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Bad faith filing?
I would file an 11. No plan payments in 30 days like there are in a 13, and you can file a liquidating plan. 362 is not a huge issue if there is a lot of equity.
in most cases, at the initial status conference, if you have a broker employed, the judge will consider the case moving forward to a positive conclusion, but don't sit on it, hire the broker immediately.
If you file a 7, you give away all of the work to the trustee and the trustee's lawyer. File the 11, make the motion to hire a broker, make the motion to sell, then file a fee app, as long as the property sells, you will get paid.
But, truthfully, if you get a broker hired by the debtor and the broker contacts the lender, as a previous commenter said, the bank may just postpone the sale and let the debtor sell. if not, file the 11.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Dec 7, 2015, at 5:02 PM, Kirk Brennan kirkinhermosa@gmail.com [cdcbaa] wrote:
>
> I don't see bad faith in Nick's scenario.
>
>> On Dec 7, 2015 1:49 PM, "Yahoo petermlively2000@yahoo.com [cdcbaa]" wrote:
>>
>> [Attachment(s) from Yahoo included below]
>> I've found foreclosing lenders to be reasonably cooperative in agreeing to postpone foreclosure trustee sales after submitting a requests for postponement with a copies if the listing agreements and a showing of an equity cushion.
>> Best luck
>>
>> Sent from my iPhone - please excuse typos.
>>
>>> On Dec 7, 2015, at 1:18 PM, Nicholas Gebelt ngebelt@gebeltlaw.com [cdcbaa] wrote:
>>>
>>>
>>> Dear Colleagues,
>>>
>>>
>>>
>>> A potential client called with an interesting scenario. She has no unsecured debt. She has very little income. The reason she called is a looming foreclosure. She has a fair amount of equity, but insufficient time to sell the property. My thought was to put her in a Chapter 7 and have the Trustee sell the property. In so doing she would get more time in the house and her $100,000 exemption. However, because she has no unsecured debt she would, in essence, be hiring the Trustee as her real estate agent. Would a Chapter 7 filing be considered a bad faith filing?
>>>
>>>
>>>
>>> Thank you for your thoughts,
>>>
>>>
>>>
>>> Nick
>>>
>>>
>>>
>>> Nicholas Gebelt
>>>
>>>
>>>
>>> Nicholas Gebelt, Ph.D., J.D.
>>>
>>> Attorney at Law
>>>
>>> Certified Bankruptcy Law Specialist State Bar of California Board of Legal Specialization
>>>
>>> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> Law Offices of Nicholas Gebelt
>>>
>>> 15150 Hornell Street
>>>
>>> Whittier, CA 90604
>>>
>>> Phone: 562.777.9159
>>>
>>> FAX: 562.946.1365
>>>
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>>>
>>> Web: www.goodbye2debt.com
>>>
>>> Blog: www.southerncaliforniabankruptcylawblog.com/
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>>>
>>>
>>> Important notice required by 11 U.S.C. 528: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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type="text/html";
boundaryple-Mail-52B931E1-098A-479A-ABAD-FCCCB2A1BA6E
The post was migrated from Yahoo.
I've found foreclosing lenders to be reasonably cooperative in agreeing to postpone foreclosure trustee sales after submitting a requests for postponement with a copies if the listing agreements and a showing of an equity cushion.
Best luck
Sent from my iPhone - please excuse typos.
> On Dec 7, 2015, at 1:18 PM, Nicholas Gebelt ngebelt@gebeltlaw.com [cdcbaa] wrote:
>
> Dear Colleagues,
>
>
>
> A potential client called with an interesting scenario. She has no unsecured debt. She has very little income. The reason she called is a looming foreclosure. She has a fair amount of equity, but insufficient time to sell the property. My thought was to put her in a Chapter 7 and have the Trustee sell the property. In so doing she would get more time in the house and her $100,000 exemption. However, because she has no unsecured debt she would, in essence, be hiring the Trustee as her real estate agent. Would a Chapter 7 filing be considered a bad faith filing?
>
>
>
> Thank you for your thoughts,
>
>
>
> Nick
>
>
>
> Nicholas Gebelt
>
>
>
> Nicholas Gebelt, Ph.D., J.D.
>
> Attorney at Law
>
> Certified Bankruptcy Law Specialist State Bar of California Board of Legal Specialization
>
> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>
>
>
>
>
>
>
> Law Offices of Nicholas Gebelt
>
> 15150 Hornell Street
>
> Whittier, CA 90604
>
> Phone: 562.777.9159
>
> FAX: 562.946.1365
>
> Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
>
> Web: www.goodbye2debt.com
>
> Blog: www.southerncaliforniabankruptcylawblog.com/
>
>
>
> Important notice required by 11 U.S.C. 528: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
>
>
>
> Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the original message and all copies.
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> Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.
>
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>
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The post was migrated from Yahoo.
Some Chapter 7 trustees would sell the property. Certainly I would in this scenario.
Sent from my iPhone
On Dec 7, 2015, at 13:25, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] wrote:
Nick,
Trustee probably won't sell the property if there's no unsecured debt.
Might be better to try a Chapter 13 case to give her time to sell herself and pay attorneys fees from the sale. I'm told there is such a thing as a "liquidating Chapter 13", although I've never done it. Done in Chapter 11 all the time.
*************************
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 Legal 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 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.
On 12/7/2015 1:18 PM, Nicholas Gebelt ngebelt@gebeltlaw.com [cdcbaa] wrote:
Dear Colleagues,
A potential client called with an interesting scenario. She has no unsecured debt. She has very little income. The reason she called is a looming foreclosure. She has a fair amount of equity, but insufficient time to sell the property. My thought was to put her in a Chapter 7 and have the Trustee sell the property. In so doing she would get more time in the house and her $100,000 exemption. However, because she has no unsecured debt she would, in essence, be hiring the Trustee as her real estate agent. Would a Chapter 7 filing be considered a bad faith filing?
Thank you for your thoughts,
Nick
Nicholas Gebelt
Nicholas Gebelt, Ph.D., J.D.
Attorney at Law
Certified Bankruptcy Law Specialist State Bar of California Board of Legal Specialization
Commissioner, California State Bars Bankruptcy Law Advisory Committee
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
Web: www.goodbye2debt.com
Blog: www.southerncaliforniabankruptcylawblog.com/
Important notice required by 11 U.S.C. 528:We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the original message and all copies.
Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.
IRS Circular 230 Disclosure: In order to comply with the requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended 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 herein.
Some Chapter 7 trustees would sell the property. Certainly I would in this scenario.
Sent from my iPhone
On Dec 7, 2015, at 13:25, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Nick,
Trustee probably won't sell the property if there's no unsecured debt.
Might be better to try a Chapter 13 case to give her time to sell herself and pay attorneys fees from the sale. I'm told there is such a thing as a "liquidating Chapter 13", although I've never done it. Done in Chapter 11 all the time.
--
*************************
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 Legal 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 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.
On 12/7/2015 1:18 PM, Nicholas Gebelt
ngebelt@gebeltlaw.com [cdcbaa] wrote:
The post was migrated from Yahoo.