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Which mortgage payment to use? and Vehicle Insurance expense
As for the mortgage payment amount, I would use whatever you need but make sure you have a few payments of that amount made before you file.
Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
Office: (626) 332-8600
Fax: (626) 332-8644
As for the mortgage payment
amount, I would use whatever you need but make sure you have a few payments of
that amount made before you file.
Erik
ClarkBorowitz, Lozano &
Clark, LLP100 N. Barranca Avenue, Suite 250West Covina, CA
91791Office: (626) 332-8600Fax: (626)
332-8644
The post was migrated from Yahoo.
Thanks Hank. Anyone else have any experience or thoughts on this?
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Friday, February 22, 2008 7:04 PM
Subject: RE: [cdcbaa] Which mortgage payment to use? and Vehicle Insurance expense
Mark:
1. I have used the full contract amount using your reasoning. It was not challenged in Santa Ana on a multiple property case. I also used the full contract amount on the budget. If it were challenged, it would be interesting and I look forward to what others are doing. It would be a good question for tomorrow's real estate seminar.
2. I do not use insurance. It is a non amortized unsecured expense and I do not consider it applicable for line 43. That is only my opinion however and is what I do.
Hank
Henry M. Toles, J.D., M.B.A.
Henry M. Toles, A Law Corporation
11746 Goshen Avenue, No. 1
Los Angeles, California 90049-6113
Telephone: (310) 479-1400
Facsimile: (310) 575-0343
E-Mail: hmt@toles.org
Member National Association of Consumer Bankruptcy Attorneys (NACBA)
We are a federally designated Debt Relief Agency under the United States
Bankruptcy Laws. We assist people with finding solutions to their debt
problems, including, where appropriate, assisting them with the filing
of petitions for relief under the United States Bankruptcy Code.
This does not constitute an electronic signature.
This message contains confiidential information which may also be privileged. Unless you are the intended recipient (or authorized to receive for the intended recipient) you may not copy, use or distribute the information contained in this message.
-----Original Message-----
f Mark JM
Sent: Friday, February 22, 2008 16:51
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Which mortgage payment to use? and Vehicle Insurance expense
Two separate and somewhat unrelated questions:
1. Debtors own real property on which they are paying a very minimal amount due to a negative amortization deal with the 1st Mortgage Holder. If I use this amount in their budget (and on means test) they do not qualify for Chapter 7. However, if I use the FULL amount (principal and interest), they would qualify. Apparently the lender offers them like 4 different choices to pay: neg. am, interest only, and two others (I forget). Anyway, my question is if we list the "full" amount due (which arguably is the contractually due amount), will that be Kosher even if they continue to make the lower monthly payment?
This is not the same situation as the debtors who use the mortgage expense on property being foreclosed on (just to anticipate the comments).
2. When putting in the 60 month amounts due on vehicle payments, are you all including insurance in that figure? If so, what do you do in the situation where the debtor has 2 vehicles on the same insurance policy (thus, one payment), but only one vehicle is financed (the other is free and clear)?
And that's how I'm starting the weekend!
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
Thanks Hank. Anyone else have any
experience or thoughts on this?
----- Original Message -----
From:
Henry M. Toles
To: cdcbaa@yahoogroups.com
Sent: Friday, February 22, 2008 7:04
PM
Subject: RE: [cdcbaa] Which mortgage
payment to use? and Vehicle Insurance expense
Mark:
1. I have used the full contract amount using your
reasoning. It was not challenged in Santa Ana on a multiple property
case. I also used the full contract amount on the budget. If it
were challenged, it would be interesting and I look forward to what others are
doing. It would be a good question for tomorrow's real estate
seminar.
2. I do not use insurance. It is a non amortized unsecured
expense and I do not consider it applicable for line 43. That is only my
opinion however and is what I do.
Hank
Henry M. Toles, J.D., M.B.A.Henry M. Toles, A Law
Corporation11746 Goshen Avenue, No. 1Los Angeles, California
90049-6113Telephone: (310) 479-1400Facsimile: (310)
575-0343E-Mail: hmt@toles.orgMember National Association of
Consumer Bankruptcy Attorneys (NACBA)We are a federally designated
Debt Relief Agency under the United StatesBankruptcy Laws. We assist people with finding solutions to their debtproblems, including, where appropriate, assisting them with the filingof petitions for relief under
the United States Bankruptcy Code.This does not constitute an
electronic signature.This message contains confiidential information
which may also be privileged. Unless you are the intended recipient (or
authorized to receive for the intended recipient) you may not copy, use or
distribute the information contained in this message.
-----Original Message-----From: cdcbaa@yahoogroups.com
[mailto:cdcbaa@yahoogroups.com]On Behalf Of Mark JMSent:
Friday, February 22, 2008 16:51To:
cdcbaa@yahoogroups.comSubject: [cdcbaa] Which mortgage payment to
use? and Vehicle Insurance expense
Two separate and somewhat unrelated
questions:
1. Debtors own real property on which
they are paying a very minimal amount due to a negative amortization deal
with the 1st Mortgage Holder. If I use this amount in their budget
(and on means test) they do not qualify for Chapter 7. However,
if I use the FULL amount (principal and interest), they would
qualify. Apparently the lender offers them like 4 different choices to pay: neg. am, interest only, and two others (I
forget). Anyway, my question is if we list the "full" amount due
(which arguably is the contractually due amount), will that be Kosher even
if they continue to make the lower monthly payment?
This is not the same
situation as the debtors who use the mortgage expense on property being foreclosed on (just to anticipate the comments).
2. When putting in the 60 month amounts
due on vehicle payments, are you all including insurance in that
figure? If so, what do you do in the situation where the debtor
has 2 vehicles on the same insurance policy (thus, one payment), but only
one vehicle is financed (the other is free and clear)?
And that's how I'm starting the
weekend!______________________Mark J. MarkusLaw Office of
Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA
91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is a
Qualified Federal Debt Relief Agency___________NOTICE: This
Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use
of the addressee only. If you are not the addressee, note that any
disclosure, copy, distribution or use of the contents of this message is
prohibited.IRS CIRCULAR 230 NOTICE: To ensure compliance with
requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing
or recommending to another party any transaction or matter addressed in this
communication (or in any attachment).
The post was migrated from Yahoo.
Mark:
1. I have used the full contract amount using your reasoning. It was not
challenged in Santa Ana on a multiple property case. I also used the full
contract amount on the budget. If it were challenged, it would be
interesting and I look forward to what others are doing. It would be a good
question for tomorrow's real estate seminar.
2. I do not use insurance. It is a non amortized unsecured expense and I
do not consider it applicable for line 43. That is only my opinion however
and is what I do.
Hank
Henry M. Toles, J.D., M.B.A.
Henry M. Toles, A Law Corporation
11746 Goshen Avenue, No. 1
Los Angeles, California 90049-6113
Telephone: (310) 479-1400
Facsimile: (310) 575-0343
E-Mail: hmt@toles.org
Member National Association of Consumer Bankruptcy Attorneys (NACBA)
We are a federally designated Debt Relief Agency under the United States
Bankruptcy Laws. We assist people with finding solutions to their debt
problems, including, where appropriate, assisting them with the filing
of petitions for relief under the United States Bankruptcy Code.
This does not constitute an electronic signature.
This message contains confiidential information which may also be
privileged. Unless you are the intended recipient (or authorized to receive
for the intended recipient) you may not copy, use or distribute the
information contained in this message.
-----Original Message-----
Mark JM
Sent: Friday, February 22, 2008 16:51
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Which mortgage payment to use? and Vehicle Insurance
expense
Two separate and somewhat unrelated questions:
1. Debtors own real property on which they are paying a very minimal
amount due to a negative amortization deal with the 1st Mortgage Holder. If
I use this amount in their budget (and on means test) they do not qualify
for Chapter 7. However, if I use the FULL amount (principal and
interest), they would qualify. Apparently the lender offers them like 4
different choices to pay: neg. am, interest only, and two others (I forget).
Anyway, my question is if we list the "full" amount due (which arguably is
the contractually due amount), will that be Kosher even if they continue to
make the lower monthly payment?
This is not the same situation as the debtors who use the mortgage
expense on property being foreclosed on (just to anticipate the comments).
2. When putting in the 60 month amounts due on vehicle payments, are you
all including insurance in that figure? If so, what do you do in the
situation where the debtor has 2 vehicles on the same insurance policy
(thus, one payment), but only one vehicle is financed (the other is free and
clear)?
And that's how I'm starting the weekend!
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office
of Mark J. Markus that may be privileged. The information is intended for
the use of the addressee only. If you are not the addressee, note that any
disclosure, copy, distribution or use of the contents of this message is
prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
the IRS, we inform you that any U.S. tax advice contained in this
communication (or in any attachment) is not intended or written to be used,
and cannot be used, for the purpose of (i) avoiding penalties under the
Internal Revenue Code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed in this communication (or
in any attachment).
Mark:
1. I have used the full contract amount using your reasoning.
It was not challenged in Santa Ana on a multiple property case. I also
used the full contract amount on the budget. If it were challenged, it
would be interesting and I look forward to what others are doing. It would
be a good question for tomorrow's real estate seminar.
2. I do not use insurance. It is a non amortized unsecured
expense and I do not consider it applicable for line 43. That is only my
opinion however and is what I do.
Hank
Henry M. Toles, J.D., M.B.A.Henry M. Toles, A Law
Corporation11746 Goshen Avenue, No. 1Los Angeles, California
90049-6113Telephone: (310) 479-1400Facsimile: (310) 575-0343E-Mail:
hmt@toles.orgMember National Association of Consumer Bankruptcy
Attorneys (NACBA)We are a federally designated Debt Relief Agency under
the United StatesBankruptcy Laws. We assist people with finding solutions to
their debtproblems, including, where appropriate, assisting them with the
filingof petitions for relief under the United States Bankruptcy
Code.This does not constitute an electronic signature.Thismessage contains confiidential information which may also be privileged. Unless
you are the intended recipient (or authorized to receive for the intended
recipient) you may not copy, use or distribute the information contained in this
message.
-----Original Message-----From: cdcbaa@yahoogroups.com
[mailto:cdcbaa@yahoogroups.com]On Behalf Of Mark JMSent:
Friday, February 22, 2008 16:51To:
cdcbaa@yahoogroups.comSubject: [cdcbaa] Which mortgage payment to
use? and Vehicle Insurance expense
Two separate and somewhat unrelated
questions:
1. Debtors own real property on which they
are paying a very minimal amount due to a negative amortization deal with the
1st Mortgage Holder. If I use this amount in their budget (and on means
test) they do not qualify for Chapter 7. However, if I use the
FULL amount (principal and interest), they would qualify.
Apparently the lender offers them like 4 different choices to pay: neg. am,
interest only, and two others (I forget). Anyway, my question is
if we list the "full" amount due (which arguably is the contractually due amount), will that be Kosher even if they continue to make the lower monthly
payment?
This is not the same situation
as the debtors who use the mortgage expense on property being foreclosed on
(just to anticipate the comments).
2. When putting in the 60 month amounts due
on vehicle payments, are you all including insurance in that
figure? If so, what do you do in the situation where the debtor
has 2 vehicles on the same insurance policy (thus, one payment), but only one
vehicle is financed (the other is free and clear)?
And that's how I'm starting the
weekend!______________________Mark J. MarkusLaw Office of Mark
J. Markus11684 Ventura Blvd. PMB #403Studio City, CA
91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is a
Qualified Federal Debt Relief Agency___________NOTICE: This Electronic
Message contains information from the law office of Mark J. Markus that may be
privileged. The information is intended for the use of the addressee
only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the
IRS, we inform you that any U.S. tax advice contained in this communication
(or in any attachment) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed in this communication (or in any
attachment).
The post was migrated from Yahoo.
Two separate and somewhat unrelated questions:
1. Debtors own real property on which they are paying a very minimal amount due to a negative amortization deal with the 1st Mortgage Holder. If I use this amount in their budget (and on means test) they do not qualify for Chapter 7. However, if I use the FULL amount (principal and interest), they would qualify. Apparently the lender offers them like 4 different choices to pay: neg. am, interest only, and two others (I forget). Anyway, my question is if we list the "full" amount due (which arguably is the contractually due amount), will that be Kosher even if they continue to make the lower monthly payment?
This is not the same situation as the debtors who use the mortgage expense on property being foreclosed on (just to anticipate the comments).
2. When putting in the 60 month amounts due on vehicle payments, are you all including insurance in that figure? If so, what do you do in the situation where the debtor has 2 vehicles on the same insurance policy (thus, one payment), but only one vehicle is financed (the other is free and clear)?
And that's how I'm starting the weekend!
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
Two separate and somewhat unrelated
questions:
1. Debtors own real property on which they
are paying a very minimal amount due to a negative amortization deal with the
1st Mortgage Holder. If I use this amount in their budget (and on means
test) they do not qualify for Chapter 7. However, if I use the FULL
amount (principal and interest), they would qualify.
Apparently the lender offers them like 4 different choices to pay: neg. am,interest only, and two others (I forget). Anyway, my question is if
we list the "full" amount due (which arguably is the contractually due amount),
will that be Kosher even if they continue to make the lower monthly
payment?
This is not the same situation
as the debtors who use the mortgage expense on property being foreclosed on(just to anticipate the comments).
2. When putting in the 60 month amounts due
on vehicle payments, are you all including insurance in that figure?
If so, what do you do in the situation where the debtor has 2 vehicles on the
same insurance policy (thus, one payment), but only one vehicle is financed (the
other is free and clear)?
And that's how I'm starting the
weekend!______________________Mark J. MarkusLaw Office of Mark
J. Markus11684 Ventura Blvd. PMB #403Studio City, CA
91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is aQualified Federal Debt Relief Agency___________NOTICE: This Electronic
Message contains information from the law office of Mark J. Markus that may be
privileged. The information is intended for the use of the addresseeonly. If you are not the addressee, note that any disclosure, copy,
distribution or use of the contents of this message is prohibited.IRS
CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS,
we inform you that any U.S. tax advice contained in this communication (or in
any attachment) is not intended or written to be used, and cannot be used, for
the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any transaction or
matter addressed in this communication (or in any
attachment).
The post was migrated from Yahoo.