Means Test - Business v. Consumer debts
Posted: Wed Oct 08, 2014 8:06 pm
Mark:
The code is not so limited. The definition of claim does not have any limit relating to the claim having been liquidated. 101(5) says, "whether or not such right has been liquidated, unliquidated, fixed, contingent ......"
My reading is whatever the creditor is demanding is a claim and should be listed on the schedules at the full amount demanded.
So list the claim at the full amount demanded (list it as disputed, contingent, whatever) and consider the debtor to be a nonconsumer case with no means test.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Oct 8, 2014, at 11:34 AM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa] wrote:
>
> Agreed, except since the debt is unliquidated it's unclear what amount you can use towards the consumer vs. nonconsumer portions. I have a similar case now where they are seeking like $8 million, but prior to trial I'm not sure what amount can be used.
>
> Would like to get others' opinions on this.
>
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> On 10/8/2014 10:27 AM, 'Gary R. Wallace' garyrwallace@ymail.com [cdcbaa] wrote:
>>
>> Question:
>>
>> A debt arising from a lawsuit brought against the debtor due to her allegedly negligent (not a dui situation) operation of an automobile is NOT a consumer debt as defined in sec 101(8). Moreover, if the amount of this dischargeable debt is more than 50% of the debtor's total debts, she need not complete the means test for a ch 7 filing. Agree?
>>
>> Thanks.
>>
>>
>> Gary R. Wallace
>> Law Office of Gary R. Wallace
>> 4551 Glencoe Avenue, Suite 300
>> Marina del Rey, CA 90292
>> Email: garyrwallace@ymail.com
>> Office: (310) 775-8719
>
>
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