Chapter 7 debtors with multiple properties
Posted: Sat Jan 09, 2010 5:26 pm
Correct, if over 51% investment debt means test meaningless, just check the business debt box.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 8, 2010, at 7:30 PM, "Holly Roark" wrote:
Debtors who have 3 or 4 properties and thus 3 or 4 mortgages (at least) usually pass the means test even though they may have high income. Is the UST finding abuse in these cases? If 3 out of 4 are investment properties and that puts them over into 51% non-consumer debt, then the means test should not be any issue, correct?
Holly Roark
holly@roarklawoffices.com
Correct, if over 51% investment debt means test meaningless, just check the business debt box.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Jan 8, 2010, at 7:30 PM, "Holly Roark" <roarklaw@yahoo.com> wrote:
Debtors who have 3 or 4 properties and thus 3 or 4 mortgages (at least) usually pass the means test even though they may have high income. Is the UST finding abuse in these cases? If 3 out of 4 are investment properties and that puts them over into 51% non-consumer debt, then the means test should not be any issue, correct?
Holly Roark
holly@roarklawoffices.com
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