substitution of car collateral
Posted: Mon Oct 18, 2010 11:25 am
Motion with one or two paragraphs with negative notice.
Sent from my iPhone
On Oct 15, 2010, at 11:51 AM, Jason Wallach wrote:
Client, in Chapter 13 prior to confirmation, totalled their car. Was insured. Was subject to Wells Fargo car loan.
Insurer wants to buy them a replacement vehicle, and substitute it as collateral for the Wells loan.
Wells says they want court approval.
I suppose I could get that, but is there a faster way? (Dont really want to spend the time or fees).
Wells' lawyer says they are concerned that a trustee, either 13 or subsequent converted 7, could seek to avoid their lien because of the substitution.
Any suggestions?
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
Motion with one or two paragraphs with negative notice.Sent from my iPhoneOn Oct 15, 2010, at 11:51 AM, Jason Wallach <jwallach@gladstonemichel.com> wrote:
Client, in Chapter 13 prior to confirmation, totalled their car. Was insured. Was subject to Wells Fargo car loan.
Insurer wants to buy them a replacement vehicle, and substitute it as collateral for the Wells loan.
Wells says they want court approval.
I suppose I could get that, but is there a faster way? (Dont really want to spend the time or fees).
Wells' lawyer says they are concerned that a trustee, either 13 or subsequent converted 7, could seek to avoid their lien because of the substitution.
Any suggestions?
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
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