LexisNexis (February 4, 2020, 12:25 PM EST) -- On June 1, 2015, the United States Supreme Court ruled that a debtor in a Chapter 7 bankruptcy may not wipe out a junior mortgage when the debt owed on the senior mortgage exceeds the present value of the property. The decision, penned by Justice Thomas, was unanimous. The irony of the decision, which could apply to personal property as well as real estate, is that the Court felt compelled to follow a 1992 decision even though it strongly suggested that the earlier decision was flat wrong in its interpretation of the Bankruptcy Code. From a policy perspective, the decision not only respects precedent, but should make second mortgage loans more affordable. Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995, 2015 U.S. LEXIS 3579 (2015)....