Administrative Order 17-02 governs the interest rate paid on secured claims in Canton, Akron, Cleveland and Youngstown absent further action by the parties in interest. Presumptive interest rate is established at confirmation of plan according to A.O. 17-2, and is equal to prime rate plus risk factor of 2%. It is the Trustee’s position that in the absence of an order establishing a different rate, A.O. 17-2 will supersede the Plan and the applicable interest rate will be adjusted as needed at confirmation. Per the Judge’s Administrative Order 17-08 notwithstanding that cram-down and lien stripping is self-effectuating at confirmation of the Plan, the Canton division requires that documentation in support of lien modification be submitted with the Confirmation Review Summary (“C.R.S.”) where the same documentation will not be filed in support of a motion seeking the issuance of a comfort order finding that a claim is wholly or partially unsecured. See Judge Kendig’s Memorandum RE: Motions and Orders to avoid liens or mortgages on real estate in Chapter 13 cases dated December 21, 2005, on the Judges website for documentation and information required. Debtor should be sure that the payment to creditor” “Monthly amount listed for each secured claim is sufficient to amortize the secured portion of the claim, together with interest, during the term of the Plan. Administrative Order 17-05 governs adequate protection payments in Canton and Cleveland, and requires the trustee to disburse adequate protection payments to creditors listed under Section 3.2 of the Plan after a P.O.C. is filed. The amount of the adequate protection payment will be the amount of payment to creditor” for each claim listed in Section “Monthly 3.2. The trustee is entitled to fees on adequate protection payments regardless of whether the case is dismissed prior to confirmation under A.O. 17-5.
Administrative Order 17-02 governs the interest rate paid on secured claims in Canton, Akron, Cleveland and Youngstown absent further action by the parties in interest. Presumptive interest rate is established at confirmation of plan according to A.O. 17-2, and is equal to prime rate plus risk factor of 2%. It is the Trustee’s position that in the absence of an order establishing a different rate, A.O. 17-2 will supersede the Plan and the applicable interest rate will be adjusted as needed at confirmation. Per the Judge’s Administrative Order 17-08 notwithstanding that cram-down and lien stripping is self-effectuating at confirmation of the Plan, the Canton division requires that documentation in support of lien modification be submitted with the Confirmation Review Summary (“C.R.S.”) where the same documentation will not be filed in support of a motion seeking the issuance of a comfort order finding that a claim is wholly or partially unsecured. See Judge Kendig’s Memorandum RE: Motions and Orders to avoid liens or mortgages on real estate in Chapter 13 cases dated December 21, 2005, on the Judges website for documentation and information required. Debtor should be sure that the “Monthly payment to creditor” amount listed for each secured claim is sufficient to amortize the secured portion of the claim, together with interest, during the term of the Plan. Administrative Order 17-05 governs adequate protection payments in Canton and Cleveland, and requires the trustee to disburse adequate protection payments to creditors listed under Section 3.2 of the Plan after a P.O.C. is filed. The amount of the adequate protection payment will be the amount of “Monthly payment to creditor” for each claim listed in Section 3.2. The trustee is entitled to fees on adequate protection payments regardless of whether the case is dismissed prior to confirmation under A.O. 17-5.