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Dismissal of Chapter 7
Thanks, settling with the trustee is all I can think off too, but the
equity is just so substantial, it will probably end up 100% to
unsecured creditors. Lender for refinance so far not willing to loan
enough to cover all the unsecured creditors. It is never simple!
> Mark,
>
> If the debtors have financing for refi, why not make a settlement
offer to the trustee. If the trustee accepts the offer, the debtors
will be discharged of any remaining unsecured debt. If they get the
Chapter 7 dismissed and then refi, they will be stuck with more debt
against the property, and still have some unsecured debt.
>
> Unfortunately, I'm not aware of any way to get a Chapter 7 asset
case dismissed just because the debtors realized too late that they
had equity. (If anyone does know, please share). You tried the
old "just don't show up and hope it gets dismissed" but that didn't
work in this case. You can try to bring a motion, but the trustee
and possibly some creditors will be certain to object.
>
> On the surface, Weil appears to be very nit-picky, but I think she
may have a small soft spot for debtors who find themselves in a bad
situation. I have not had any experience with her on asset cases,
but most trustees are willing to consider a reasonable offer rather
than sell a family home.
>
> Melissa Besecker
>
>
>
>
>
> ---------------------------------
> Do you Yahoo!?
> Yahoo! Mail - Helps protect you from nasty viruses.
The post was migrated from Yahoo.
Mark,
If the debtors have financing for refi, why not make a settlement offer to the trustee. If the trustee accepts the offer, the debtors will be discharged of any remaining unsecured debt. If they get the Chapter 7 dismissed and then refi, they will be stuck with more debt against the property, and still have some unsecured debt.
Unfortunately, I'm not aware of any way to get a Chapter 7 asset case dismissed just because the debtors realized too late that they had equity. (If anyone does know, please share). You tried the old "just don't show up and hope it gets dismissed" but that didn't work in this case. You can try to bring a motion, but the trustee and possibly some creditors will be certain to object.
On the surface, Weil appears to be very nit-picky, but I think she may have a small soft spot for debtors who find themselves in a bad situation. I have not had any experience with her on asset cases, but most trustees are willing to consider a reasonable offer rather than sell a family home.
Melissa Besecker
Do you Yahoo!?
Yahoo! Mail - Helps protect you from nasty viruses.
Mark,
If the debtors have financing for refi, why not make a settlement offer to the trustee. If the trustee accepts the offer, the debtors will be discharged of any remaining unsecured debt. If they get the Chapter 7 dismissed and then refi, they will be stuck with more debt against the property, and still have some unsecured debt.
Unfortunately, I'm not aware of any way to get a Chapter 7 asset case dismissed just because the debtors realized too late that they had equity. (If anyone does know, please share). You tried the old "just don't show up and hope it gets dismissed" but that didn't work in this case. You can try to bring a motion, but the trustee and possibly some creditors will be certain to object.
On the surface, Weil appears to be very nit-picky, but I think she may have a small soft spot for debtors who find themselves in a bad situation. I have not had any experience with her on asset cases, but most trustees are willing to consider a reasonable offer rather than sell a family home.
Melissa Besecker
Do you Yahoo!?
Yahoo! Mail - Helps protect you from nasty viruses.
The post was migrated from Yahoo.
New trustee - Weil
I'm informed this is her first asset case as trustee.
wrote:
>
> This e-mail transmission and any documents, files, or previous e-
> messages attached to it, may contain confidential information from
the LAW
> OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you
are not the
> intended recipient, or a person responsible for delivering it to the
> intended recipient, you are hereby notified that any disclosure,
copying,
> distribution or use of any of the information contained in or
attached to
> this message is STRICTLY PROHIBITED. If you received this
transmission in
> error, please immediately notify us by reply e-mail, or by
telephone at
> (805) 446-6262, and destroy the original transmission and its
attachments
> and all copies of any kind, without reading them or saving them in
any way.
> Thank you.
>
>
> Hey, Mark. How are you?
>
> Who's the trustee? Let me guess, Hagan or Gotlieb?
>
>
>
>
> Vernon L. Ellicott, Esq.
> Law Offices of Venron L. Ellicott
> 920 Hampshire Road, Suite 25
> Westlake Village, CA 91361
> (805)446-6262
> (805)446-6264 Fax
> -----Original Message-----
> Sent: Monday, October 18, 2004 2:35 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Dismissal of Chapter 7
>
>
>
>
> Debtors in Chapter 7 case previously converted from Chapter 13
> because was not able to keep up with post petition mortgage
payments.
> Personal Residence has significant equity above homestead
exemption,
> probably enough to pay 100% to signgificant (over 100K) unsecured
> creditors.
>
> Debtors missed first two scheduled 341(a) hearing dates. 341(a)
> Continued for a second time becuase debtors could not make 1st
> continued date for which only 5 days notice provided.
>
> On eve of second continued date, debtors found lender willing to
> refinance their home which will result in paying off secured
> creditors and some, but not all of unsecured creditors. Debtors
did
> not attend 3rd 341(a) hearing date because they just wanted the
case
> dismissed so they can refinace, keep their home and address the
> unsecured creditor's on their own.
>
> Chapter 7 Trustee instead continued 341(a) hearing date again and
> obtained Order for authority to retain real estate broker to sell
> personal residence.
>
> Debtor has duty to cooperate with trustee under Section 521, but
> wants the case dismissed.
>
> I would rather not file a motion for voluntary dismissal, because I
> am concerned it will not be granted. (Debtor's 3rd case in two
> years) Debtor would rather refinance outside the Chapter 7 to
avoid
> administrative expenses and be sure they can keep home.
>
> Any thoughts on how to resolve would be appreciated.
>
> Mark Jessee
>
>
>
>
>
>
>
>
>
>
> Yahoo! Groups Links
The post was migrated from Yahoo.
This e-mail transmission and any documents, files, or previous e-mail
messages attached to it, may contain confidential information from the LAW
OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the
intended recipient, or a person responsible for delivering it to the
intended recipient, you are hereby notified that any disclosure, copying,
distribution or use of any of the information contained in or attached to
this message is STRICTLY PROHIBITED. If you received this transmission in
error, please immediately notify us by reply e-mail, or by telephone at
(805) 446-6262, and destroy the original transmission and its attachments
and all copies of any kind, without reading them or saving them in any way.
Thank you.
Hey, Mark. How are you?
Who's the trustee? Let me guess, Hagan or Gotlieb?
Vernon L. Ellicott, Esq.
Law Offices of Venron L. Ellicott
920 Hampshire Road, Suite 25
Westlake Village, CA 91361
(805)446-6262
(805)446-6264 Fax
Sent: Monday, October 18, 2004 2:35 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Dismissal of Chapter 7
Debtors in Chapter 7 case previously converted from Chapter 13
because was not able to keep up with post petition mortgage payments.
Personal Residence has significant equity above homestead exemption,
probably enough to pay 100% to signgificant (over 100K) unsecured
creditors.
Debtors missed first two scheduled 341(a) hearing dates. 341(a)
Continued for a second time becuase debtors could not make 1st
continued date for which only 5 days notice provided.
On eve of second continued date, debtors found lender willing to
refinance their home which will result in paying off secured
creditors and some, but not all of unsecured creditors. Debtors did
not attend 3rd 341(a) hearing date because they just wanted the case
dismissed so they can refinace, keep their home and address the
unsecured creditor's on their own.
Chapter 7 Trustee instead continued 341(a) hearing date again and
obtained Order for authority to retain real estate broker to sell
personal residence.
Debtor has duty to cooperate with trustee under Section 521, but
wants the case dismissed.
I would rather not file a motion for voluntary dismissal, because I
am concerned it will not be granted. (Debtor's 3rd case in two
years) Debtor would rather refinance outside the Chapter 7 to avoid
administrative expenses and be sure they can keep home.
Any thoughts on how to resolve would be appreciated.
Mark Jessee
Yahoo! Groups Links
The post was migrated from Yahoo.
Debtors in Chapter 7 case previously converted from Chapter 13
because was not able to keep up with post petition mortgage payments.
Personal Residence has significant equity above homestead exemption,
probably enough to pay 100% to signgificant (over 100K) unsecured
creditors.
Debtors missed first two scheduled 341(a) hearing dates. 341(a)
Continued for a second time becuase debtors could not make 1st
continued date for which only 5 days notice provided.
On eve of second continued date, debtors found lender willing to
refinance their home which will result in paying off secured
creditors and some, but not all of unsecured creditors. Debtors did
not attend 3rd 341(a) hearing date because they just wanted the case
dismissed so they can refinace, keep their home and address the
unsecured creditor's on their own.
Chapter 7 Trustee instead continued 341(a) hearing date again and
obtained Order for authority to retain real estate broker to sell
personal residence.
Debtor has duty to cooperate with trustee under Section 521, but
wants the case dismissed.
I would rather not file a motion for voluntary dismissal, because I
am concerned it will not be granted. (Debtor's 3rd case in two
years) Debtor would rather refinance outside the Chapter 7 to avoid
administrative expenses and be sure they can keep home.
Any thoughts on how to resolve would be appreciated.
Mark Jessee
The post was migrated from Yahoo.