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substitution of car collateral
Motion with one or two paragraphs with negative notice.
Sent from my iPhone
On Oct 15, 2010, at 11:51 AM, Jason Wallach wrote:
Client, in Chapter 13 prior to confirmation, totalled their car. Was insured. Was subject to Wells Fargo car loan.
Insurer wants to buy them a replacement vehicle, and substitute it as collateral for the Wells loan.
Wells says they want court approval.
I suppose I could get that, but is there a faster way? (Dont really want to spend the time or fees).
Wells' lawyer says they are concerned that a trustee, either 13 or subsequent converted 7, could seek to avoid their lien because of the substitution.
Any suggestions?
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
Motion with one or two paragraphs with negative notice.Sent from my iPhoneOn Oct 15, 2010, at 11:51 AM, Jason Wallach <jwallach@gladstonemichel.com> wrote:
Client, in Chapter 13 prior to confirmation, totalled their car. Was insured. Was subject to Wells Fargo car loan.
Insurer wants to buy them a replacement vehicle, and substitute it as collateral for the Wells loan.
Wells says they want court approval.
I suppose I could get that, but is there a faster way? (Dont really want to spend the time or fees).
Wells' lawyer says they are concerned that a trustee, either 13 or subsequent converted 7, could seek to avoid their lien because of the substitution.
Any suggestions?
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
The post was migrated from Yahoo.
Client, in Chapter 13 prior to confirmation, totalled their car. Was insured. Was subject to Wells Fargo car loan.
Insurer wants to buy them a replacement vehicle, and substitute it as collateral for the Wells loan.
Wells says they want court approval.
I suppose I could get that, but is there a faster way? (Dont really want to spend the time or fees).
Wells' lawyer says they are concerned that a trustee, either 13 or subsequent converted 7, could seek to avoid their lien because of the substitution.
Any suggestions?
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
The post was migrated from Yahoo.