Virginia Bankruptcy Alternatives - Debt Consolidation
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Debt Consolidation Resources:
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Recent Notable Opinions from Virginia Bankruptcy Courts
In re Meloy, Case No. 98-31268-T before the Virginia Bankruptcy Court for the Eastern District, Richmond
Division, decided August 14th, 2000. The debtors originally filed a petition under Chapter 11. During
reorganization, the debtors reaffirmed a debt owed to the defendant bank. Thereafter, the debtors failed to make
timely payments as required by the reaffirmation agreement. The bank foreclosed upon RE securing the note and
sought reimbursement for the deficiency balance. In response to the bank's attempt to collect the deficiency
balance, the debtors then converted their case to Chapter 7 before the Virginia Bankruptcy Court.. All
objections in connection with the Chapter 7 case were resolved and debtors received a discharge. Issue before
the Virginia Bankruptcy court: Is the bank entitled to recover the deficiency balance following discharge? HELD:
in this case, yes, the Virginia Bankruptcy court determined the bank may recover because the reaffirmation
agreement was not specifically rescinded in the time allowed by statute. 11 USC 524 provides, in part, "(c) An
agreement between a holder of a claim and the debtor, the consideration for which, in whole or in part, is based
on a debt that is dischargeable in a case under this title is enforceable only to any extent enforceable under
applicable nonbankruptcy law, whether or not discharge of such debt is waived, only if . . . (4) the debtor has
not rescinded such [reaffirmation] agreement at any time prior to discharge or within sixty days after such
agreement is filed with the court, whichever occurs later, by giving notice of rescission to the holder of such
claim." In this case, the Virginia Bankruptcy court determined the debtor's failure to provide proof of
notice of recession excluded the debt from the discharge injunction.
Recent Notable Opinions of the Supreme Court of The United States:
Household Credit Services, Inc. v. Pfennig, No. 02-857 (2004), Argued February 23, 2004, Decided April 21,
2004, CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT. The Truth in Lending Act (TILA)
regulates disclosures credit card issuers must provide consumers
and authorizes a personal cause of action for consumers based on noncompliance. 15 U.S.C. 1637(a). These
disclosures must include the amount of any finance charge.
1637(b)(4). A finance charge is defined as an amount "payable directly or indirectly by the consumer, and imposed directly or
indirectly by the creditor as an incident to the extension of credit." 15 U.S.C. 1605(a). Nevertheless,
the Federal Reserve Board definition under Regulation Z is inconsistent by "defining a finance" charge as
excluding "charges for exceeding a credit limit" (over-limit fees). Held: Regulation Z is not an unreasonable
interpretation of 15 U.S.C. 1605 because respondent does not challenge the Board's authority under 15 U.S.C.
1604(a) to issue binding regulations. The Court "must give effect to the unambiguously expressed intent of
Congress". Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 842. However, if Congress
"left a gap for the implementing agency to fill," the agency's regulation is "given controlling weight unless it
is arbitrary, capricious, or manifestly contrary to the statute." even though contrary to an act of Congress.
Id. at 843—844.
The websites included on this page relate in some way to filing Virginia Bankruptcy cases, whether laws, rules, discharge, reorganization or other topics . Vast bodies of law
pertain to Virginia Bankruptcy proceedings and are incorporated by the courts. As new Virginia Bankruptcy laws are
created each year, the coverage of this site will continue to
grow.
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