Over the 109e eligibility debt limits

Yahoo Bot · Tue Dec 11, 2012 5:55 pm

If the landlord claim is based on a personal guarantee, wouldn't it be contingent and not count as part of the debt limit?

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Yahoo Bot · Tue Dec 11, 2012 5:54 pm

Probably not, because the default under the corporate lease was prepetition. That condition had been satisfied.
But convince me I'm wrong. I'd be much obliged.

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Yahoo Bot · Tue Dec 11, 2012 5:48 pm

Yes, I'm deep into this case. Another tack is if my client's parents paid off the tax claims, which happen to be the amount she is over, then that might do it.
Or I can take a different tack.
The landlord claim is a personal guarantee, as the corporation was the tenant.
The property was leased again for only 2 of the 6 years remaining on the lease.
11 U.S.C. 502 limits recovery to one year.
I have no idea how to proportion it, but I guess I could object to the claim and say my client gets 1/3 of the benefit of that new lease. In other words, limit the landlord's claim for that year cap proportionately.
Steve

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Yahoo Bot · Tue Dec 11, 2012 5:45 pm

Didn't realize you had already filed the case. I was trying to suggest a little prepetition (no hyphen Dennis

) planning.

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Yahoo Bot · Tue Dec 11, 2012 5:39 pm

You mean refile in 91 days because we'd have a postpetition preference?

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Yahoo Bot · Tue Dec 11, 2012 5:36 pm

Why don't you pay down one of the claims and wait 91 days?

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Yahoo Bot · Tue Dec 11, 2012 5:30 pm

I have a complex Chapter 13 where there is a large landlord claim I have to object to because it exceeds the 11 U.S.C. 502(b)(6) debt limits.
However, even with the disallowance of that claim, we've come $6,000 over the $360,000 11 U.S.C. 109(e) eligibility limits.
I'm thinking about having the Debtor's parents buy out one of the claims and get them to withdraw it.
Can we do that directly, or do I need to have it transferred to the parents before it is withdrawn? I see claim transfers constantly in the NEF.
Steve
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