Bankr. No.:
00-10016
Chapter:
12
Date of Decision:
February 20, 2001
Issue:
Whether automatic stay should be lifted to allow FSA to exercise its right of setoff against collected and future CRP payments due Debtor?
Ruling:
The stay was lifted. FSA was permitted to offset its unsecured claim against the CRP payments recently paid or to be paid to Debtor once FSA complied with all conditions established by contract or regulation. Debtor had not offered any adequate protection. Debtor also had not established any compelling circumstances that would warrant a denial or delay of the setoff.
Full Bankruptcy Court Decision:
