Would you have to amend the schedules A, B, and C to do so?
On Jan 20, 2013 5:58 PM, "Easky2" wrote:
> **
>
>
> On a plane, Mark, so cannot research for you, but new plan would have a
> new effective date. Go for it.
> D
>
> "Mark J. Markus" wrote:
>
> >Just seeing what's possible here:
> >
> >Ch. 13 debtors are over 2 years into their confirmed plan. As of
> >the petition date, the liquidation analysis showed the ability to
> >pay 100% of debts.
> >
> >For various reasons they need to reduce their plan payment now, but
> >technically cannot do so because it would leave them paying less
> >than 100%, thus running afoul of the requirement that creditors
> >receive more in the Ch. 13 than they do in a Chapter 7.
> >
> >My question is: since if this case were now converted to Chapter 7,
> >the Trustee would only be able to obtain the CURRENT liquidation
> >values of these assets (equity in home, cash in bank accounts,
> >receivables, etc.), is it somehow possible and/or appropriate to
> >adjust the liquidation percentage from the Plan via a MOMOD or some
> >other way so the debtors can pay less than 100%?
> >
> >*1325(a)(4)* states that the value *on the effective date* must not
> >be less than what they would get in a Chapter 7, so I suspect that
> >is the answer, but just checking to see if anyone has accomplished
> >an end run around that provision.
> >
> >Thanks,
> >Mark
> >
> >
> >
> >*************************
> >Mark J. Markus
> >Law Office of Mark J. Markus
> >11684 Ventura Blvd. PMB #403
> >Studio City, CA 91604-2652
> >(818)509-1173 (818)509-1460 (fax)
> >web:
http://www.bklaw.com/
> >Certified Bankruptcy Law Specialist--The State Bar of California
> >Board of Legal Specialization
> >
> >This Firm is a Qualified Federal Debt Relief Agency (see what this
> >means at
> >
>
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/
> )
> >________________________________________________
> >NOTICE: This Electronic Message contains information from the law
> >office of Mark J. Markus that may be privileged. The information is
> >intended for the use of the addressee only. If you are not the
> >addressee, note that any disclosure, copy, distribution or use of
> >the contents of this message is prohibited.
> >IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
> >imposed by the IRS, we inform you that any U.S. tax advice contained
> >in this communication (or in any attachment) is not intended or
> >written 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 in this communication.
> >
> Just seeing what's possible here:
>
> Ch. 13 debtors are over 2 years into their confirmed plan. As of the
> petition date, the liquidation analysis showed the ability to pay 100% of
> debts.
>
> For various reasons they need to reduce their plan payment now, but
> technically cannot do so because it would leave them paying less than 100%,
> thus running afoul of the requirement that creditors receive more in the
> Ch. 13 than they do in a Chapter 7.
>
> My question is: since if this case were now converted to Chapter 7, the
> Trustee would only be able to obtain the CURRENT liquidation values of
> these assets (equity in home, cash in bank accounts, receivables, etc.), is
> it somehow possible and/or appropriate to adjust the liquidation percentage
> from the Plan via a MOMOD or some other way so the debtors can pay less
> than 100%?
>
> *1325(a)(4)* states that the value *on the effective date* must not be
> less than what they would get in a Chapter 7, so I suspect that is the
> answer, but just checking to see if anyone has accomplished an end run
> around that provision.
>
> Thanks,
> Mark
>
>
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web:
http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of
> Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means
> at
>
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/
> )
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
> of Mark J. Markus that may be privileged. The information is intended for
> the use of the addressee only. If you are not the addressee, note that any
> disclosure, copy, distribution or use of the contents of this message is
> prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
> the IRS, we inform you that any U.S. tax advice contained in this
> communication (or in any attachment) is not intended or written 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 in this communication.
>
>
>
Would you have to amend the schedules A, B, and C to do so?
On Jan 20, 2013 5:58 PM, "Easky2" <
cdcbaamailbox@gmail.com> wrote:
On a plane, Mark, so cannot research for you, but new plan would have a new effective date. Go for it.
D
"Mark J. Markus" <
bklawr@yahoo.com> wrote:
>Just seeing what's possible here:
>
>Ch. 13 debtors are over 2 years into their confirmed plan. As of
>the petition date, the liquidation analysis showed the ability to
>pay 100% of debts.
>
>For various reasons they need to reduce their plan payment now, but
>technically cannot do so because it would leave them paying less
>than 100%, thus running afoul of the requirement that creditors
>receive more in the Ch. 13 than they do in a Chapter 7.
>
>My question is: since if this case were now converted to Chapter 7,
>the Trustee would only be able to obtain the CURRENT liquidation
>values of these assets (equity in home, cash in bank accounts,
>receivables, etc.), is it somehow possible and/or appropriate to
>adjust the liquidation percentage from the Plan via a MOMOD or some
>other way so the debtors can pay less than 100%?
>
>*1325(a)(4)* states that the value *on the effective date* must not
>be less than what they would get in a Chapter 7, so I suspect that
>is the answer, but just checking to see if anyone has accomplished
>an end run around that provision.
>
>Thanks,
>Mark
>
>
>
>*************************
>Mark J. Markus
>Law Office of Mark J. Markus
>11684 Ventura Blvd. PMB #403
>Studio City, CA 91604-2652
>(818)509-1173 (818)509-1460 (fax)
>web:
http://www.bklaw.com/
>Certified Bankruptcy Law Specialist--The State Bar of California
>Board of Legal Specialization
>
>This Firm is a Qualified Federal Debt Relief Agency (see what this
>means at
>
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>________________________________________________
>NOTICE: This Electronic Message contains information from the law
>office of Mark J. Markus that may be privileged. The information is
>intended for the use of the addressee only. If you are not the
>addressee, note that any disclosure, copy, distribution or use of
>the contents of this message is prohibited.
>IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
>imposed by the IRS, we inform you that any U.S. tax advice contained
>in this communication (or in any attachment) is not intended or
>written 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 in this communication.
>
Just seeing what's possible here:
Ch. 13 debtors are over 2 years into their confirmed plan. As of
the petition date, the liquidation analysis showed the ability to
pay 100% of debts.
For various reasons they need to reduce their plan payment now,
but technically cannot do so because it would leave them paying
less than 100%, thus running afoul of the requirement that
creditors receive more in the Ch. 13 than they do in a Chapter 7.
My question is: since if this case were now converted to Chapter
7, the Trustee would only be able to obtain the CURRENT
liquidation values of these assets (equity in home, cash in bank
accounts, receivables, etc.), is it somehow possible and/or
appropriate to adjust the liquidation percentage from the Plan via
a MOMOD or some other way so the debtors can pay less than 100%?
1325(a)(4) states that the value on the effective date
must not be less than what they would get in a Chapter 7, so I
suspect that is the answer, but just checking to see if anyone has
accomplished an end run around that provision.
Thanks,
Mark
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web:
http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of
California Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what
this means at
http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
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