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Fwd: Is discharge required to strip junior lien in indivi=
Alik, et al
There is no requirement that a discharge be issued.
However, that is not really the issue. 349 requires the liens to be restored if the case is dismissed, and the case will eventually be dismissed if you cannot move for a final decree. As a result, I put in the plan that the liens are void upon the discharge of the debtor, just so they don't hang around for the length of the mortgage restructure.
My thinking has been evloving this year. I am now going to write plans with new notes to be paid outside the plan, and writing short term plans.
Btw, it is now offical, Judge Donovan confirmed a zero percent 11 for me today. #56
dennis
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To: NACBA BK ; CDCBAA Listserv ; CAMFFG
Sent: Wednesday, June 20, 2012 3:32 PM
Subject: [cdcbaa] Fwd: Is discharge required to strip junior lien in individual chapter 11 case?
Anyone?
Listmates:
On the one hand, some courts hold that discharge is necessary to complete a junior lien strip.
On the other hand, in corporate chapter 11 cases, junior/second lien strips are accomplished without a discharge.
1. What about individual chapter 11 plans? Is the discharge necessary in individual chapter 11 plans? I looked in Collier and searched cases but could not find the answer.
2. Is anyone familiar with the view of this issue of CACD Judge Barry Russell?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
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