.jpg)
Reflections on Chapter 11 residential lien stripping =
No I do not attach retainers, never have.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 4, 2010, at 9:54 AM, "David A. Tilem" wrote:
Dennis:
Do you attach your retainer agreements to your employment application?
Has J. Carrol seen this language?
Have other Js seen this language?
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.
on
ennis McGoldrick
Sent: Sunday, January 03, 2010 8:54 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Reflections on Chapter 11 residential lien stripping & the 1111(b) election
Btw, once judge Carrol made this Statement, I started putting into my retainers that in super 13 type ch 11 if debtor is assigned to Judge Carrol, might not be feasible to confirm plan short of an appeal.
Sent from my iPhone
On Jan 2, 2010, at 12:40 PM, P L wrote:
While in an LA court recently, I heard a bankruptcy judge opine that residential junior loan lien stripping is not possible in Chapter 11 due to the 1111(b) election.
Today, I was reviewing my client's options which include a Chapter 11 wherein it would be beneficial to strip the entirely under/unsecured second loan and needed to review 1111(b).
I believe the statue is very clear that the 1111(b)(1)(A) election [allowing the junior secured lender to opt for retaining the lien and accepting payments over time equal to the allowed claim, but with present value of merely it's ineterest in the collateral, despite the 506(a) determination] is NOT available where the underlying ineterest is of inconsequential value. 1111(b)(1)(B)(i).
In other words, when the FMV of debtor's residence is equal to or less than the balance of the first secured note, the Chapter 11 debtor can use 506(a) to render the junior note(s) unsecured and the junior note holder(s) do NOT have a right to elect to be treated as secured under 1111(b).
Happy New Year!
Peter M. Lively, J.D./M.B.A.
Law Offices of Peter M. Lively
Personal Financial Law Center I
11965 Venice Blvd, Suite 301
Los Angeles, CA 90066-3977
310-899-0630
800-307-DEBT (3328)
Fax: 310-899-0632
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706 Newport Boulevard, Suite B
Costa Mesa, California 92627-3073
Telephone: 949-650-DEBT(3328)
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.
No I do not attach retainers, never have.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Jan 4, 2010, at 9:54 AM, "David A. Tilem" <DavidTilem@TilemLaw.com> wrote:
Dennis:
Do you attach your retainer
agreements to your employment application?
Has J. Carrol seen this
language?
Have other Js seen this
language?
David A.
Tilem
The post was migrated from Yahoo.
charset="windows-1251"
I think Rule 7001 makes it an adversary action. Most (not not all) of the
Judges are doing us a favor in Ch 13 cases by allowing us to skirt the rule
on lien stripping.
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.
Mark J. Markus
Sent: Monday, January 04, 2010 3:10 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Reflections on Chapter 11 residential lien stripping &
the 1111(b) election
That's always been my understanding, but this would also apply to any real
estate, not just a principal residence, would it not?
Also, assuming you do the 506(a) valuation and treat the unsecured portion
as such, can the lien be avoided simply by putting a provision in the plan,
or would it require a separate motion/adversary? [I realize the lien
avoidance would not work in a cramdown situation because of 1129(b)(2)(A).]
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at
http://bklaw.
The post was migrated from Yahoo.
charset="windows-1251"
Dennis:
Do you attach your retainer agreements to your employment application?
Has J. Carrol seen this language?
Have other Js seen this language?
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.
Dennis McGoldrick
Sent: Sunday, January 03, 2010 8:54 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Reflections on Chapter 11 residential lien stripping &
the 1111(b) election
Btw, once judge Carrol made this Statement, I started putting into my
retainers that in super 13 type ch 11 if debtor is assigned to Judge
Carrol, might not be feasible to confirm plan short of an appeal.
Sent from my iPhone
On Jan 2, 2010, at 12:40 PM, P L wrote:
While in an LA court recently, I heard a bankruptcy judge opine that
residential junior loan lien stripping is not possible in Chapter 11 due to
the 1111(b) election.
Today, I was reviewing my client's options which include a Chapter 11
wherein it would be beneficial to strip the entirely under/unsecured second
loan and needed to review 1111(b).
I believe the statue is very clear that the 1111(b)(1)(A) election [allowing
the junior secured lender to opt for retaining the lien and accepting
payments over time equal to the allowed claim, but with present value of
merely it's ineterest in the collateral, despite the 506(a) determination]
is NOT available where the underlying ineterest is of inconsequential value.
1111(b)(1)(B)(i).
In other words, when the FMV of debtor's residence is equal to or less than
the balance of the first secured note, the Chapter 11 debtor can use 506(a)
to render the junior note(s) unsecured and the junior note holder(s) do NOT
have a right to elect to be treated as secured under 1111(b).
Happy New Year!
Peter M. Lively, J.D./M.B.A.
Law Offices of Peter M. Lively
Personal Financial Law Center I
11965 Venice Blvd, Suite 301
Los Angeles, CA 90066-3977
310-899-0630
800-307-DEBT (3328)
Fax: 310-899-0632
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706 Newport Boulevard, Suite B
Costa Mesa, California 92627-3073
Telephone: 949-650-DEBT(3328)
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.
charset="windows-1251"
Message
Dennis:
Do you attach your retainer
agreements to your employment application?
Has J. Carrol seen this
language?
Have other Js seen this
language?
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.