.jpg)
Debt Limits in Chapter 13
At the very least, we stop the foreclosure on the primary residence and
worst case is that she would have to convert an 11. I appreciate all your
help.
I can certainly draft a memo of understanding.
Have a great weekend.
Christine
On Fri, Jun 11, 2010 at 5:10 PM, Steven B. Lever wrote:
>
>
> Well, Christine, now youre throwing in more facts not in the original
> scenario, Im assuming that one or both properties are underwater. I go
> with the Valley ruling, (I think Judge Tighes opinion) that if any portion
> of a mortgage is secured its all secured, as opposed to what Ive argued in
> other cases that it splits right at the property value regardless of whether
> there is any equity to secure the mortgage. Its know-your-judge as to
> which approach you take. Since you dont know the judge in advance
> necessarily, then just have the client sign a memo of understanding of the
> risks of the jurisdictional issue and make it clear they assume said risks.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Christine Wilton
> *Sent:* Friday, June 11, 2010 4:58 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Debt Limits in Chapter 13
>
>
>
>
>
> Thanks Steven.
>
>
>
> What about: Debtors recognize that the vast majority of courts to have
> considered this issue, and all circuit courts, have held that the
> undersecured portion of a secured debt should be considered unsecured debtwhen determining a debtor's eligibility to proceed under 109(e).
> 17 In general, these courts have applied 506(a), which splits an
> undersecured claim into a secured portion and an unsecured portion for
> bankruptcy purposes, despite the fact the statute speaks in terms of
> "allowed claims" rather than "debts" in general, "to prevent `raising form
> over substance and manipulation of the debt limits' to achieve Chapter 13eligibility."
> 18
>
> Could I in effect, look at the undersecured portions of the debt and
> bifurcate that as "unsecured" portion for the purpose of qualifying the
> debtor for a 13?
>
> I have heard there are some exceptions to 109e
>
> On Fri, Jun 11, 2010 at 4:38 PM, Steven B. Lever
> wrote:
>
>
>
> No. Only when the property is foreclosed upon will the debt be
> extinguished. This also assumes there is just one mortgage on the rental,
> because a sold out junior mortgage would still be owing if it exists.
> Merely surrendering the rental in the bankruptcy does not get rid of the
> debt. If the debt exists at the date of filing the 11 U.S.C. 109 limits
> apply.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Christine Wilton
> *Sent:* Friday, June 11, 2010 4:28 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Debt Limits in Chapter 13
>
>
>
>
>
> My potential client has a primary residence and a rental.
>
>
>
> She wants to save her primary and dump the rental.
>
>
>
> The problem is that both debts combined take her over the debt limit for
> chapter 13. Would surrendering the rental property change anything in terms
> of debt limits and allow her into a chapter 13?
>
>
>
>
>
> Also, I have a possible referral for an attorney who handles civil
> litigation for commercial real estate as this same pc was in a partnership
> llc that owned land and a golf course that was allegedly fraudulently sold
> and foreclosed.
>
>
>
> Thank you.
>
> --
> Best Regards,
>
>
> Christine A. Wilton
>
> Principal Attorney
>
> Greifendorff Law Offices
>
> 333 City Boulevard West, 17th Floor
>
> Orange, CA 92686
>
> Office: 800-861-0786
>
> Cell: 562-824-7563
>
> Fax: 714-938-3255
>
> Email: attorneychristine@gmail.com
>
> Web: www.greifenlaw.com
>
> Blog: www.losangelesbankruptcylawmonitor.com
> ***************************
> Confidentiality and Privilege. This e-mail message, including attachments,
> is intended solely for review by the intended recipient(s) and may contain
> confidential and privileged information. Any unauthorized review, use,
> disclosure, or distribution is prohibited. Review by anyone other than the
> intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
> PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
> communication. If you are not the intended recipient, please contact the
> sender by return e-mail and destroy all copies of the original message.
>
> Tax Advice Disclosure. Any tax information or written tax advice contained
> in this email message, including attachments, is not intended to and cannot
> be used by any taxpayer for the purpose of avoiding tax penalties that may
> be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
> to U.S. Treasury Regulations governing tax practice.)
>
>
>
>
> --
> Best Regards,
>
>
> Christine A. Wilton
>
> Principal Attorney
>
> Greifendorff Law Offices
>
> 333 City Boulevard West, 17th Floor
>
> Orange, CA 92686
>
> Office: 800-861-0786
>
> Cell: 562-824-7563
>
> Fax: 714-938-3255
>
> Email: attorneychristine@gmail.com
>
> Web: www.greifenlaw.com
>
> Blog: www.losangelesbankruptcylawmonitor.com
> ***************************
> Confidentiality and Privilege. This e-mail message, including attachments,
> is intended solely for review by the intended recipient(s) and may contain
> confidential and privileged information. Any unauthorized review, use,
> disclosure, or distribution is prohibited. Review by anyone other than the
> intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
> PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
> communication. If you are not the intended recipient, please contact the
> sender by return e-mail and destroy all copies of the original message.
>
> Tax Advice Disclosure. Any tax information or written tax advice contained
> in this email message, including attachments, is not intended to and cannot
> be used by any taxpayer for the purpose of avoiding tax penalties that may
> be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
> to U.S. Treasury Regulations governing tax practice.)
>
>
>
Best Regards,
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
333 City Boulevard West, 17th Floor
Orange, CA 92686
Office: 800-861-0786
Cell: 562-824-7563
Fax: 714-938-3255
Email: attorneychristine@gmail.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
Confidentiality and Privilege. This e-mail message, including attachments,
is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
At the very least, we stop the foreclosure on the primary residence and worst case is that she would have to convert an 11. I appreciate all your help.
I can certainly draft a memo of understanding.
Have a great weekend.
Christine
On Fri, Jun 11, 2010 at 5:10 PM, Steven B. Lever <sblever@leverlaw.com> wrote:
Well, Christine, now youre throwing in more facts not in the original scenario, Im assuming that one or both properties are underwater. I go with the Valley ruling, (I think Judge Tighes opinion) that if any portion of a mortgage is secured its all secured, as opposed to what Ive argued in other cases that it splits right at the property value regardless of whether there is any equity to secure the mortgage. Its know-your-judge as to which approach you take. Since you dont know the judge in advance necessarily, then just have the client sign a memo of understanding of the risks of the jurisdictional issue and make it clear they assume said risks.
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Christine Wilton
Sent: Friday, June 11, 2010 4:58 PMTo: cdcbaa@yahoogroups.comSubject: Re: [cdcbaa] Debt Limits in Chapter 13
Thanks Steven.
What about: Debtors recognize that the vast majority of courts to have considered this issue, and all circuit courts, have held that the undersecured portion of a secured debt should be considered unsecured
The post was migrated from Yahoo.
Well, Christine, now you're throwing in more facts not in the original scenario, I'm assuming that one or both properties are underwater. I go with the Valley ruling, (I think Judge Tighe's opinion) that if any portion of a mortgage is secured it's all secured, as opposed to what I've argued in other cases that it splits right at the property value regardless of whether there is any equity to secure the mortgage. It's know-your-judge as to which approach you take. Since you don't know the judge in advance necessarily, then just have the client sign a memo of understanding of the risks of the jurisdictional issue and make it clear they assume said risks.
The post was migrated from Yahoo.
Thanks Steven.
What about: Debtors recognize that the vast majority of courts to have
considered this issue, and all circuit courts, have held that the
undersecured portion of a secured debt should be considered unsecured
debtwhen determining a debtor's eligibility to proceed under 109(e).
17 In general, these courts have applied 506(a), which splits an
undersecured claim into a secured portion and an unsecured portion for
bankruptcy purposes, despite the fact the statute speaks in terms of
"allowed claims" rather than "debts" in general, "to prevent `raising form
over substance and manipulation of the debt limits' to achieve Chapter
13eligibility."
18
Could I in effect, look at the undersecured portions of the debt and
bifurcate that as "unsecured" portion for the purpose of qualifying the
debtor for a 13?
I have heard there are some exceptions to 109e
On Fri, Jun 11, 2010 at 4:38 PM, Steven B. Lever wrote:
>
>
> No. Only when the property is foreclosed upon will the debt be
> extinguished. This also assumes there is just one mortgage on the rental,
> because a sold out junior mortgage would still be owing if it exists.
> Merely surrendering the rental in the bankruptcy does not get rid of the
> debt. If the debt exists at the date of filing the 11 U.S.C. 109 limits
> apply.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Christine Wilton
> *Sent:* Friday, June 11, 2010 4:28 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Debt Limits in Chapter 13
>
>
>
>
>
> My potential client has a primary residence and a rental.
>
>
>
> She wants to save her primary and dump the rental.
>
>
>
> The problem is that both debts combined take her over the debt limit for
> chapter 13. Would surrendering the rental property change anything in terms
> of debt limits and allow her into a chapter 13?
>
>
>
>
>
> Also, I have a possible referral for an attorney who handles civil
> litigation for commercial real estate as this same pc was in a partnership
> llc that owned land and a golf course that was allegedly fraudulently sold
> and foreclosed.
>
>
>
> Thank you.
>
> --
> Best Regards,
>
>
> Christine A. Wilton
>
> Principal Attorney
>
> Greifendorff Law Offices
>
> 333 City Boulevard West, 17th Floor
>
> Orange, CA 92686
>
> Office: 800-861-0786
>
> Cell: 562-824-7563
>
> Fax: 714-938-3255
>
> Email: attorneychristine@gmail.com
>
> Web: www.greifenlaw.com
>
> Blog: www.losangelesbankruptcylawmonitor.com
> ***************************
> Confidentiality and Privilege. This e-mail message, including attachments,
> is intended solely for review by the intended recipient(s) and may contain
> confidential and privileged information. Any unauthorized review, use,
> disclosure, or distribution is prohibited. Review by anyone other than the
> intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
> PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
> communication. If you are not the intended recipient, please contact the
> sender by return e-mail and destroy all copies of the original message.
>
> Tax Advice Disclosure. Any tax information or written tax advice contained
> in this email message, including attachments, is not intended to and cannot
> be used by any taxpayer for the purpose of avoiding tax penalties that may
> be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
> to U.S. Treasury Regulations governing tax practice.)
>
>
>
Best Regards,
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
333 City Boulevard West, 17th Floor
Orange, CA 92686
Office: 800-861-0786
Cell: 562-824-7563
Fax: 714-938-3255
Email: attorneychristine@gmail.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
Confidentiality and Privilege. This e-mail message, including attachments,
is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
Thanks Steven.
What about: Debtors recognize that the vast majority of courts to have considered this issue, and all circuit courts, have held that the undersecured portion of a secured debt should be considered unsecured debt when determining a debtor's eligibility to proceed under 109(e).17 In general, these courts have applied 506(a), which splits an undersecured claim into a secured portion and an unsecured portion for bankruptcy purposes, despite the fact the statute speaks in terms of "allowed claims" rather than "debts" in general, "to prevent `raising form over substance and manipulation of the
The post was migrated from Yahoo.
No. Only when the property is foreclosed upon will the debt be extinguished. This also assumes there is just one mortgage on the rental, because a sold out junior mortgage would still be owing if it exists. Merely surrendering the rental in the bankruptcy does not get rid of the debt. If the debt exists at the date of filing the 11 U.S.C. 109 limits apply.
The post was migrated from Yahoo.
My potential client has a primary residence and a rental.
She wants to save her primary and dump the rental.
The problem is that both debts combined take her over the debt limit for
chapter 13. Would surrendering the rental property change anything in terms
of debt limits and allow her into a chapter 13?
Also, I have a possible referral for an attorney who handles civil
litigation for commercial real estate as this same pc was in a partnership
llc that owned land and a golf course that was allegedly fraudulently sold
and foreclosed.
Thank you.
Best Regards,
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
333 City Boulevard West, 17th Floor
Orange, CA 92686
Office: 800-861-0786
Cell: 562-824-7563
Fax: 714-938-3255
Email: attorneychristine@gmail.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
Confidentiality and Privilege. This e-mail message, including attachments,
is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
My potential client has a primary residence and a rental.
She wants to save her primary and dump the rental.
The problem is that both debts combined take her over the debt limit for chapter 13. Would surrendering the rental property change anything in terms of debt limits and allow her into a chapter 13?
Also, I have a possible referral for an attorney who handles civil litigation for commercial real estate as this same pc was in a partnership llc that owned land and a golf course that was allegedly fraudulently sold and foreclosed.
Thank you.-- Best Regards,Christine A. WiltonPrincipal AttorneyGreifendorff Law Offices333 City Boulevard West, 17th FloorOrange, CA 92686Office: 800-861-0786
Cell: 562-824-7563Fax: 714-938-3255Email:
The post was migrated from Yahoo.