Chapter 20

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Joined: Sun Oct 18, 2020 11:38 pm


Dear members:
PC went to Paralegal who charged $16,000 for loan modification and
bankruptcy services. Debtor has a rental home that he is trying to save in
bankruptcy. He use to live in the property but moved out. Debtor received
a Discharge in June 2011. The house is worth so little that in a 13 he
could have valued it at 90K and paid it off in 5 years. My question is,
can we reopen and convert the bankruptcy if the discharge was already
entered? Or is it better for him to file a chapter 13 and do a cramdown on
the rental property. My concern is that it is looking like you can do a
lienstrip without getting a discharge. Can you do a cram-down without
getting a discharge? What y'all think?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (818) 554-9922
Dear members:PC went to Paralegal who charged $16,000 for loan modification and bankruptcy services. Debtor has a rental home that he is trying to save in bankruptcy. He use to live in the property but moved out. Debtor received a Discharge in June 2011. The house is worth so little that in a 13 he could have valued it at 90K and paid it off in 5 years. My question is, can we reopen and convert the bankruptcy if the discharge was already entered? Or is it better for him to file a chapter 13 and do a cramdown on the rental property. My concern is that it is looking like you can do a lienstrip without getting a discharge. Can you do a cram-down without getting a discharge? What y'all think?
-- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (818) 554-9922

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