Is home real property debt Nonconsumer debt?
Posted: Thu Dec 31, 2009 12:31 pm
In a message dated 12/31/2009 12:22:46 PM Pacific Standard Time,
sblever@leverlaw.com writes:
If you can prove the debt was used for business then its business.
Otherwise it is deemed consumer. I did the research earlier this year, but
cannot remember what I did with it.
Of Bert Kawahara
Sent: Thursday, December 31, 2009 12:05 PM
To: cdcbaa@yahoogroups.
Subject: [cdcbaa] Is home real property debt Nonconsumer debt?
Anyone have any authority that says that personal residence debt is
consumer debt in determining application of the means test? All previous posts
conclude that such debt is classified as consumer debt. However, my research
indicates that there is a split in this treatment. The legislative notes to101(8) indicate that the intent was to exclude real property debt from the consumer debt definition.
Consumer debt. Kelly, 841 F2d 908 (9th Cir. 1988).
However, with proof of use of loan proceeds for non-consumer purposes, it could be argued otherwise.
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Suite 1080
Torrance, CA 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
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In a message dated 12/31/2009 12:22:46 PM Pacific Standard Time,
sblever@leverlaw.com writes:
If you can prove the debt was
used for business then its business. Otherwise it is deemed
consumer. I did the research earlier this year, but cannot remember what
I did with it.
From: cdcbaa@yahoogroups.com
[mailto:cdcbaa@yahoogroups.com] On Behalf Of Bert
KawaharaSent: Thursday, December 31, 2009 12:05 PMTo:
cdcbaa@yahoogroups.comSubject: [cdcbaa] Is home real property
debt Nonconsumer debt?
Anyone have any authority that says that personal residence debt is
consumer debt in determining application of the means test? All previous posts
conclude that such debt is classified as consumer debt. However, my research
indicates that there is a split in this treatment. The legislative notes to
101(8) indicate that the intent was to exclude real property debt from the
consumer debt definition.
Consumer debt. Kelly, 841 F2d 908 (9th Cir. 1988).
However, with proof of use of loan proceeds for non-consumer purposes, it
could be argued otherwise.
Law Office
of Eric Alan Mitnick21515 Hawthorne Boulevard, Suite 1080Torrance,
CA 90503(310) 792-5864; 792-5866 (fax)MitnickLaw@aol.comAlthough
this email and any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is received andopened, it is the responsibility of the recipient to ensure that it is virus
free and no responsibility is accepted by the sender for any loss or damagearising in any way from its use.
The post was migrated from Yahoo.