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Consumer debtor?
Thanks Mark, David, and Nina - I reluctantly agree, just because this case would be so much easier if I could pretend that the client hadn't signed the note. Thanks for the reinforcement in the honest direction. - John
On Sunday, February 5, 2017 10:31 PM, "'Mark J. Markus' bklawr@yahoo.com [cdcbaa]" wrote:
I don't think so John. I don't think there's much doubt that it is still a debt as defined by 11 USC 101(12). Ask yourself this:es?
The fact that it may be nonrecourse doesn't alter the fact that it was a debt, which was incurred for consumer purposes.
--
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
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(818)509-1173 (818)332-1180 (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
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On 2/5/2017 4:36 PM, John Faucher j.d.faucher@sbcglobal.net [cdcbaa] wrote:
Hello all: Client purchased home with wife 15 years ago, and signed the mortgage. They got divorced, and he quitclaimed the house back to her. Of course, he's still on the mortgage. Is there any way to claim that he doesn't owe the $300,000+ owing on the mortgage, because the bank can't collect it from him? You have no doubt guessed that this makes the difference between a consumer and a nonconsumer debtor - a subject that we recently chewed over at the San Fernando Valley Bar Association. - John D. Faucher 818/889-8080
The post was migrated from Yahoo.
I don't think so John. I don't think there's much doubt that it is
still a debt as defined by 11 USC 101(12).
Ask yourself this: Would you feel comfortable omitting that debt
from the debtor's schedules?
The fact that it may be nonrecourse doesn't alter the fact that it
was a debt, which was incurred for consumer purposes.
*************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (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
________________________________________________
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.
On 2/5/2017 4:36 PM, John Faucher j.d.faucher@sbcglobal.net [cdcbaa]
wrote:
>
>
> Hello all:
> Client purchased home with wife 15 years ago, and signed the
> mortgage. They got divorced, and he quitclaimed the house back to
> her. Of course, he's still on the mortgage.
> Is there any way to claim that he doesn't owe the $300,000+ owing
> on the mortgage, because the bank can't collect it from him? You
> have no doubt guessed that this makes the difference between a
> consumer and a nonconsumer debtor - a subject that we recently
> chewed over at the San Fernando Valley Bar Association.
> - John D. Faucher
> 818/889-8080
>
>
>
>
The post was migrated from Yahoo.
Hello all:Client purchased home with wife 15 years ago, and signed the mortgage. They got divorced, and he quitclaimed the house back to her. Of course, he's still on the mortgage.Is there any way to claim that he doesn't owe the $300,000+ owing on the mortgage, because the bank can't collect it from him? You have no doubt guessed that this makes the difference between a consumer and a nonconsumer debtor - a subject that we recently chewed over at the San Fernando Valley Bar Association. - John D. Faucher818/889-8080
The post was migrated from Yahoo.