re: Ch, 13 109(e) eligibility question
Posted: Thu May 21, 2009 10:19 pm
Thought I'd try this again..does anyone know the answer?
I believe the majority view amongst our judges is that in Chapter 13 the
unsecured portion of any real estate mortgages must be included as unsecured
debt on the date of filing in determining 109(e) figures.
Is this true only if the debtor is attempting to value the claim and lien
strip, or in all cases regardless?
For example, debtor has $200,000 in credit card debts and real property that
has a FMV of $400,000, a 1st Mortgage of 450,000 and a 2nd Mortgage of
200,000.
Can this debtor file Chapter 13? Is the answer different if he's seeking
to avoid the 2nd mortgage or not?
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