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Interesting business versus consumer debt question
I agree with Dennis that the chances of difficulty are low. Just reporting
the possibility.
Relatedly, would it be improper to counsel the endangered debtor to reduce
tax withholding for 2012 to yield enough tax debt to too the scales? I
don't think so but have never tried this tact.
On Oct 19, 2012 3:57 PM, "Steven B. Lever" wrote:
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> So youre saying its worth the extra money to just file separate cases.**
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> I looked at the statute and rules Jay cited, and while helpful, Im not
> sure it is black letter law for the fact that the consumer and nonconsumer
> portions of the debt have to be tallied separately such that the debt of
The post was migrated from Yahoo.
Student loans are not consumer debts for portion for tuition and books.
Are the taxes dischargeable at this point? Otherwise what is the point of a Bk if no other debt needing to be discharged?
Mark Jessee
Sent from my iPhone
On Oct 18, 2012, at 12:31 PM, "Steven B. Lever" wrote:
> I have 2 PCs, married and both attorneys. They married after they incurred all student loans.
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> They have almost no consumer debt except home mortgages and student loans. They will soon lose their $1.2 million home erasing that debt as it is all nonrecourse thanks to CCP 580(b) or (d).
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> Student loans are $75,000 for one and $118,000 for the other. Therefore about $200,000 together.
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> Taxes, which are non-consumer are $130,000.
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> Due to high incomes they need to be a non-consumer case to file.
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> If I file them together, you have the student debt more than tax debt.
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> If I file them separately, the tax debt is more than the student loan debt.
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> However, Id like to file them together.
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> 11 U.S.C. 707(b) states any party in interest may dismiss a case filed by an individual debtor under this chapter whose debts are primarily consumer debts
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> Does the word individual debtor mean they can file together?
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> Steve
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> Law Offices of Steven B. Lever
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> >
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> > Steven B. Lever
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> >( Tel. (562) 436-5456 ext. 1
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> >( Fax (562) 485-6886
>
> >* sblever@leverlaw.com
>
> > www.leverlaw.com
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I have 2 PCs, married and both attorneys. They married after they incurred all student loans. They have almost no consumer debt except home mortgages and student loans. They will soon lose their $1.2 million home erasing that debt as it is all nonrecourse thanks to CCP 580(b) or (d). Taxes, which are non-consumer are $130,000. Due to high incomes they need to be a non-consumer case to file. If I file them together, you have the student debt more than tax debt. If I file them separately, the tax debt is more than the student loan debt. However, Id like to file them together. > Steven B. Lever>( Tel. (562) 436-5456 ext. 1>( Fax (562) 485-6886
The post was migrated from Yahoo.
charsetndows-1252
Individual debtor includes joint filers per 101.
But I'm confused; if the tax debt and the student loan debts aren't going anywhere, are you filing as a 13? If not, doesn't seem to be much of a reason to file at all.
Consider non-bankruptcy options for the student loan repayments; that may alleviate the strain of the tax debt repayment.
Just a thought.
Jay S. Fleischman, Esq.
Shaev & Fleischman, LLP
Smart Solutions To Bill Problems
T: 626-808-4343 x704
E: jay@sflawca.com
www.ConsumerHelpCentral.com
556 S Fair Oaks Ave Ste 101-152
Pasadena CA 91105-2656
Email isn't secure, so it's not confidential. By communicating with me by email, you understand that it's not confidential.
On Oct 18, 2012, at 12:31 PM, "Steven B. Lever" wrote:
>
> I have 2 PCs, married and both attorneys. They married after they incurred all student loans.
>
>
>
> They have almost no consumer debt except home mortgages and student loans. They will soon lose their $1.2 million home erasing that debt as it is all nonrecourse thanks to CCP 580(b) or (d).
>
>
>
> Student loans are $75,000 for one and $118,000 for the other. Therefore about $200,000 together.
>
>
>
> Taxes, which are non-consumer are $130,000.
>
>
>
> Due to high incomes they need to be a non-consumer case to file.
>
>
>
> If I file them together, you have the student debt more than tax debt.
>
>
>
> If I file them separately, the tax debt is more than the student loan debt.
>
>
>
> However, Id like to file them together.
>
>
>
> 11 U.S.C. 707(b) states any party in interest may dismiss a case filed by an individual debtor under this chapter whose debts are primarily consumer debts
>
>
>
> Does the word individual debtor mean they can file together?
>
>
>
> Steve
>
>
>
> 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
>
>
>
>
>
>
>
charsetndows-1252
Individual debtor includes joint filers per 101.But I'm confused; if the tax debt and the student loan debts aren't going anywhere, are you filing as a 13? If not, doesn't seem to be much of a reason to file at all.Consider non-bankruptcy options for the student loan repayments; that may alleviate the strain of the tax debt repayment.Just a thought.-----------/div>Smart Solutions To Bill ProblemsT: 626-808-4343 x704E: jay@sflawca.com
The post was migrated from Yahoo.
I have 2 PCs, married and both attorneys. They married after they incurred all student loans.
They have almost no consumer debt except home mortgages and student loans. They will soon lose their $1.2 million home erasing that debt as it is all nonrecourse thanks to CCP 580(b) or (d).
Student loans are $75,000 for one and $118,000 for the other. Therefore about $200,000 together.
Taxes, which are non-consumer are $130,000.
Due to high incomes they need to be a non-consumer case to file.
If I file them together, you have the student debt more than tax debt.
If I file them separately, the tax debt is more than the student loan debt.
However, I'd like to file them together.
11 U.S.C. 707(b) states "any party in interest may dismiss a case filed by an individual debtor under this chapter whose debts are primarily consumer debts"
Does the word "individual debtor" mean they can file together?
Steve
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.