Follow up on Suspending Payments to Lam Defendant
Posted: Wed Apr 08, 2009 12:13 pm
Oops, one more question on the same subject. Assuming I get permission to stop paying the 2nd while the Lam is pending, don't I have to commit those funds to the Trustee in the interim if my client is able to afford the payment? When we filed this case, we thought the real estate helsd some value for the second, making it not subject to Lam. Our plan included making $600/month payments outside of the plan to keep the second current. Before confirmation, the condo next door sells for a ridiculuosly low price, and now we are certain the junior lien is unsecured and subject to the Lam AP.
If I want to amend to treat the second as unsecured and have recently filed the Lam AP, and intend to stop paying the second TD while we work it out, won't Nancy Curry insist that the $600 go to the unsecureds? Seems logical, but I don't assume logic always applies in this business.
Jeff Smith
The post was migrated from Yahoo.