.jpg)
HELOC and means test
Home Equity Line of Credit HELOC
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Salvatore Sciortino
Sent: Saturday, June 05, 2010 2:19 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] HELOC and means test
DENNIS'
Please advise the definition of a HELOC ?
I'm probably the only one who doesn't recognize this abbreviation.
Thank you.
Sal Sciortino
The post was migrated from Yahoo.
Check the contract and determine whether the HELOC converts to an amortizedso, then given the USTposition thatCMI reductions are forward looking, youshouldn't have a problem including all contractually due amounts.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
Personal Financial Law Center II - Costa Mesa, CA
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Wed, May 26, 2010 4:19:11 PM
Subject: [cdcbaa] HELOC and means test
Clients are over median and having trouble getting enough expenses to pass means test. They have a HELOC that they are paying interest only.What say ye?
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw. com
Check the contract and determine whether the HELOC converts to an amortized loan during the 60 postpetition months. If so, then given the UST position that CMI reductions are forward looking, you shouldn't have a problem including all contractually due amounts. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.comPersonal Financial Law Center II - Costa Mesa, CA
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Patrick Green <pat@fitzgreenlaw.com>To: cdcbaa@yahoogroups.comSent: Wed, May 26, 2010 4:19:11 PMSubject: [cdcbaa] HELOC and means test
Clients are over median and having trouble getting enough expenses to pass means test. They have a HELOC that they are paying interest only. If they also pay some principal, they could pass.
What say ye?
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw. com
The post was migrated from Yahoo.
Clients are over median and having trouble getting enough expenses to pass
means test. They have a HELOC that they are paying interest only. If they
also pay some principal, they could pass.
What say ye?
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
Clients
are over median and having trouble getting enough expenses to pass means test.
They have a HELOC that they are paying interest only. If they also pay some
principal, they could pass.
What
say ye?
If
you have any questions or concerns, please contact me.
Pat
Patrick
T. Green, Esq.
Fitzgerald
& Green
Attorneys
at Law
1010
E. Union Street
Suite
206
Pasadena,
CA 91106
Tel:
626-449-8433
Fax:
626-449-0565
The post was migrated from Yahoo.
Pat;
Ask them if the HELOC has an option to convert it to an installment
payment that is fully amortized. Many HELOCs have that provision. If
it is worth it to them to pass the means test to make that election,
which is probably irreversible, then that may be an option they would
choose. Steve
The post was migrated from Yahoo.