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Chapter 13 financing
Thanks for the info. I wasn't clear on the fact pattern on the case. The debtors currently have a loan against the 401k which is almost paid off and is in the plan. If they borrow against it again to do these repairs the new loan will be equivalent to the amount on the loan they had paid off and the payment amount will remain the same. This would in turn keep the plan payment amount the same.
However, I can see the issue with the 1305(a)2 and plan feasibility if a POC was filed. Does retirement plans generally file the POC?
Regards,
Tuan Le
Tuan Le, Esq.
Law Offices of Steve Lopez
8562 Florence Avenue, Suite A
Downey, California 90240
Main: (562)904-1193
Fax: (562)262-2846
DISCLAIMER: This e-mail may contain confidential information and may also be legally privileged. If you are not an intended recipient, as indicated above, please notify us immediately. In such event, you should not copy or use this e-mail for any purpose nor disclose its contents to anyone. Enclosed information and attachments remain the property of the LAW OFFICE OF STEVE LOPEZ. Opinions, conclusions, attachments, and neither information in this message that do not relate to the official business of the LAW OFFICE OF STEVE LOPEZ should be understood as my personal responsibility, and as neither given nor endorsed by the LAW OFFICE OF STEVE LOPEZ.
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You may want toreview1305(a)(2) and determine whether or not there is an alternative method for financing the home repairs other than a retirement loan.Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, July 1, 2015 1:30 PM, "tuanl@stevelopezlaw.com [cdcbaa]" wrote:
Dear List,
I have a client that is in Chap 13 currently. They need to do repairs for the roof of their home and want to borrow money from their 401k. I looked at the local forms (F3015-1.17) and it appears to be written for obtaining a car loan/home applicances. Would the judge accept this form if I used that in this situation and edited the form accordingly? Also, what is the attorney fee if any allowed in this district for this type of motion?
Regards,Tuan LeTuan Le, Esq.Law Offices of Steve Lopez8562 Florence Avenue,Suite ADowney, California 90240Main: (562)904-1193Fax: (562)262-2846DISCLAIMER: This e-mail may containconfidential information and may also be legally privileged. If you are not anintended recipient, as indicated above, please notify us immediately. Insuch event, you should not copy or use this e-mail for any purpose nor discloseits contents to anyone. Enclosed information and attachments remain theproperty of the LAW OFFICE OF STEVE LOPEZ. Opinions, conclusions, attachments,and neither information in this message that do not relate to the officialbusiness of the LAW OFFICE OF STEVE LOPEZ should be understood as my personalresponsibility, and as neither given nor endorsed by the LAW OFFICE OF STEVELOPEZ.
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