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Question about Debt Limits. . .
Schedules are controlling. See Smith.
If schedules show the junior real property loan is entirely undersecured, then it is counted asunsecured.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, April 23, 2014 9:15 AM, "bradweillaw@yahoo.com" wrote:
NO that is not correct. If the debtor still owns the property at the time of filing (meaning it has not been foreclosed upon or the deed transferred to someone else (possible fraud issues there be careful) then that debt still counts for the limits. I ran into this issue in front of Judge Zurzolo briefed it and lost. I had to refile the case and it cost my client a full lien strip (the value of the property increased to partially cover the 2nd on an investment property). Either a creditor or the trustee has to raise the issue in an objection but if they do then you cannot get around the debt limit if the debt was owed at the time of filing even if you surrender the property through the plan.
Call me or email me and I can send you the brief I did on that issue.
Brad Weil
Brad@bradweillaw.com or (310) 515-7799
The post was migrated from Yahoo.
It has worked that way for me in practice.
- John D. Faucher
________________________________
To: "cdcbaa@yahoogroups.com"
Sent: Tuesday, April 22, 2014 9:04 AM
Subject: [cdcbaa] Question about Debt Limits. . .
Maybe I wasn't paying attention. . . . but my understanding is that if real property is being surrendered in the bankruptcy it won't count towards debt limits? Is that correct?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (818) 554-9922
The post was migrated from Yahoo.
Maybe I wasn't paying attention. . . . but my understanding is that if
real property is being surrendered in the bankruptcy it won't count towards
debt limits? Is that correct?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (818) 554-9922
Maybe I wasn't paying attention. . . . but my understanding is that if real property is being surrendered in the bankruptcy it won't count towards debt limits? Is that correct?
The post was migrated from Yahoo.