Residuals paid by ASCAP - Assignment to Benefit secured Creditor Question
Posted: Thu Nov 19, 2015 2:45 pm
He BK Family. I have a potential client who receives royalty income from
ASCAP about 24K a year. He got a loan from his credit union where he gave
an assignment against those Royalties where he is paying 6% on $48,000.
I want to file a chapter 13, agree to pay the 48K in the loan and pay
through the plan at a lower percentage like 4.5 percent . . . . Can I
reject the assignment so the 2000 a month in Royalty income can now start
going directly to the debtor so debtor has money to live on?
The idea is that 2 cars and the 48K at 5 years is going to come out to
about 2000 a month. as a plan payment
. . whereas the payment on the royalty loan is costing that by itself.
This woudl really ehlp the family.
SO Can I stop the payments on the ASSIGNMENT so it can go to the debtor?
R. Grace Rodriguez, Esq.
Full service Real Estate Attorney &
California State Bar
Certified Bankruptcy Specialist
OFF: (818) 734-7223
CEL: (818) 554-9922
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He BK Family. I have a potential client who receives royalty income from ASCAP about 24K a year. He got a loan from his credit union where he gave an assignment against those Royalties where he is paying 6% on $48,000. I want to file a chapter 13, agree to pay the 48K in the loan and pay through the plan at a lower percentage like 4.5 percent . . . . Can I reject the assignment so the 2000 a month in Royalty income can now start going directly to the debtor so debtor has money to live on?The idea is that 2 cars and the 48K at 5 years is going to come out to about 2000 a month. as a plan payment. . whereas the payment on the royalty loan is costing that by itself. This woudl really ehlp the family.SO Can I stop the payments on the ASSIGNMENT so it can go to the debtor?
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