Does conversion of home to rental make it a business
Posted: Mon Mar 12, 2012 10:28 am
My issue was whether my client could value the lien and strip it under 506.
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*
____________________
Robert K. Lee, Esq
State Bar Certified Specialist
[Bankruptcy Law]
3435 Wilshire Blvd, Suite 1035
Los Angeles, CA 90010
Ph [888] 777-0839 Ext 505
Fax [888] 777-0849
WEBSITE
On Mon, Mar 12, 2012 at 10:24 AM, P L wrote:
> **
>
>
> Persumably by stating valuation motion you are referring to use of 506 to
> determine secured status of the home loan claim. This relates to
> characterization of the debt for purposes of whether 1322(b)(2) prohibits
> use of 506 where the claim is secured only by debtor's primary residence.
> The operative determination therein is "debtor's primary residence"
>
> The subject heading for this thread relates to characterization of the
> debt for purposes of 707(b) where the operative determinatin is consumer
> versus non-consumer debt.
>
> These are two entirely different issues.
>
> Peter M. Lively, JD, MBA
> *The Personal Financial Law Center*
> A-Bankruptcy-Attorney.com
> Culver City (310) 391-2400
>
> *From:* Giovanni Orantes
> *To:* cdcbaa@yahoogroups.com
> *Sent:* Monday, March 12, 2012 8:21 AM
>
> *Subject:* Re: [cdcbaa] Does conversion of home to rental make it a
> business case --ergo making 707(b) not applicable
>
>
> I have been in front of Judge Zurzolo on this issue and the only
> question from him was: did the debtor live at the property for more than
> half of his time on the Petition Date? He made me file a declaration
> squarely addressing this and when my client submitted the declaration, he
> then granted a valuation motion for all claims.
>
>
> --
> Giovanni Orantes, Esq.
> Orantes Law Firm, P.C.
> 3435 Wilshire Blvd. Suite 1980
> Los Angeles, CA 90010
> Tel: (213) 389-4362
> Fax: (877) 789-5776
> e-mail: go@gobklaw.com
> website: www.gobklaw.com
>
> WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
>
>
>
>
My issue was whether my client could value the lien and strip it under 506.____________________
Robert K. Lee, EsqState Bar Certified Specialist[Bankruptcy Law]
3435 Wilshire Blvd, Suite 1035Los Angeles, CA 90010Ph [888] 777-0839 Ext 505
Fax [888] 777-0849WEBSITE
On Mon, Mar 12, 2012 at 10:24 AM, P L <petermlively2000@yahoo.com> wrote:
Persumably by stating valuation motion you are referring to use of 506 to determine secured status of the home loan claim.22(b)(2) prohibits use of 506 where the claim is secured only by debtor's primary residence. The operative determination therein is "debtor's primary residence"
The subject heading for this thread relates to characterization of the debt for purposes of 707(b) where the operative determinatin is consumer versus non-consumer debt.
These are two entirely different issues.Peter M. Lively, JD, MBAThe Personal
Financial Law CenterA-Bankruptcy-Attorney.comCulver City (310) 391-2400
From: Giovanni Orantes <go@gobklaw.com>
To: cdcbaa@yahoogroups.com Sent: Monday, March 12, 2012 8:21 AM
Subject: Re: [cdcbaa] Does conversion of home to rental make it a business case --ergo making 707(b) not applicable
I have been in front of Judge Zurzolo on this issue and the only question from him was: did the debtor live at the property for more than half of his time on the Petition Date? He made me file a declaration squarely addressing this and when my client submitted the declaration, he then granted a valuation motion for all claims.
-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980Los Angeles, CA 90010Tel:
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