incorporating mtg. balloon payments into Means test/budget

Post Reply
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


If I can talk the client into going for it, I will! Thanks
*************************
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

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


Go for 3 yr plan if above median and zero or negative PDI, a la Kagenveama; ask Nancy Clark for the Flores brief she and NACBA are arguing.
Sent from my iPhone
On Oct 14, 2010, at 8:49 PM, "Mark J. Markus" wrote:
> Thanks. I think it would still be a 5 year plan because she is over median regardless.
>
> *************************
> 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.com/bankruptcy-blog/2008/0 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
> On 10/14/2010 6:23 PM, Dennis McGoldrick wrote:
>>
>> Mark:
>>
>> Yes, you are correct, but probably only a 3 year plan.
>>
>> dennis
>>
>> --- On Thu, 10/14/10, Mark J. Markus wrote:
>>
>> Subject: Re: [cdcbaa] incorporating mtg. balloon payments into Means test/budget
>> To: cdcbaa@yahoogroups.com
>> Date: Thursday, October 14, 2010, 6:13 PM
>>
>>
>> But I&J would still show the current payment (and, hence, a surplus) and likely draw a 707(b) motion, right?
>>
>> *************************
>> 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.com/bankruptcy-blog/2008/0 ... efinition/)
>> ________________________________________________
>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>>
>> On 10/14/2010 6:11 PM, Dennis McGoldrick wrote:
>>>
>>> put the balloon in the means test
>>>
>>> --- On Thu, 10/14/10, Mark J. Markus wrote:
>>>
>>> Subject: [cdcbaa] incorporating mtg. balloon payments into Means test/budget
>>> To: cdcbaa@yahoogroups.com
>>> Date: Thursday, October 14, 2010, 11:16 AM
>>>
>>>
>>> What is the best way to handle this fairly common situation:
>>>
>>> Debtor presently has a low, interest-only mortgage payment on her
>>> home. She has a balloon payment of $375,000 due in 4 years. With
>>> her present budget (using the low, interest-only mtg payment), she
>>> would have to do a Ch. 13 with a substantial monthly repayment plan.
>>>
>>> Can I literally take the contractual amount due in the next 60
>>> months (which is the full $375,000) and use that as her monthly
>>> payment amount for the means test? What about Schedule "J"? Would
>>> the court likely require a Chapter 13 for 4 years and then allow
>>> conversion to Ch. 7 when the balloon payment is due?
>>>
>>> Just trying to find a way to either (a) lower the anticipated Ch. 13
>>> plan payment; or, (b) qualify debtor for CH. 7 now.
>>>
>>> *************************
>>> 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.com/bankruptcy-blog/2008/0 ... efinition/)
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the law
>>> office of Mark J. Markus that may be privileged. The information is
>>> intended for the use of the addressee only. If you are not the
>>> addressee, note that any disclosure, copy, distribution or use of
>>> the contents of this message is prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
>>> imposed by the IRS, we inform you that any U.S. tax advice contained
>>> in this communication (or in any attachment) is not intended or
>>> written to be used, and cannot be used, for the purpose of (i)
>>> avoiding penalties under the Internal Revenue Code or (ii)
>>> promoting, marketing or recommending to another party any
>>> transaction or matter addressed in this communication.
>>>
>>>
>>
>
>
Go for 3 yr plan if above median and zero or negative PDI, a la Kagenveama; ask Nancy Clark for the Flores brief she and NACBA are arguing.Sent from my iPhoneOn Oct 14, 2010, at 8:49 PM, "Mark J. Markus" <bklawr@yahoo.com> wrote:

Thanks. I think it would still be a 5 year plan because she is
over median regardless.

*************************
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.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information
is intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of
the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice
contained in this communication (or in any attachment) is not
intended or written to be used, and cannot be used, for the
purpose of (i) avoiding penalties under the Internal Revenue Code
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.


On 10/14/2010 6:23 PM, Dennis McGoldrick wrote:







Mark:

Yes, you are correct, but probably only a 3 year
plan.

dennis

--- On Thu, 10/14/10, Mark J. Markus <bklawr@yahoo.com>
wrote:


Subject: Re: [cdcbaa] incorporating mtg. balloon
payments into Means test/budget
To: cdcbaa@yahoogroups.com
Date: Thursday, October 14, 2010, 6:13 PM



But I&J would still show the current
payment (and, hence, a surplus) and likely draw
a 707(b) motion, right?

*************************
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.com/bankruptcy-blog/2008/0 ... efinition/)

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


Try it anyway. Over the median, you just keep going on the means test. Last part of the test she may pass. How can there be a distribution to creditors, given the balloon?
dennis

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


Thanks. I think it would still be a 5 year plan because she is
over median regardless.
*************************
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

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


Mark:
Yes, you are correct, but probably only a 3 year plan.
dennis

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


But I&J would still show the current payment (and, hence, a
surplus) and likely draw a 707(b) motion, right?
*************************
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

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


put the balloon in the means test

The post was migrated from Yahoo.
Top
Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


What is the best way to handle this fairly common situation:
Debtor presently has a low, interest-only mortgage payment on her
home. She has a balloon payment of $375,000 due in 4 years. With
her present budget (using the low, interest-only mtg payment), she
would have to do a Ch. 13 with a substantial monthly repayment plan.
Can I literally take the contractual amount due in the next 60
months (which is the full $375,000) and use that as her monthly
payment amount for the means test? What about Schedule "J"? Would
the court likely require a Chapter 13 for 4 years and then allow
conversion to Ch. 7 when the balloon payment is due?
Just trying to find a way to either (a) lower the anticipated Ch. 13
plan payment; or, (b) qualify debtor for CH. 7 now.
*************************
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

The post was migrated from Yahoo.
Top
Post Reply

Return to “Yahoo Old Posts”