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Debtor Not Balance Sheet Insolvent-- All equity
It's because it'll probably take over two years to go to trial and will
cost significantly more than the bk. In the meantime the client has to fund
the action and stave off the secured creditor until the court can
adjudicate who the true owner is -- subject to appeals, etc. Unsecured
debts will continue to accrue and all will have to be provided for.
The bankruptcy way has a significant other advantage in that the tenants
can be ordered to move out of the house. If there is going to be drawn out
litigation, it's because the sister/brother-in-law would want to live rent
free for as long as possible. If they're out of the house, they have a lot
less reason to fight for a small % of the proceeds.
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
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On Wed, Feb 11, 2015 at 5:36 PM, 'Steven B. Lever' sblever@leverlaw.com
[cdcbaa] wrote:
>
>
> If my client could finance that and keep the creditors at bay I would do
> that. She can do neither during the course of state court litigation,
> which is why Im considering this route. I hope its not just that Im a
> bankruptcy attorney with a bankruptcy attorneys hammer that sees all
> problems as nails.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Wednesday, February 11, 2015 5:33 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Re: Debtor Not Balance Sheet Insolvent-- All equity
> locked in rental
>
>
>
>
>
> Why should this be a bankruptcy matter?
>
>
>
> Do a quiet title (or partition) action to get the property back in her
> name and then sell the property.
>
>
>
> Gerald McNally
>
>
>
> [image: McNally Bus Card Smaller]
>
>
>
> Gerald McNally
>
> McNally & Associates, P.C.
>
> 517 East Wilson Ave., Ste 104
>
> Glendale, CA 91206
>
> 818.507.5100
>
> Fax: 818.507.5001
>
>
>
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> *IRS Circular 230 Disclosure: In order to comply with the requirements
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> advice contained in this communication (including any attachments) is not
> intended to be used, and cannot be used, for the purpose of (i) avoiding
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>
>
>
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