US Supreme Court has Recently Granted Petitions for Certiorari on Two Cases
The US Supreme Court has recently granted petitions for certiorari on two cases–Bank of America v. Calukett and Bank of America v. Toledo-Cardona–involving mortgage lien-stripping in bankruptcy. The fact that the US Supreme Court granted certiorari, regarding these two cases, means that the US Supreme Court will review, and could either affirm or reverse, the two US Courts of Appeal decisions. If the US Supreme Court were to reverse present law, which is that lienstripping is NOT allowed in Chapter 7, and is only allowed (under specific, limited, circumstances in Chapter 11, 12 and 13), that would be a HUGE change in Bankruptcy Law. The US Supreme Court will hear and decide these 2 cases sometime in 2015.