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Consumer or Non-consumer
In my opinion, it's always best to have a business debt case as it takes the US Trustee and Section 707(b) issues out of the equation.
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
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Background: Client wants to file for Chapter 7. Client has two rental properties, one is underwater and the other has so little equity that it can be exempted with the wildcard, even though they are cash flow positive. Client passes means test.
Question: barely more than 50% of overall debt is rental property mortgages. I seem to have a choice of whether to treat the case as consumer or non-consumer. I could make it a business case and skip the means test, but I seem not to need to. Should I have a preference for one over the other?
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