IN RE BALBUS

No. 90-2067.

933 F.2d 246 (1991)

In re Peter Gordon BALBUS, Debtor. BROWN AND COMPANY SECURITIES CORPORATION, Plaintiff-Appellant, v. Peter Gordon BALBUS, Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided May 20, 1991.

As Amended June 4, 1991.


Attorney(s) appearing for the Case

Thomas C. Power, Winston & Strawn, Washington, D.C., argued (Michael J. Lichtenstein, Allen S. Rugg, Melrod, Redman & Gartlan, P.C., Washington, D.C., on brief), for plaintiff-appellant.

Robert Glenn Mayer, Robert G. Mayer, P.C., Fairfax, Va., for defendant-appellee.

Before ERVIN, Chief Judge, MURNAGHAN, Circuit Judge, and MULLEN, United States District Judge for the Western District of North Carolina, sitting by designation.


ERVIN, Chief Judge:

Peter Gordon Balbus ("Balbus") filed a voluntary petition for relief under Chapter 13 of the Bankruptcy Code. This petition was challenged by one of Balbus' secured creditors, Brown and Company Securities Corporation ("Brown"). Brown asserted that hypothetical costs of sale should be deducted when calculating the value of Balbus' real property providing security for his secured debt. If the costs were deducted, Balbus would not be eligible for...

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