Thank you for the answer. One more question: I use BestCase software to prepare ch 13 petitions and when it comes to creating the plan, there is an "error" button which indicates a potential 109(e) issue. I've heard that different judges interpret this section differently. In your experience, how do Judges in Woodland Hills and in LA interpret this section. I've heard Judge Carroll say numerous times that the 109(e) issue is determined at the time of the filing. Here is the situation with a PC. PC has three loans against her principal residence totaling $606K.fore, there is an "undersecured portion" of $196K. PC also has $325K in unsecured debt ("F" debt). Summary of Schedules states $606K for secured claims and $325K for unsecured nonpriority claims. The errormessage that I get states "unsecured debt is over by $184,100. I know that the limit for unsecured
nonpriority debts is $336,900 and based on my research, the undersecured portion of the loans are counted toward this limit, but sometimes I see a different interpretation. I guess my question is "do the judges look at summary of schedules to determineif there is a 109(e) issueor is there some other formula"? Any advice is greatly appreciated!
Sofya
________________________________
To: "
cdcbaa@yahoogroups.com"
Sent: Sun, February 7, 2010 7:38:10 PM
Subject: Re: [cdcbaa] Question on a ch 13 LAM
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" wrote:
>
>Hello everyone,
>
>Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?
>
>Question 2: Can a debtor file a LAM in pro per?
>
>Any advice is greatly appreciated!
>
>Sofya
>
>
Thank you for the answer. One more question: I use BestCase software to prepare ch 13 petitions and when it comes to creating the plan, there is an "error" button which indicates a potential 109(e) issue. I've heard that different judges interpret this section differently. In your experience, how do Judges in Woodland Hills and in LA interpret this section. I've heard Judge Carroll say numerous times that the 109(e) issue is determined at the time of the filing. Here is the situation with a PC. PC has three loans against her principal residence totaling $606K. The first loan is $410K and the appraisal came in at $405K. Therefore, there is an "undersecured portion" of $196K. PC also has $325K in unsecured debt ("F" debt). Summary of
Schedules states $606K for secured claims and $325K for unsecured nonpriority claims. The error message that I get states "unsecured debt is over by $184,100. I know that the limit for unsecured nonpriority debts is $336,900 and based on my research, the undersecured portion of the loans are counted toward this limit, but sometimes I see a different interpretation. I guess my question is "do the judges look at summary of schedules to determine if there is a 109(e) issue or is there some other formula"? Any advice is greatly appreciated!
Sofya
From: Dennis McGoldrick <
easky1@yahoo.com>To: "
cdcbaa@yahoogroups.com" <
cdcbaa@yahoogroups.com>Subject: Re: [cdcbaa] Question on a ch 13 LAM
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" <s_dav2005@yahoo. com> wrote:
Hello everyone,Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?Question 2: Can a debtor file a LAM in pro per?Any advice is greatly ap
The post was migrated from Yahoo.