United States First Circuit

Where a debtor "strips down" a mortgage, underpays the unsecured creditors, and obtains a discharge under 11 USC 1328(a), while selling the property mortgaged for a price of two times its estimated value for purposes of the "strip down", he may not keep to himself the excess of the proceeds.

Appellate Information

• Decided 12/21/2000
• Published 12/21/2000

Judges

• CASELLAS, District Judge., Before TORRUELLA, Chief Judge, SELYA, Circuit Judge, and CASELLAS, District Judge.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Anthony L. Gray, with whom Joseph F. Ryan, and Brown, Rudnick, Freed & Gesmer, P.C. were on brief for appellants., Lynne F. Riley, with whom Doreen B. Soloman, Office of the Chapter 13 Trustee, was on brief for Doreen B. Soloman.


• For Appellees:
  
• Richard S. Hackel, with whom Samuel D. Shiro was on brief, for appellee Mellon Mortgage Company.