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Zero Chapter 13 Plan
who is your consenting impaired class?
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.
Shan Thever
Sent: Saturday, October 30, 2010 5:55 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Zero Chapter 13 Plan
I have a similiar situation excepts it is a business and a chapter 11
situation for a cramdown. Will that work?
On Fri, Oct 29, 2010 at 2:01 PM, Paul Horn
wrote:
Facts: The only "unsecured debt" client have is a 2nd mortgage to be
stripped. Can a chapter 13 plan be approved when there is no other unsecured
debt beside that 2nd mortgage in question, zero chapter 13 plan payment
because after paying the 1st mortgage and expenses; there is no income left
for that "unsecured 2nd mortgage to be stripped"? Will the LA office approve
this type of chapter 13 plan?
Thank you.
Paul Horn
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
Message
who is your consenting
impaired class?
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
My experience has been that you need to be paying some legitimate debt in conjunction with the lien strip. Otherwise you are disguising a ch 7 as a ch 13 in order to avoid the ch7 prohibition against this sort of lien strip.
Brian Mc-Goldrick
>
> Facts: The only "unsecured debt" client have is a 2nd mortgage to be
> stripped. Can a chapter 13 plan be approved when there is no other
> unsecured debt beside that 2nd mortgage in question, zero chapter 13
> plan payment because after paying the 1st mortgage and expenses; there
> is no income left for that "unsecured 2nd mortgage to be stripped"? Will
> the LA office approve this type of chapter 13 plan?
>
>
>
>
>
> Thank you.
>
>
> Paul Horn
> Attorney at Law
> Certified Public Accountant
> 1045 E. Valley Blvd., Suite A215
> San Gabriel, CA 91770
> 626-695-7310
>
>
>
> No virus found in this incoming message.
> Checked by AVG - www.avg.com
> Version: 9.0.864 / Virus Database: 271.1.1/3225 - Release Date: 10/28/10
> 11:34:00
>
>
>
> No virus found in this incoming message.
> Checked by AVG - www.avg.com
> Version: 9.0.864 / Virus Database: 271.1.1/3225 - Release Date: 10/28/10
> 11:34:00
>
The post was migrated from Yahoo.
I have a similiar situation excepts it is a business and a chapter 11
situation for a cramdown. Will that work?
On Fri, Oct 29, 2010 at 2:01 PM, Paul Horn wrote:
>
>
> Facts: The only "unsecured debt" client have is a 2nd mortgage to be
> stripped. Can a chapter 13 plan be approved when there is no other unsecured
> debt beside that 2nd mortgage in question, zero chapter 13 plan payment
> because after paying the 1st mortgage and expenses; there is no income left
> for that "unsecured 2nd mortgage to be stripped"? Will the LA office approve
> this type of chapter 13 plan?
>
>
> Thank you.
>
> Paul Horn
> Attorney at Law
> Certified Public Accountant
> 1045 E. Valley Blvd., Suite A215
> San Gabriel, CA 91770
> 626-695-7310
>
>
>
I have a similiar situation excepts it is a business and a chapter 11 situation for a cramdown. Will that work?
On Fri, Oct 29, 2010 at 2:01 PM, Paul Horn <attorneypaul2000@yahoo.com> wrote:
Facts:The only"unsecured debt" client have is a 2nd mortgage to be stripped. Can a chapter 13 plan be approved when there is no otherunsecured debt beside that 2nd mortgage in question, zero chapter 13 plan payment becauseafter paying the 1stmortgageand expenses; there is no income left for that "unsecured 2nd mortgage to be stripped"? Will the LA office approve this type of chapter 13 plan?
Thank you.Paul HornAttorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770626-695-7310
The post was migrated from Yahoo.
Actually, I should have read the $0 dollar part. That is a tougher
sale, but it is possible. Maybe not in front of EC. If you get EC
you'd better find some $. The Trustee and perhaps the judge even if
not EC will be less than friendly, but we're not always in this for the
camaraderie.
The post was migrated from Yahoo.
Facts:The only"unsecured debt" client have is a 2nd mortgage to be stripped.
Can a chapter 13 plan be approved when there is no otherunsecured debt beside
that 2nd mortgage in question, zero chapter 13 plan payment becauseafter paying
the 1stmortgageand expenses; there is no income left for that "unsecured 2nd
mortgage to be stripped"? Will the LA office approve this type of chapter 13
plan?
Thank you.
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
Facts: The only "unsecured debt" client have is a 2nd mortgage to be stripped. Can a chapter 13 plan be approved when there is no other unsecured debt beside that 2nd mortgage in question, zero chapter 13 plan payment because after paying the 1st mortgage and expenses; there is no income left for that "unsecured 2nd mortgage to be stripped"? Will the LA office approve this type of chapter 13 plan?
Thank you. Paul HornAttorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770626-695-7310
The post was migrated from Yahoo.