Local Rule 3001-2: Presumptive Interest Rates in Chapter 13 Cases
Bankr. W.D.N.C. — General rule
Local Rule 3001-2 Presumptive Interest Rates in Chapter 13 Cases
(a) The Till Rate. The presumptive interest rate for use in calculating the value of payments to secured creditors for the entire term of the Chapter 13 plan is the composite prime interest rate plus two percent (the "Till Rate"). Till v. SCS Credit Corp., 541 U.S. 465 (2004).
(b) Calculating the Till Rate. The composite prime interest rate as published on the first calendar day of the month will be used as the basis for calculating the Till Rate.
(c) Determining Composite Prime Interest Rate. The court will provide appropriate links at its website (www.ncwb.uscourts.gov) from which the composite prime interest rate can be determined.
(d) Application of Till Rate. Unless otherwise ordered, the Till Rate generally applies to oversecured, fully secured, and undersecured claims.
(e) Till Rate as Default Rate. With the exception of secured property tax claims subject to paragraph (f) below, unless a proposed Chapter 13 plan provides specifically for the use of an interest rate other than the Till Rate for any particular claim or claims and specifically identifies that interest rate, the Chapter 13 trustee is authorized to use the Till Rate for all secured claims provided for by the plan.
(f) Rate for Secured Property Tax Claims of North Carolina Counties and Municipalities. The interest rate to be used for payment of the value of the secured property tax claims of North Carolina counties and municipalities shall be nine percent (9%) per annum; however, a debtor may propose that a different interest rate be used provided that such interest rate is conspicuously disclosed in the special terms section of the proposed plan summary with an explanation regarding the basis for the different interest rate. The prescribed rate shall only apply to the payment of the secured property tax claims of North Carolina counties and municipalities. Different rates may be proposed for the payment of the secured property tax claims arising from other jurisdictions.