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Ch. 11: When is status of "principal residence" determined?
That's a good point, but won't you be accused of the new debtor syndrome -
i.e., bad faith, circumventing the laws, etc.
On Tue, Nov 17, 2015 at 5:20 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa]
wrote:
>
>
>
> An LLC or LLP can't have a principal residence.
>
>
> On 11/17/2015 3:35 PM, Giovanni Orantes go@gobklaw.com [cdcbaa] wrote:
>
> Does the debtor live there?
>
>
> --
> Giovanni Orantes, Esq.*
> Orantes Law Firm, P.C.
> 3435 Wilshire Blvd. Suite 2920
> Los Angeles, CA 90010
> Tel: (213) 389-4362
> Fax: (877) 789-5776
> e-mail: go@gobklaw.com
> website: www.gobklaw.com
>
> **Certified Bankruptcy Specialist, State Bar of California, Board of Legal
> Specialization*
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> Certification
> Commercial Litigation
> Estate Planning
> Outside General Counsel
>
>
>
> WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
>
> SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
> AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
>
>
>
> --
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> *Mailing Address Only:*
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of
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> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
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Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
The post was migrated from Yahoo.
Does the debtor live there?
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
Does the debtor live there?-- Giovanni Orantes, Esq.*Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 2920Los Angeles, CA 90010Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com*Certified Bankruptcy Specialist, State Bar of California, Board of Legal Specialization*Board Certified - Business Bankruptcy Law - American Board of Certification*Board Certified - Consumer Bankruptcy Law - American Board of CertificationCommercial LitigationEstate PlanningOutside General Counsel
The post was migrated from Yahoo.
I think you are thinking way outside of left field but the gut says - what was the basis of the underlying loan at the time taken out... - ie,
owner-occupied. Did bank ever consent to the transfer to the new entity?? If
not, the note or deed of trust may have a due on sale/transfer clause.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
Canoga Park, California 91303
Tel: _(818) 992-6588_ (tel:(818)%20992-6588)
Fax: _(818) 992-6511_ (tel:(818)%20992-6511)
Email: _ssoesq@aol.com_ (mailto:ssoesq@aol.com) _ www.shaioved.com_
(http://www.shaioved.com/)
________________
The information contained in this email is intended only for the
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recipient, you are hereby notified that any dissemination, distribution, or copy of
this communication is strictly prohibited. If you received this
communication in error, please immediately notify us by the telephone number above
and return any hard copies to us via the postal service.. The Law Offices of
Shai Oved is a debt relief agency which helps people file for bankruptcy
under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law Specialist
by The State Bar of California Board of Legal Specialization.
In a message dated 11/17/2015 2:13:03 P.M. Pacific Standard Time,
cdcbaa@yahoogroups.com writes:
Trying to think outside, or perhaps inside, the box here. I'm sure
there's a box of some kind.
Anyway, if a debtor were to transfer his principal residence property intoan LLP or LLC and then file a Ch. 11 for that new entity, is there any waythe property could then be treated as other than the debtor's principal
residence so that modifications of the liens could take place in a Plan?
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California Board ofLegal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law office
of Mark J. Markus that may be privileged. The information is intended forthe use of the addressee only. If you are not the addressee, note that anydisclosure, copy, distribution or use of the contents of this message is
prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed bythe IRS, we inform you that any U.S. tax advice contained in this
communication (or in any attachment) is not intended or written to be used, and
cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another partyany transaction or matter addressed in this communication.
I think you are thinking way outside of left field but the gut says - what
was the basis of the underlying loan at the time taken out... - ie,
owner-occupied. Did bank ever consent to the transfer to the new
entity?? If not, the note or deed of trust may have a due on sale/transfer
clause.
Very truly
yours,Shai OvedThe Law Offices of Shai Oved7445 Topanga Cyn. Blvd.,
Suite 220Canoga Park, California 91303Tel: (818) 992-6588Fax: (818) 992-6511Email: ssoesq@aol.com www.shaioved.com________________The
information contained in this email is intended only for the individual orentity named above and may contain attorney privileged and confidential
information. If the reader of this message is not the intended recipient,
you are hereby notified that any dissemination, distribution, or copy of this
communication is strictly prohibited. If you received this communication
in error, please immediately notify us by the telephone number above and return
any hard copies to us via the postal service.. The Law Offices of Shai Oved is a
debt relief agency which helps people file for bankruptcy under the Bankruptcy
Code. Shai Oved is a Certified Bankruptcy Law Specialist by The State
Bar of California Board of Legal Specialization.
In a message dated 11/17/2015 2:13:03 P.M. Pacific Standard Time,
cdcbaa@yahoogroups.com writes:
Trying to think outside, or perhaps inside, the box here. I'm sure
there's a box of some kind.Anyway, if a debtor were to transfer his
principal residence property into an LLP or LLC and then file a Ch. 11 for
that new entity, is there any way the property could then be treated as other
than the debtor's principal residence so that modifications of the liens could
take place in a Plan?
*************************Mark J. MarkusLaw Office of Mark
J. MarkusMailing Address Only:11684 Ventura Blvd. PMB
#403Studio City, CA 91604-2652(818)509-1173 (818)332-1180
(fax)web: http://www.bklaw.com/Certified Bankruptcy
Law Specialist--The State Bar of California Board of Legal
SpecializationThis Firm is a Qualified Federal Debt Relief
Agency________________________________________________NOTICE: This
Electronic Message contains information from the law office of Mark J. Markus
that may be privileged. The information is intended for the use of the
addressee only. If you are not the addressee, note that any disclosure, copy,
distribution or use of the contents of this message is prohibited.IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the
IRS, we inform you that any U.S. tax advice contained in this communication
(or in any attachment) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.
The post was migrated from Yahoo.