Chapter 7 Tru stee Forcing Short Sale
Posted: Sun Mar 10, 2013 7:09 pm
But if the lenders are giving the trustee a carve out, those monies are not something that can be exempted. Essentially, the trustee is sharing the lien position with the lender giving the carve out. Secured liens are paid before exemptions. Exemptions protect equity in an asset.
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On Mar 10, 2013, at 6:43 PM, "Leventhal Law Group, P.C." wrote:
Yes, because the Trustee could potentially hold the case open waiting for the property to increase in value.
Jonathan Leventhal, Esq..
Leventhal Law Group, P.C.
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On Mar 10, 2013, at 6:31 PM, "Paul Horn" wrote:
Can you exempt a primary resident is that negative equity?
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To: "cdcbaa@yahoogroups.com"
Sent: Sunday, March 10, 2013 5:04 PM
Subject: Re: [cdcbaa] Chapter 7 Tru stee Forcing Short Sale
Converting would assume their is some positive cash flow. Exemption and motion to abandon is really the best viable option in my opinion.
Jonathan Leventhal, Esq..
Leventhal Law Group, P.C.
818-347-5800
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
This email and any attachments thereto may contain private, confidential, and privileged material for the sole use of the intended recipient. Any review, copying, or distribution of this email (or any attachments thereto) by others is strictly prohibited. If you are not the intended recipient, please contact the sender immediately and permanently delete the original and any copies of this email and any attachments thereto.
Leventhal Law Group, P.C. is a Debt Relief Agency under federal law.
Note: The Leventhal Law Group, P.C. does not represent you until a written fee agreement has been signed by you and a representative of the Leventhal Law Group, P.C. and all fees listed in the agreement have been paid.
On Mar 10, 2013, at 5:02 PM, "Clifford Bordeaux" wrote:
I would think that the judge would want to make sure that the debtor is prepared to pay creditors at least the amount of the proposed carve-out before letting the debtor convert. And if it is a WJ case, then conversion probably wouldn't be a viable option.
On Sun, Mar 10, 2013 at 4:19 PM, Mark J. Markus wrote:
Apparently happening quite a bit now. There was a thread on this a couple weeks ago, so check the prior posts.
Hasn't happened in one of my cases yet, but if client wants to keep the house, why not convert to Ch. 13 and do something like a $50 per month 36-month plan (assuming the Form 22C so allows and they don't have any priority debts that wouldn't be paid in full, although even then the creditor can agree to different treatment)?
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