting Administrator
The City Council of Augusta
Augusta-Richmond County
Municipal Building
Augusta, Georgia 30911
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OF COUNSEL
JOHN D. CAPERS
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~"'''~Ia1 FEB 29 199&
"RIeH MONOtCQ!JN~
'BOARD OF COMMISSION~,~Sc~~{ICE
Re: william Thomas Bacon, III (248-82-6084) and
Nellie Cornelia Bacon (256-92-8314)
Chapter 13 Case No. 95-11895-JSD
Dear Charles:
Enclosed please find an order Dismissing Chapter 13 Case
Before Confirmation in connection with the above referenced case.
Very truly yours,
~
Paul H. Dunbar, III
PHD,III/tls
Enclosure
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Wntteb ~tate~ fjankruptc!, ~ourt
For the Southern District of Georgia
I n the matter of:
WilLIAM THOMAS BACON, III
248-82-6084
NELLIE CORNELIA BACON
256-92-8314
1424 TROUPE STREET
AUGUSTA, GA 30904
Chapter 13
Case Number 95-11895-JSD
Debtor(s)
F , LED FES 2 3 1998
ORDER DiSMiSSiNG CHAPTER 13 CASE BEFORE CONFiRMATiON
Pursuant to 11 U.S.C. 91307 this Chapter 13 case is dismissed due to the debtors' request.
During the pendency of this case, each secured creditor who was to receive payments from the
Chapter 13 Trustee under the terms of the Debtor's proposed plan has received no payment. The Chapter
13 Trustee has accumulated payments made by the Debtor pending confirmation of a Chapter 13 plan.
11 U.S.C.91326(a). Each secured creditor's interest in its collateral has been impaired to the extent that
it has received no payment and has been prevented from foreclosing its security interest by the automatic
stay of 11 U.S.C. 9362(a).
The Debtor has provided "adequate protection" to each secured creditor by making pre-confirmation
payments to the Charter 13 Trustee. In re Coplin, No. 486.00886 (Bankr. S.D.Ga. 1987); 11 U.S.C. 9361.
Upon confirmation 0 the Debtor's plan, these accumulated funds would have been dIstributed pro-rata
to secured creditors to compensate them for the delay they have endured as a result of the automatic stay.
Because this case is being dismissed prior to confirmation of a plan, secured creditors will receive no
payment on account of the plan; the "adequate protection" provided by the Debtor in the form of payment
to the Trustee has proved to be inadequate.
When "adequate protection" proves to be inadequate, each affected secured creditor is entitled to
alternative compensation in the form of an administrative expense claim. 11 U.S.C. 9507(b). They are
entitled to pro-rata satisfaction of those claims out of the monies which the Debtor has paid to the Trustee.
11 U.S.C. 91326(a)(2).
IT IS THEREFORE THE ORDER OF THIS COURT that:
1)
2)
This Chapter 13 case is dismissed;
After deducting the costs of administration, including attorney's fees not to exceed $300.00,
the Trustee shall pay funds remaining in this case, if any, pro-rata to creditors holding allowed
secured claims which were to be paid through the Trustee under the terms of the Debtor's
unconfirmed plan, unless a party in interest files a writte jection within ten (10) days from
the date of this Order.
John S. alis
United tates Bankruptcy Judge
P. O. Box 1487
Augusta, Georgia 30903
Dated February 23, 1996
13-04 (Rev, 4/94) TS