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Chapter 13 "buyout"
> See Sunahara, DAR 8299 (7/12/05) (9th Cir BAP 2005) -- payoff of 36-month
plan, by refi, w/o payment of creditors in full -- ALLOWED.
Thanks, Eric and Mark for the tip. Hale
Attorney Antico
(800) 227-2947
http://LosAngelesBankruptcy.net
"I am easily satisfied by the very best."
-- Winston Churchill
Hale Andrew Antico, Esq.
Sent: Friday, July 01, 2005 2:42 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 13 "buyout"
A Chapter 13 client (Santa Ana) has refi'ed his condo and wants to pay
pre-pay the rest of his balance. I know that this is allowable.
Question: what has to happen procedurally for this to occur? Must there be
a Motion and Hearing, or is it merely a discussion (negotiation?) with the
Chapter 13 Trustee before a money order is mailed in?
Yahoo! Groups Links
FW: [cdcbaa] Chapter 13 "buyout"
> See Sunahara, DAR 8299 (7/12/05) (9th Cir BAP 2005) --payoff of 36-month plan, by refi,ACE"Arial">
Thanks, Eric and Mark for the tip. Hale
Attorney Antico
(800) 227-2947
http://LosAngelesBankruptcy.net
"I am easily satisfied by the very best."
-- Winston Churchill
-----Original Message
oups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Hale Andrew Antico, Esq.
Sent: Friday, July 01, 2005 2:42 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 13 "buyout"
A Chapter 13 client (Santa Ana) has refi'ed his condo and wants to pay pre-pay the rest of his balance. I know that this is allowable.
Question: what has to happen procedurally for this to occur? Must there be a Motion and Hearing, or is it merely a discussion (negotiation?) with the Chapter 13 Trustee before a money order is mailed in?
Yahoo! Groups Links
<*> To visit your group on the web, go to:
The post was migrated from Yahoo.
I would agree with Steve. Check the Pacer Docket and court file.
Check out my prior email.
Lou Esbin
> David is correct concerning the likely demand for a 100% payout by
the
> chapter 13 trustee. HOWEVER, I would not recommend dismissal.
The discharge may
> come in handy for that creditor that didn't file a claim, or that
creditor that
> now demands interest and penalties. Carefully check the claims
docket (and
> actual court file) first. Even a 100% payout can result in
significant benefits
> to a debtor when claims haven't been filed or when substantial
interest and
> penalties have accrued.
>
The post was migrated from Yahoo.
I agree with David, but would suggest you first take a look at the
Local Rules and follow them when it comes to Court approval for
refinancing. It appears from your question that the Refi already
closed. Is that true? If it is and the debtor has taken money from
the Refi, or if it is less than a 100% Plan, and in either instance
you did not get court approval, you have more issues to resolve, and
you should probably do some research on getting approval nunc pro
tunc. If it is less than 100% plan and you dismiss, you may still
have issues.
> Be very careful. Some of the trustees want you to increase the
plan payout to unsecured creditors if you try to pre-pay the plan.
This is the norm, not the exception. Is this a 100% plan, then no
problem because client does not need a discharge, so just dismiss the
case.
>
> >----- ------- Original Message ------- -----
> >
> >To: cdcbaa@yahoogroups.com
> >Sent: Fri, 01 Jul 2005 14:42:08
> >
> >A Chapter 13 client (Santa Ana) has refi'ed his
> >condo and wants to pay
> >pre-pay the rest of his balance. I know that this
> >is allowable.
> >Question: what has to happen procedurally for this
> >to occur? Must there
> >be a Motion and Hearing, or is it merely a
> >discussion (negotiation?)
> >with the Chapter 13 Trustee before a money order is
> >mailed in?
> >
> >
> >
> >
> >
> >
> >
> >
> >Yahoo! Groups Links
> >
> >
> > cdcbaa-unsubscribe@yahoogroups.com
> >
The post was migrated from Yahoo.
David is correct concerning the likely demand for a 100% payout by the
chapter 13 trustee. HOWEVER, I would not recommend dismissal. The discharge may
come in handy for that creditor that didn't file a claim, or that creditor that
now demands interest and penalties. Carefully check the claims docket (and
actual court file) first. Even a 100% payout can result in significant benefits
to a debtor when claims haven't been filed or when substantial interest and
penalties have accrued.
The post was migrated from Yahoo.
A Chapter 13 client (Santa Ana) has refi'ed his condo and wants to pay
pre-pay the rest of his balance. I know that this is allowable.
Question: what has to happen procedurally for this to occur? Must there
be a Motion and Hearing, or is it merely a discussion (negotiation?)
with the Chapter 13 Trustee before a money order is mailed in?
The post was migrated from Yahoo.