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Is there any reason why a guarantor cannot file a 13 to
A guarantee is contingent for so long as the guaranteed debt is not in
default. As soon as there is a default, the liability is no longer
contingent.
I am assuming the loan documents were drafted correctly and the guarantor
does not live on the premises. If so, there is no privity of contract and
there is no privity of estate. At best, you have a claim against the
obligor for indemnity. Based on this analysis, I would say the filing of a
Chapter 13 does not stop the judicial foreclosure.
As an aside, repayment in a Chapter 11 is significantly easier than in 13.
How is your gaurantor going to cure arrears and make unmodified payments to
the lender over 5 years. Why can't those same sources be used in an Chapter
11?
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
*Confidentiality**: *This electronic transmission and its contents are
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or written to be used or relied upon, and cannot be used or relied upon,
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On Sat, Feb 28, 2015 at 12:24 PM, Giovanni Orantes go@gobklaw.com [cdcbaa] wrote:
>
>
> And are all guarantees "contingent" when there is still some hope of the
> borrower's paying the loan?
>
> --
> 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
>
> *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.
>
>
>
A guarantee is contingent for so long as the guaranteed debt is not in default. As soon as there is a default, the liability is no longer contingent.I am assuming the loan documents were drafted correctly and the guarantor does not live on the premises. If so, there is no privity of contract and there is no privity of estate. At best, you have a claim against the obligor for indemnity. Based on this analysis, I would say the filing of a Chapter 13 does not stop the judicial foreclosure.As an aside, repayment in a Chapter 11 is significantly easier than in 13. How is your gaurantor going to cure arrears and make unmodified payments to the lender over 5 years. Why can't those same sources be used in an Chapter 11?Sincerely,Michael Avanesian, Esq.AVANESIAN
LAW FIRM101
N. Brand Blvd., PH 1920Glendale,
California 91203Tel:
818.276.2477 Fax: 818.208.4550Confidentiality:This electronic transmission and its contents are legally privileged and confidential information and intended solely for the use of the addressee. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, copying or other use of this message and its contents is strictly prohibited. If you have received this transmission in error, please reply to us immediately and delete this message from your directory.IRS Circular 230 Disclosure:To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, 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.
On Sat, Feb 28, 2015 at 12:24 PM, Giovanni Orantes go@gobklaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
And are all guarantees "contingent" when there is still some hope of the borrower's paying the loan?-- 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*Board Certified - Business Bankruptcy Law - American Board of Certification*Board Certified - Consumer Bankruptcy Law - American Board of CertificationCommercial LitigationEstate PlanningOutside General CounselWE 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.
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