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Chapter 11 Question

Posted: Sat Aug 23, 2014 4:18 am
by Yahoo Bot

Dear Catherine,
A confirmed plan is binding on all creditors (see 11 U.S.C. 1141(a)). Therefore, the creditor, through its servicer, is in contempt of the order confirming the plan. As long as you have a paper trail of attempting to resolve the problem outside of the Court, you may wish to file a motion to reopen as a prelude to filing an OSC motion against the creditor and its servicer. If you lack a paper trail, then first send the letter with some sort of deadline for compliance. If the servicer continues its behavior after the deadline has passed, then file the motion to reopen.
Good luck,
Nick
Nicholas Gebelt
Nicholas Gebelt, Ph.D., J.D.
Attorney at Law
Certified Bankruptcy Law Specialist
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Law Offices of Nicholas Gebelt
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Phone: 562.777.9159
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Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
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Blog: www.southerncaliforniabankruptcylawblog.com/
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Chapter 11 Question

Posted: Sat Aug 23, 2014 1:27 am
by Yahoo Bot

Dear Listmates:
Chapter 11 plan confirmed 2013. Case administratively closed 2014. Creditor Servicer for Debtors home moved Debtors file to Loss Mitigation Department, file NOD and call Debtor to collect Default Amount on Original Contract. Debtor speaks with Servicers' Representatives, they admit Debtor is paying pursuant to Plan, yet Servicer continues to file NOD and call Debtor demanding payment of a default amount that is being cured under the plan.
My thoughts are to first send a letter to Servicers Attorney.
Debtor is very nervous. Has been fighting to keep properties since 2009. route to protect Debtor? Reopen case?
Thanks for your thoughts in advance.
Catherine Christiansen

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Chapter 11 question

Posted: Wed Jul 31, 2013 7:58 am
by Yahoo Bot

John:
Since the property is oversecured, 506b allows attys fees to be added to claim. I haven't looked in a while, but I do not believe the fees are given an administrative priority.
If there is no impairment, then the amount would be due as soon as the plan is confirmed, like any other charge or advance made by the lender. You need to amend the plan and impair the claim.
d
Sent from my iPad
On Jul 30, 2013, at 4:11 PM, "John D. Faucher" wrote:
> Opposing counsel has racked up $16,000 in attorney's fees on negotiations regarding his creditor's oversecured real property. The note has an attorney's fee provision. The plan provides for no impairment to the claim; it's paid as if the debtor is not in bankruptcy.
> The creditor now claims that the attorney's fees must be paid in full on the effective date of the plan. Is that correct?
> [David Tilem disclaimer: I have reviewed the code and Rutter to find out this answer, and found nothing]
>
>
>
> John D. Faucher
> Faucher & Associates
> 818/889-8080
>
John D. Faucher
Faucher & Associates818/889-8080

The post was migrated from Yahoo.

Chapter 11 question

Posted: Tue Jul 30, 2013 11:34 pm
by Yahoo Bot

Here's what Rutter says as to how you leave a class unimpaired:
[11:770774] Reserved.b. [11:775] Unimpaired class: A class is considered unimpaired where the plan: does not alter the legal, equitable or contractual rights of the claim holders (11 USC r commencement of the case (excluding defaults triggered by the bankruptcy filing under ipso facto clauses) (11 USC 1124(2)(A)); andreinstates the maturity of the claim or interest as the maturity existed before the default (11 USC 1124 (2)(B));compensates the claim or interest holder for any damages incurred as a result of reasonable reliance on a right (under contract or applicable law) to demand or receive accelerated payment upon default (11 USC 1124(2)(C));loss incurred as a result of the failure to perform a nonmonetary obligation (11 USC 1124(2)(D); anddoes not otherwise alter the legal, equitable or contractual rights of the claim or interest holder. [11 USC tion of claim holders' rights(a) [11:776] Unsecured creditor class: An unsecured class is unimpaired where the plan provides that the unsecured debt will be paid in full on the day it is due under nonbankruptcy law, with no alteration of existing nonbankruptcy rights. [See In re Barakat (BC CD CA 1994) 173 BR 672, 681plan proposing to pay tenants' security deposits in full when they vacate property did not impair tenant rights](b) [11:777] Equity interest holder class: A class of interest holders is unimpaired where the plan allows them to retain their interests (e.g., stock, partnership interest, etc.) and does not cancel or dilute those interests by issuing additional equity of the same or senior priority. [See In re Bel Air Assocs., Ltd. (BC WD OK 1980) 4 BR 168, 176177plan providing payments to individual partners from proceeds of debtor partnership's property after payment of creditor claims did not impair limited partners' interests because treatment was identical to Chapter 7 liquidation; compare In re America West Airlines, Inc. (BC D AZ 1995) 179 BR 893, 896897n was impaired](c) [11:778] Compareimpairment attributable to 100% payment on effective date: An unsecured class of claims that receives payment in full on the plan's effective date is impaired. Similarly, a secured class of claims that receives cash equal to the value of the secured creditor's collateral on the effective date is impaired. Reason: To be unimpaired both classes of claims would be entitled to interest on their claims. [See 11 USC 1124class is impaired unless plan leaves claim rights unaltered or cures default][11:779784] Reserved.(2) [11:785] Applicationavoiding impairment by cure,ng impairment that otherwise would result because of a class creditor's right to demand or receive accelerated payment upon default pursuant to contract or applicable nonbankruptcy law. [11 USC 1124(2)]The purpose of this provision is to place the parties into the same position they were in immediately before the default occurred. [See In re Taddeo (2nd Cir. 1982) 685 F2d 24, 2627Curing a default commonly means taking care of the triggering event and returning to pre-default conditions (Chapter 13 case)](a) [11:785.1] Includes cure11 debtor may reinstate a residential mortgage and cure a prepetition arrearage in installment payments under a reorganization plan under 11 USC 1124(2). [In re Lennington (BC CD IL 2003) 288 BR 802, 804805](b) [11:786] Cure amount determined by non-bankruptcy law: Under a plan proposing to cure a default, the cure amount is determined in accordance with the underlying contract (if any) and applicable nonbankruptcy law. [11 USC 1123(d)]Thus, a proper cure may require paying all arrears plus interest thereon at the rate provided in the contract, unless applicable state law requires otherwise. [11 USC 1123(d); see Comment re 1994 Act following 1123]1) [11:787] Includes payment of default interest: Where payment of default interest is included in the underlying contract and is enforceable under nonbankruptcy law, it is payable as part of the cure amount. [11 USC 1123(d); In re K & J Properties, Inc. (BC D CO 2005) 338 BR 450, 461; but see In re Phoenix Business Park Ltd. Partnership (BC D AZ 2001) 257 BR 517, 522debtor required only to pay interest at contract rate (not default rate) to cure under 1124(2)]a) [11:788] Limitationwhere default interest optional under contract: Several courts have ruled that default interest is not required as part of a 1124(2) cure where the creditor's contract merely provides for default interest as one of the lender's optional rights arising upon an event of default but fails to specify the use of default interest to calculate a cure for such default. [In re Zamani (BC ND CA 2008) 390 BR 680, 687; see also In re Sweet (BC D CO 2007) 369 BR 644, 650652default interest not required for cure because lender never expressed intention to exercise discretion to charge default interest]b) [11:789] Default interest payable outside context of Chapter 11 plan: An oversecured creditor may be entitled to default interest where its loan is cured and paid as part of an asset sale under 11 USC 363 (see 14:596 ff.). [General Elec. Capital Corp. v. Future Media Productions, Inc. (9th Cir. 2008) 547 F3d 956, 961payoff of oversecured creditor's loan as part of asset sale would require payment of default interest per loan agreement (unless default interest provision was unenforceable under nonbankruptcy law)][11:790s: The statutory cure provision (11 USC 1123 (d)) was intended to avoid the payment of interest on interest where this was not intended by either party to the transaction. [See H.R. Rep. No. 103834, 103d Cong., 2d Sess. 39 (Oct. 4, 1994); 140 Cong.Rec. H10770 (Oct. 4, 1994)]But if the contract expressly provides for the payment of interest on interest, the plan must so provide in order to properly cure the default. [See H.R. Rep. No. 103834, 103d Cong., 2d Sess. 39 (Oct. 4, 1994); 140 Cong.Rec. H10770 (Oct. 4, 1994)](c) [11:796] Damages from thwarted acceleration: In addition to the interest holder for damages incurred in reasonable reliancelicable law. [11 USC 1124(2)(C)]The logic behind 1124(2)(C) is to protect an accelerating creditor from out-of-pocket losses incurred when a debtor files bankruptcy and undoes the acceleration. Thus, to be compensable, the damage should arise from damages incurred as a result of actions taken in reliance upon the existence of an acceleration clause (such as legal fees, foreclosure notice fees, court costs, and the like) not merely upon the existence of a contractual right to some remedy, such as compound interest. [In re Phoenix Business Park Ltd. Partnership (BC D AZ 2001) 257 BR 517, 523 (parentheses in original); In re Southeast Co. (9th Cir. BAP 1987) 81 BR 587, 591][11:797804] Reserved.(d) [11:805] Loss from default on nonmonetary obligation: To avoid impairment under m or interest holder (other than the debtor or an insider) for actual pecuniary loss incurred as a result of the debtor's failure to perform a nonmonetary obligation. [11 USC 1124(2)(D)]1) [11:806] Exceptiondefault from failure to operate nonresidential real property lease: Section 1124(2)(D) does not apply to nonmonetary defaults arising from failure to operate a nonresidential real property lease. Compensation for such defaults occurs in connection with lease assumption under 11 USC 365(b)(1)(A). [11 USC 1124(2)(D)](e) Effect of cure, reinstatement and damages compensation1) [11:807] Claim unimpaired: When the default is properly cured, the maturity reinstated and damages are compensated, a claim becomes he plan (provided the plan does not otherwise alter the creditor's rights). [11 USC 1124(2), 1126(f); In re Lennington (BC CD IL 2003) 288 BR 802, 804 (cure and reinstatement of residential mortgage renders claim unimpaired)]2) [11:808] Debt acceleration eliminated: A proper cure reinstates the original maturity date of the loan ( 11:785), eliminating any acceleration triggered by the DIP's default. [In re Southeast Co. (9th Cir. 1989) 868 F2d 335, 337338; In re EntzWhite Lumber & Supply, Inc. (9th Cir. 1988) 850 F2d 1338, 1341; see also In re Taddeo (2nd Cir. 1982) 685 F2d 24, 2829][11:809814] Reserved.4. [11:815] Description of Impaired Class Treatment: The plan must specify the treatment of any class of claims or interests impaired under the plan. [11 USC ch members of each impaired class will be paid if the plan is confirmed (in actual dollar amount, percentage of amount of the claim, or percent of the profit of the reorganized business).
Cal. Prac. Guide Bankruptcy Ch. 11-C
While 506(b) does allow attorneys' fees and costs, you can still attack them if not reasonable. You can also object to the claim and keep that from increasing the fees in and of itself by getting an order ruling that the creditor gets no more fees and yourself get fees when you prevail - under In re SNTL, which allows enforcement of Cal. CC 1717.
Sent from my iPad
Here's what Rutter says as to how you leave a class unimpaired:[11:770774] Reserved.b. [11:775] Unimpaired class: A class is considered unimpaired where the plan: does not alter the legal, equitable or contractual rights of the claim holders (11 USC r commencement of the case (excluding defaults triggered by the bankruptcy filing under ipso facto clauses) (11 USC 1124(2)(A)); andreinstates the maturity of the claim or interest as the maturity existed before the default (11 USC 1124 (2)(B));compensates the claim or interest holder for any damages incurred as a result of reasonable reliance on a right (under contract or applicable law) to demand or receive accelerated payment upon default (11 USC 1124(2)(C));loss incurred as a result of the failure to perform a nonmonetary obligation (11 USC 1124(2)(D); anddoes not otherwise alter the legal, equitable or contractual rights of the claim or interest holder. [11 USC tion of claim holders' rights(a) [11:776] Unsecured creditor class: An unsecured class is unimpaired where the plan provides that the unsecured debt will be paid in full on the day it is due under nonbankruptcy law, with no alteration of existing nonbankruptcy rights. [See In re Barakat (BC CD CA 1994) 173 BR 672, 681plan proposing to pay tenants' security deposits in full when they vacate property did not impair tenant rights](b) [11:777] Equity interest holder class: A class of interest holders is unimpaired where the plan allows them to retain their interests (e.g., stock, partnership interest, etc.) and does not cancel or dilute those interests by issuing additional equity of the same or senior priority. [See In re Bel Air Assocs., Ltd. (BC WD OK 1980) 4 BR 168, 176177plan providing payments to individual partners from proceeds of debtor partnership's property after payment of creditor claims did not impair limited partners' interests because treatment was identical to Chapter 7 liquidation; compare In re America West Airlines, Inc. (BC D AZ 1995) 179 BR 893, 896897n was impaired](c) [11:778] Compareimpairment attributable to 100% payment on effective date: An unsecured class of claims that receives payment in full on the plan's effective date is impaired. Similarly, a secured class of claims that receives cash equal to the value of the secured creditor's collateral on the effective date is impaired. Reason: To be unimpaired both classes of claims would be entitled to interest on their claims. [See 11 USC 1124class is impaired unless plan leaves claim rights unaltered or cures default][11:779784] Reserved.(2) [11:785] Applicationavoiding impairment by cure,ng impairment that otherwise would result because of a class creditor's right to demand or receive accelerated payment upon default pursuant to contract or applicable nonbankruptcy law. [11 USC 1124(2)]The purpose of this provision is to place the parties into the same position they were in immediately before the default occurred. [See In re Taddeo (2nd Cir. 1982) 685 F2d 24, 2627Curing a default commonly means taking care of the triggering event and returning to pre-default conditions (Chapter 13 case)](a) [11:785.1] Includes cure11 debtor may reinstate a residential mortgage and cure a prepetition arrearage in installment payments under a reorganization plan under 11 USC 1124(2). [In re Lennington (BC CD IL 2003) 288 BR 802, 804805](b) [11:786] Cure amount determined by non-bankruptcy law: Under a plan proposing to cure a default, the cure amount is determined in accordance with the underlying contract (if any) and applicable nonbankruptcy law. [11 USC 1123(d)]Thus, a proper cure may require paying all arrears plus interest thereon at the rate provided in the contract, unless applicable state law requires otherwise. [11 USC 1123(d); see Comment re 1994 Act following 1123]1) [11:787] Includes payment of default interest: Where payment of default interest is included in the underlying contract and is enforceable under nonbankruptcy law, it is payable as part of the cure amount. [11 USC 1123(d); In re K & J Properties, Inc. (BC D CO 2005) 338 BR 450, 461; but see In re Phoenix Business Park Ltd. Partnership (BC D AZ 2001) 257 BR 517, 522debtor required only to pay interest at contract rate (not default rate) to cure under 1124(2)]a) [11:788] Limitationwhere default interest optionalot required as part of a 1124(2) cure where the creditor's contract merely provides for default interest as one of the lender's optional rights arising upon an event of default but fails to specify the use of default interest to calculate a cure for such default. [In re Zamani (BC ND CA 2008) 390 BR 680, 687; see also In re Sweet (BC D CO 2007) 369 BR 644, 650652default interest not required for cure because lender never expressed intention to exercise discretion to charge default interest]b) [11:789] Default interest payable outside context of Chapter 11 plan: An oversecured creditor may be entitled to default interest where its loan is cured and paid as part of an asset sale under 11 USC 363 (see 14:596 ff.). [General Elec. Capital Corp. v. Future Media Productions, Inc. (9th Cir. 2008) 547 F3d 956, 961payoff of oversecured creditor's loan as part of asset sale would require payment of default interest per loan agreement (unless default interest provision was unenforceable under nonbankruptcy law)][11:790ayments: The statutory cure provision (11 USC 1123 (d)) was intended to avoid the payment of interest on interest H.R. Rep. No. 103834, 103d Cong., 2d Sess. 39 (Oct. 4, 1994); 140 Cong.Rec. H10770 (Oct. 4, 1994)]But if the contract expressly provides for the payment of interest on interest, the plan must so provide in order to properly cure the default. [See H.R. Rep. No. 1034, 1994)](c) [11:796] Damages from thwarted acceleration: In addition to the cure amount described above, to avoid impairment pursuant to 1124(2), the plan must include an amount to compensate the claim or interest holder for damages incurred in reasonable relianceor applicable law. [11 USC 1124(2)(C)]The logic behind sses incurred when a debtor files bankruptcy and undoes the acceleration. Thus, to be compensable, the damage should arise from damages incurred as a result of actions taken in reliance upon the existence of an acceleration clause (such as legal fees, foreclosure notice fees, court costs, and the like) not merely upon the existence of a contractual right to some remedy, such as compound interest. [In re Phoenix Business Park Ltd. Partnership (BC D AZ 2001) 257 BR 517, 523 (parentheses in original); In re Southeast Co. (9th Cir. BAP 1987) 81 BR 587, 591][11:797804] Reserved.(d) [11:805] Loss from default on nonmonetary obligation: To avoid impairment under 1124(2), the plan must also include an amount to compensate the claim or interest holder (other than the debtor or an insider) for actual pecuniary loss incurred as a result of the debtor's failure to perform a nonmonetary obligation. [11 USC 1124(2)(D)]1) [11:806] Exceptionection 1124(2)(D) does not apply to nonmonetary defaults arising from failure to operate a nonresidential real property lease. Compensation for such defaults occurs in connection with lease assumption under 11 USC 365(b)(1)(A). [11 USC 1124(2)(D)](e) Effect of cure, reinstatement and damages compensation1) [11:807] Claim unimpaired: When the default is properly cured, the maturity reinstated and damages are compensated, a claim becomes unimpaired and the claim holder is deemed to have accepted the plan (provided the plan does not otherwise alter the creditor's rights). [11 USC 1124(2), 1126(f); In re Lennington (BC CD IL 2003) 288 BR 802, 804 (cure and reinstatement of residential mortgage renders claim unimpaired)]2) [11:808] Debt acceleration eliminated: A proper cure reinstates the original maturity date of the loan ( 11:785), eliminating any acceleration triggered by the DIP's default. [In re Southeast Co. (9th Cir. 1989) 868 F2d 335, 337338; In re EntzWhite Lumber & Supply, Inc. (9th Cir. 1988) 850 F2d 1338, 1341; see also In re Taddeo (2nd Cir. 1982) 685 F2d 24, 2829][11:809814] Reserved.4. [11:815] Description of Impaired Class Treatment: The plan must specify the treatment of any class of claims or interests impaired under the plan. [11 USC 1123(a)(3)]a. [11:816] Payment amounts: The plan should state how much members of each impaired class will be paid if the plan is confirmed (in actual dollar amount, percentage of amount of the claim, or percent of the profit of the reorganized business).Cal. Prac. Guide Bankruptcy Ch. 11-CWhile 506(b) does allow attorneys' fees and costs, you can still attack them if not reasonable. You can also object to the claim and keep that from increasing the fees in and of itself by getting an order ruling that the creditor gets no more fees and yourself get fees when you prevail - under In re SNTL, which allows enforcement of Cal. CC 1717. Sent from my iPad

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Chapter 11 question

Posted: Tue Jul 30, 2013 9:26 pm
by Yahoo Bot

As a David Tilem associate, I feel like I should delve into this more
before answering but what the heck, if I'm wrong, it just means a visit
from the big guy early in the morning.
I would say in situations where you have oversecured creditors, you better
do your best to confirm the Plan right away. I believe they are entitled to
attorneys' fees for two reasons.
The first reason is that if they update their proof of claim to include
attorneys' fees. What basis do you have to object? 502(b)(2) specifically
excludes unmatured interest, but there is no mention anywhere of attorneys'
fees as allowed by the contract. See Judge Bluebond's case:

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Chapter 11 question

Posted: Tue Jul 30, 2013 4:11 pm
by Yahoo Bot

Opposing counsel has racked up $16,000 in attorney's fees on negotiations
regarding his creditor's oversecured real property. The note has an
attorney's fee provision. The plan provides for no impairment to the
claim; it's paid as if the debtor is not in bankruptcy.
The creditor now claims that the attorney's fees must be paid in full on
the effective date of the plan. Is that correct?
[David Tilem disclaimer: I have reviewed the code and Rutter to find out
this answer, and found nothing]
John D. Faucher
Faucher & Associates
*818/889-8080*
Opposing counsel has racked up $16,00
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Chapter 11 Question

Posted: Thu Oct 14, 2010 6:16 pm
by Yahoo Bot

Dennis found it. But see (b)(2).
Giovanni Orantes, Esq.
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Phone: (888) 619-8222 x101
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA.
Note: The information contained in this e-mail message is confidential
information intended only for the use of the individual or entity named. If
the reader of this message is not the intended recipient or an agent
responsible for delivering it to the intended recipient, you are hereby
notified that any dissemination, distribution or copy of this communication
is strictly prohibited. If you have received this communication in error,
please immediately notify us by telephone or e-mail and delete the original
e-mail at (213) 389-4362 or (888) 619-8222.
IRS Circular 230 Disclosure: In order to comply with 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.
Dennis found it. Butsee (b)(2).-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980Los Angeles, CA 90010Tel: (213) 389-4362Phone: (888) 619-8222 x101Fax: (877) 789-5776
e-mail: go@gobklaw.comwebsite: www.gobklaw.comWE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO AND SANTA BARBARA.
Note: The information contained in this e-mail message is confidential information intended only for the use of the individual or entity named. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution or copy of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by telephone or e-mail and delete the original e-mail IRS Circular 230 Disclosure: In order to comply with 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.

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Chapter 11 Question

Posted: Thu Oct 14, 2010 6:09 pm
by Yahoo Bot

1112b4I

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Chapter 11 Question

Posted: Thu Oct 14, 2010 4:13 pm
by Yahoo Bot

charset="windows-1251"
Thanks John.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
John Faucher
Sent: Thursday, October 14, 2010 2:43 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Chapter 11 Question
It depends on the taxing authoritys patience. Its remedy against late-paid
taxes is to file an administrative claim, or find a reason to dismiss. In a
chapter 13, the IRS tries to dismiss plans where the debtors dont pay
during the plan, but that motion usually requires at least two years of
post-petition pyramiding to be successful, and its premised on plan
prohibitions against incurring more post-petition debt without court
approval. I know of nothing in the code requiring timely payment of taxes,
but the language of the plan may control.
Short answer: how long is the deferral? If its two months, I dont think
theres a problem. If its two years, watch out.
- John D. Faucher
On 10/14/10 12:09 PM, "David Tilem" wrote:
DIP wants to defer payment of unsecured (personal) property taxes. I see
requirement to file returns - 521(j). I see creditor's right to seek
payment of admin claim - 503. Is there anything which requires a debtor to
TIMELY pay post petition taxes?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
- John D. Faucher
charset="windows-1251"
Message
Thanks John.


David A.
Tilem
Certified Bankruptcy
Specialist*
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Chapter 11 Question

Posted: Thu Oct 14, 2010 3:59 pm
by Yahoo Bot

charset="windows-1251"
Jason:
Excellent point, but alas, the case was filed in April, 2010. Apparently
Riverside County requires interim payments throughout the FY. Their threat
to impose a tax lien is, of course, hollow, but ........ I don't want to
miss anything.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Jason Wallach
Sent: Thursday, October 14, 2010 1:33 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Chapter 11 Question
Is the entire tax period, ie. tax year, post-petition? I think personal
property taxes, like real property taxes, are for the fiscal year July
1-June 30.
Jason
On Oct 14, 2010, at 12:09 PM, David A. Tilem wrote:
DIP wants to defer payment of unsecured (personal) property taxes. I see
requirement to file returns - 521(j). I see creditor's right to seek
payment of admin claim - 503. Is there anything which requires a debtor to
TIMELY pay post petition taxes?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
charset="windows-1251"
Message
Jason:

Excellent point, but alas,
the case was filed in April, 2010. Apparently Riverside County requires
interim payments throughout the FY. Their threat to impose a tax lien
is, of course, hollow, but ........ I don't want to miss
anything.


David A.
Tilem
Certified Bankruptcy
Specialist*
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