Business loans usually are secured by more than just a house and a UCC-1
would likely show you that. Get it from the Secretary of State.
On Thursday, September 8, 2016, Shannon Doyle
sdoyle@ebankruptcyassistants.com [cdcbaa] wrote:
>
>
> Hi Steve,
>
>
>
> I researched this a few years back so unless there has been some new case
> law I am not aware of - If the debt is secured solely by the principal
> residence you cant cram it down unless the business operated out of the
> home in which case the deed must specifically state the loan is for
> business purposes (not strictly residential). Also, if the loan was secured
> by multiple assets along with the principal residence then you have a good
> argument for a cramdown. Good luck. Let us know if you find any good
> cases.
>
>
>
>
>
>
>
> [image: New Professional Pic2]
>
> Shannon A. Doyle
>
> *Attorney | Virtual Bankruptcy Assistant*
>
> *Phone: 855-378-4080*
>
> *Fax: 562-249-8435*
>
> *Licensed in California*
>
> [image: PetitionPartnD05bR08aP01ZL-Madison8a]
>
>
> [image:
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>
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>
>
>
>
>
>
> *From:*
cdcbaa@yahoogroups.com
> [mailto:
>
cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, September 06, 2016 3:12 PM
> *To:*
cdcbaa@yahoogroups.com
>
> *Subject:* [cdcbaa] 2nd mortgage from Business Vendor
>
>
>
>
>
> I have a potential Chapter 13 Debtor who gave an old vendor from an old
> business a 2nd Deed of Trust to secure invoices. Business fails. Years
> later vendor starts foreclosure.
>
>
>
> The debt is $280,000 and the equity in the house secured by the deed of
> trust is half the amount owed.
>
>
>
> I know with a business *property* I can cram down the loan to a secured
> and unsecured portion.
>
>
>
> However, this is a business loan, on a residential property, and not the
> typical type of loan.
>
>
>
> Does the *In re Nobleman* prohibition on cramming down partially secured
> debt apply here, or is it different due to the nature of the loan?
>
>
>
> Steve
>
>
>
>
>
> Law Offices of Steven B. Lever
>
>
>
> Steven B. Lever
>
> ( Tel. (562) 436-5456 ext. 1
>
> ( Fax (562) 485-6886
>
> *
sblever@leverlaw.com
>
>
>
www.leverlaw.com
>
>
>
>
>
>
>
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail:
go@gobklaw.com
website:
www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
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Business loans usually are secured by more than just a house and a UCC-1 would likely show you that. Get it from the Secretary of State.On Thursday, September 8, 2016, Shannon Doyle
sdoyle@ebankruptcyassistants.com [cdcbaa] <
cdcbaa@yahoogroups.com> wrote:
Hi Steve,
I researched this a few years back so unless there has been some new case law I am not aware of - If the debt is secured solely by the principal residence you cant cram it
down unless the business operated out of the home in which case the deed must specifically state the loan is for business purposes (not strictly residential). Also, if the loan was secured by multiple assets along with the principal residence then you have
a good argument for a cramdown. Good luck. Let us know if you find any good cases.
Shannon A. Doyle
Attorney | Virtual Bankruptcy Assistant
Phone: 855-378-4080
Fax: 562-249-8435
Licensed in California
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