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Waiver of right to file bk
Steve:
You can file, but the creditor will argue at a 362 hearing that you gave up the right to the stay. The creditor will probably also argue the case was filed in bad faith, as you negotiated for a forbearance agreement and agreed to give up the stay.
So, you could lose the 362 hearing and a trustee could liquidate the remainder of your client's assets.
You have to negotiate to take the "stay" out of the quoted paragraph, or file the bk now.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Aug 25, 2015, at 4:17 PM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
> Group:
>
>
>
> Im evaluating a Forbearance Agreement on a property which has a Notice of Sale pending/t on it. For a cool $20K up front cash, were getting a 6 month continuance. Everyones hoping the sale of the property will pay everyone. But we still want to have bankruptcy as a back pocket option. Yet the agreement has the language below.
>
>
>
> My understanding is that you cannot contractually give away the right to filing bankruptcy. I was expecting this provision, but want to see if anyone wants to opine or has done recent research results of which can shared.
>
>
>
> Borrowers are corporate and personal.
>
>
>
> Thank you
>
>
>
> Steve
>
>
>
> Parties, and each of them, waive their right, if any, to each of the following, to seek or obtain a stay, injunction or other form of order prohibiting in any way any act necessary or appropriate for the commencement or completion of a nonjudicial foreclosure sale under the Deed of Trust except to enforce this Agreement (without limiting the generality of the foregoing, such waiver extends to such rights which may exist under any statute or rule relating to bankruptcy cases, including, without limitation, 11 U.S.C. , 11 u.s.c. 304, 11 u.s.c. 362, 11 u.s.c. 348, 11
>
> U.S.C. 706,28 U.S.C. 157,28 U.S.C. 158, Federal Rule of Bankruptcy Procedure ("FRBP") 3007, FRBP 3008, FRBP 3012, FRBP 8005, FRBP 9023, FRBP 9024, or FRBP
>
>
>
>
>
> Law Offices of Steven B. Lever
>
>
>
> Steven B. Lever
>
> ( Tel. (562) 436-5456 ext. 1
>
> ( Fax (562) 485-6886
>
> * sblever@leverlaw.com
>
> www.leverlaw.com
>
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>
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On Aug 25, 2015, at 4:17 PM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
303, 11 u.s.c. 304, 11 u.s.c. 362, 11 u.s.c. 348, 11U.S.C. Times New Roman","serif";color:#242424;"> 157,28 U.S.C. 158, Federal Rule of Bankruptcy Procedure ("FRBP") 3007, FRBP 3008, FRBP 3012, FRBP 8005, FRBP 9023, FRBP 9024, or FRBP Law Offices of Steven B. Lever Steven B. Lever( Tel. (562) 436-5456 ext. 1( Fax (562) 485-6886* sblever@leverlaw.com www.leverlaw.com
The post was migrated from Yahoo.
Group:
I'm evaluating a Forbearance Agreement on a property which has a Notice of Sale pending on it. For a cool $20K up front cash, we're getting a 6 month continuance. Everyone's hoping the sale of the property will pay everyone. But we still want to have bankruptcy as a back pocket option. Yet the agreement has the language below.
My understanding is that you cannot contractually give away the right to filing bankruptcy. I was expecting this provision, but want to see if anyone wants to opine or has done recent research results of which can shared.
Borrowers are corporate and personal.
Thank you
Steve
Parties, and each of them, waive their right, if any, to each of the following, to seek or obtain a stay, injunction or other form of order prohibiting in any way any act necessary or appropriate for the commencement or completion of a nonjudicial foreclosure sale under the Deed of Trust except to enforce this Agreement (without limiting the generality of the foregoing, such waiver extends to such rights which may exist under any statute or rule relating to bankruptcy cases, including, without limitation, 11 U.S.C. 105, 11 U.S.C. 301, 11 u.s.c. 302, 11 u.s.c. 303, 11 u.s.c. 304, 11 u.s.c. 362, 11 u.s.c. 348, 11
U.S.C. 706,28 U.S.C. 157,28 U.S.C. 158, Federal Rule of Bankruptcy Procedure ("FRBP") 3007, FRBP 3008, FRBP 3012, FRBP 8005, FRBP 9023, FRBP 9024, or FRBP
Law Offices of Steven B. Lever
Steven B. Lever
( Tel. (562) 436-5456 ext. 1
( Fax (562) 485-6886
* sblever@leverlaw.com
www.leverlaw.com
******************************************************
This Internet e-mail contains confidential information
which is intended only for the addressee and which may
be privileged under applicable law. Do not read, copy
or disseminate it if you are not the addressee. If you
have received this message in error, please notify the
sender immediately and delete it. Thank you.
******************************************************
The post was migrated from Yahoo.