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Reply-To: Chris Gautschi
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To: cdcbaa@yahoogroups.com
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Chapter 11? Cite citizens United.
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> On Apr 21, 2015, at 4:21 PM, vle@vlelaw.com [cdcbaa] wrote:
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> I appreciate the responses to my question about a trust filing a Ch 13. Since it is not a "person" under 109(e), the consensus is that the trust cannot file a Ch 13.
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> Trust owns real property with significant equity. Settlor died and no payments have been made since his death last year. Real property is about to be sold in foreclosure. Are there BK options to preserve the asset from foreclosure?
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> Thanks.
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> Vernon L. Ellicott, Esq.
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> Certified Family Law Specialist
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> California State Bar Board of Legal Specialization
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> Family Law, Bankruptcy, and Estate Planning
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> Law Offices of Vernon L. Ellicott
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> 325 E. Hillcrest Drive, Suite 150 23929 Valencia Blvd., Suite 411
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> Thousand Oaks, CA 91360-7799 Valencia, CA 91355
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> (805) 446-6262 (661) 222-2922
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> (805) 446-6264 Fax
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Trust filing BK
Vernon,
Possibly Chapter 11. I worked on a case in Santa Ana last year where the Court found that the debtor was a business trust even though the trust was formed as a living trust and not a business trust but the court found it had a business purpose which was good enough for finding a business trust. There are specific factors that determine what is a business trust. It really depends on the facts.
Regards,
Tuan Le
Tuan Le, Esq.
Law Offices of Steve Lopez
8562 Florence Avenue, Suite A
Downey, California 90240
Main: (562)904-1193
Fax: (562)262-2846
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