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C7 Debt limit
Matt:
What kind of a bankruptcy the person files depends on what the client wants to accomplish. Since you have not addressed this, we cannot opine.
109e applies to all 13's, and yes this person is over the limit.
If the properties are for investment, the debts are business. The test usually revolves around the value of the debtor's home. Ifthe debtor's home is the largest investment and carries more than 50% of the debt., it will be a consumer case.
dennis
rote:
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Prospective client has about 5 or 6 investment properties that he rents out.
The properties are scattered across the US in various states. Total secured
debt is $1.16 million. Does the 109e limit apply here, or can he still file
C7 because the majority of his debt is business? Does he need to file C11?
Thanks.
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