Central District Consumer Bankruptcy Attorney's Association

I think of the liens in LIFO format. Last in, first out. Every judge should
conduct an evidentiary hearing when there is a dispute during a lien strip
because how else do you know where the cut off point is for lien stripping?
Just take one sides word? Maybe the property is worth 8 million.
If you really believe the property is worth 1 million with 5 million+ in
liens on top some of which cannot be stripped using 522(f), why wouldn't
you convert the case to Chapter 11 and strip 5 million more in liens?
522(f) is great, it works in Chapter 7s but 506 is pretty good too! 506
does not care about the timing issue, it's a stripping machine.
Sincerely,
Michael Avanesian
Law Offices of David A. Tilem
www.tilemlaw.com
818-507-6000
On Tue, May 27, 2014 at 5:52 PM, havkinlaw@earthlink.net [cdcbaa] wrote:
>
>
> My debtor's property has five unavoidable liens because they were recorded
> prior to the acquisition of the property. In addition, there are 8
> avoidable liens with the sum of approximately $6 million dollars. I filed
> a motion to avoid the lien of the loudest creditor. Before, the loudest
> creditor gets one dollar, the property would have to be worth over $6
> Million dollars. It is worth maybe $1,000,000. The judge wants to conduct
> an evidentiary hearing on value. I am confused. When you seek to avoid a
> lien, do you consider the avoidable liens as effectively gone or do you
> consider them as staying in place? Because, technically, the debtor does
> not have to avoid the other liens.
>
>
> Stella
>
>
>
I think of the liens in LIFO format. Last in, first out. Every judge should conduct an evidentiary hearing when there is a dispute during a lien strip because how else do you know where the cut off point is for lien stripping? Just take one sides word? Maybe the property is worth 8 million.
If you really believe the property is worth 1 million with 5 million+ in liens on top some of which cannot be stripped using 522(f), why wouldn't you convert the case to Chapter 11 and strip 5 million more in liens? 522(f) is great, it works in Chapter 7s but 506 is pretty good too! 506 does not care about the timing issue, it's a stripping machine.Sincerely, Michael AvanesianLaw Offices of David A. Tilemwww.tilemlaw.com
818-507-6000
On Tue, May 27, 2014 at 5:52 PM, <cdcbaa@yahoogroups.com> wrote:
My debtor's property has five unavoidable liens because they were recorded prior to the acquisition of the property.y $6 million dollars. I filed a motion to avoid the lien of the loudest creditor. Before, the loudest creditor gets one dollar, the property would have to be worth over $6 Million dollars. It is worth maybe $1,000,000. The judge wants to conduct an evidentiary hearing on value.ing in place? Because, technically, the debtor does not have to avoid the other liens.
Stella

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Do you know of any cases?
Do you know of any cases?


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Actually, the statute at subsection (a)(2) states in part "value" means fair market value as of the date of the filing of the petition...
Sent: Thursday, April 21, 2005 1:05 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Lien Avoidance
For purposes of a motion to avoid lien, what is the 9th circuit case
which provides that the value of the property is determined from the
date the petition was filed. The case I am relying upon is In Re Chiu,
266 B.R. 743 (9th Cir. BAP 2001). Is there a more recent or better
case?
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The post was migrated from Yahoo.

For purposes of a motion to avoid lien, what is the 9th circuit case
which provides that the value of the property is determined from the
date the petition was filed. The case I am relying upon is In Re Chiu,
266 B.R. 743 (9th Cir. BAP 2001). Is there a more recent or better
case?

The post was migrated from Yahoo.