Adequate Protection
For Cases
Filed Prior to October 17th or cases filed after October
17th for real property or non PMSI secured claims.
For cases
filed AFTER October 17th, the trustee is automatically
paying adequate protection payments to all PMSI secured creditors
who retain a security interest in personal property pursuant to
General Order 20. However, the adequate protection payments will
not be made until the creditor files a Proof of Claim in the case.
The Trustee will do monthly pre confirmation adequate protection
payments upon receipt of an Order approved by the Court. In order
for a creditor to be qualified to receive such a payment the
following must apply:
1. The creditor must be set up
in the Plan with a specified monthly payment.
2. The creditor must have filed
a Proof of Claim with the Court. The Trustee will not pay adequate
protection to a creditor who has not filed a claim.
The only
approved language by the trustee is as follows.
If the
Creditor is a creditor which will be paid in full during the life of
the Plan, the approved language is as follows:
IT IS
ACCORDINGLY ORDERED that as adequate protection pending
confirmation, the Trustee shall forthwith disburse to Creditor on
the first of every month monthly adequate protection payments in the
amount of the plan payment specified by the debtor and monthly
payments thereafter until the case is confirmed.
Please note:
All payments that are sent will be credited to the claim amount and
will be deducted from the total allowed claim. Interest will not
begin to be paid again until after confirmation of the Plan.
If the
Creditor is a creditor that has a “Long Term Continuing Debt” (Most
commonly a mortgage or mobile home payment) the approved language is
as follows:
IT IS
ACCORDINGLY ORDERED that as adequate protection pending
confirmation, the Trustee shall forthwith disburse to Creditor on
the first of every month monthly adequate protection payments with
the first payment representing monthly payments from the date of
filing forward and monthly payments thereafter until the case is
confirmed.
Approved
Abandonment Language:
In the event that the proceeds of
any sale conducted pursuant to a foreclosure proceeding exceeds the
amount of the foreclosure judgment, then Movant shall forward said
proceeds to the Trustee for payment to creditors.
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ACH
The Gooding Trusteeship does have the ability
to make disbursement payments directly to creditors via an
electronic ACH transfer. If you wish to receive your
disbursement funds electronically you will need to complete the
authorization agreement form.
The form can be faxed to 501-537-4401 to the attention of
Richard Kalkbrenner.
Please contact Richard Kalkbrenner at
501-537-4400 to receive further information about this program.
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