Till v. SCS Credit Corp.
Till v. SCS Credit Corp., 541 U.S. 465 (2004)
- Court
- Supreme Court of the United States
- Decided
- 2004-05-17
- Docket
- 02-1016
What happened
The Tills proposed a Chapter 13 plan paying their truck lender at 9.5% — the prime rate plus a risk adjustment. The lender wanted its 21% contract rate.
What the court decided
A plurality of the Supreme Court endorsed the "prime-plus" (formula) approach for the interest rate on secured claims paid through a Chapter 13 plan, rather than the contract rate.
Why it may matter to you
Chapter 13 can lower the interest on some secured debts, freeing money to catch up on the house.
Why it might not apply
It was a plurality opinion about a vehicle loan; a home mortgage on your principal residence generally cannot be modified this way (Nobelman).
Most useful when
- You are planning a Chapter 13 plan that pays a secured debt over time
How to cite it
The full citation for the first time you mention it, a short form for later, and a sample sentence you can adapt.
Till v. SCS Credit Corp., 541 U.S. 465 (2004)Short formTill, 541 U.S. 465Draft — check it with free legal aid before you file or say it in court.
In Till v. SCS Credit Corp., 541 U.S. 465 (2004), the court held that secured claims paid through a Chapter 13 plan may carry a prime-plus formula interest rate rather than the contract rate. Here, [say in one sentence what happened in your case]
Ask Techy about this case
Techy explains the case in plain words, why it may matter to you, its limits, and how to prepare. It only uses this case record.
Related cases
- Homeowner lostBinding
Midland Funding, LLC v. Johnson
581 U.S. 224 · Decided 2017
In Ms. Johnson's Chapter 13 case, a debt buyer filed a claim for a debt that was obviously too old to collect. She sued under the FDCPA.
Read the case - Homeowner lostBinding
BFP v. Resolution Trust Corp.
511 U.S. 531 · Decided 1994
After a California home sold at foreclosure for far below its claimed value, the owner filed bankruptcy and tried to undo the sale as a fraudulent transfer.
Read the case - Homeowner lostBinding
Nobelman v. American Savings Bank
508 U.S. 324 · Decided 1993
The Nobelmans owed more on the loan for their Dallas, Texas condominium than it was worth and asked to reduce the mortgage to the home's value in Chapter 13.
Read the case