Central District Consumer Bankruptcy Attorney's Association

Thank you Nicholas,
Thay quote from Luke was right on point! See you on Saturday.
Ty Takeuchi
>Reply-To: cdcbaa@yahoogroups.com
>To:
>Subject: Re: [cdcbaa] BK Lawyer as Counselor
>Date: Sun, 12 Jun 2005 21:30:10 -0700
>
>Dear Ty,
>
>I'd be shocked if the US Trustee's Office doesn't demand that they give up
>the vehicle and get something cheaper. After all, the creditors can't be
>expected to finance that level of opulence. I'd bet on a motion to
>dismiss. As for the house, that seems like an awfully high mortgage for
>people who are bringing home $3,800 per month.
>
>Your New Testament search should take you to Jesus' statement in Luke:
>"Take heed, and beware of covetousness: for a man's life consisteth not in
>the abundance of the things which he possesseth." Lk. 12:15. It sounds
>like your prospective clients need to consider changing their perspective,
>and scale back. They're clearly gauging their lives' worth by their
>possessions. I mean, $1,000 monthly car payments with a $3,800 monthly
>income is truly absurd.
>
>These sound like red flag clients. Are you sure you want them?
>
>Kindest regards,
>
>Nick Gebelt
>
>
>
> ----- Original Message -----
> To: cdcbaa@yahoogroups.com
> Sent: Saturday, June 11, 2005 9:47 AM
> Subject: [cdcbaa] BK Lawyer as Counselor
>
>
> Hi everyone,
> prospective clients, (H & W) came in to discuss possibly filing a
> joint Chapter 7 case. Net income for the two is approx. $3800 per
> month. Couple just purchased their home six months ago. Mortgage is
> $2400 per month, (interest only loan). They also purchased a 2005
> Toyota Sequoia at $1000 per month, (insurance $200). I've been
> referencing the BK Code and New Testament for guidance. Any comments?
>
>
>
>
>
>
>

The post was migrated from Yahoo.

Dear Ty,
I'd be shocked if the US Trustee's Office doesn't demand that they give up the vehicle and get something cheaper. After all, the creditors can't be expected to finance that level of opulence. I'd bet on a motion to dismiss. As for the house, that seems like an awfully high mortgage for people who are bringing home $3,800 per month.
Your New Testament search should take you to Jesus' statement in Luke: "Take heed, and beware of covetousness: for a man's life consisteth not in the abundance of the things which he possesseth." Lk. 12:15. It sounds like your prospective clients need to consider changing their perspective, and scale back. They're clearly gauging their lives' worth by their possessions. I mean, $1,000 monthly car payments with a $3,800 monthly income is truly absurd.
These sound like red flag clients. Are you sure you want them?
Kindest regards,
Nick Gebelt
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Saturday, June 11, 2005 9:47 AM
Subject: [cdcbaa] BK Lawyer as Counselor
Hi everyone,
prospective clients, (H & W) came in to discuss possibly filing a
joint Chapter 7 case. Net income for the two is approx. $3800 per
month. Couple just purchased their home six months ago. Mortgage is
$2400 per month, (interest only loan). They also purchased a 2005
Toyota Sequoia at $1000 per month, (insurance $200). I've been
referencing the BK Code and New Testament for guidance. Any comments?
Yahoo! Groups Links
a.. To visit your group on the web, go to:
http://groups.yahoo.com/group/cdcbaa/
b.. To unsubscribe from this group, send an email to:
cdcbaa-unsubscribe@yahoogroups.com
c.. Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Dear Ty,

I'd be shocked if the US Trustee's Office doesn't demand
that they give up the vehicle and get something cheaper. After all, the
creditors can't be expected to finance that level of opulence. I'd bet on
a motion to dismiss. As for the house, that seems like an awfully high
mortgage for people who are bringing home $3,800 per month.

Your New Testament search should take you to Jesus'statement in Luke: "Take heed, and beware of covetousness: for a
man's life consisteth not in the abundance of the things which he
possesseth." Lk. 12:15. It sounds like your prospective clients need
to consider changing their perspective, and scale back. They're clearly
gauging their lives' worth by their possessions. I mean, $1,000monthly car payments with a $3,800 monthly income is truly absurd.

These sound like red flag clients. Are you sure you
want them?

Kindest regards,

Nick Gebelt



----- Original Message -----
From:
Tyson
Takeuchi
To: cdcbaa@yahoogroups.com
Sent: Saturday, June 11, 2005 9:47 AM
Subject: [cdcbaa] BK Lawyer as
Counselor
Hi everyone,prospective clients, (H & W) came in to
discuss possibly filing a joint Chapter 7 case. Net income for the
two is approx. $3800 per month. Couple just purchased their home six
months ago. Mortgage is $2400 per month, (interest only loan). They also
purchased a 2005 Toyota Sequoia at $1000 per month, (insurance
$200). I've been referencing the BK Code and New Testament for guidance. Any comments?

The post was migrated from Yahoo.

Ty,
I have only one word to describe people like that.... This is a perfect
example of clients who lack any financial education (ergo requirement
under new law). There may be an argument with regards to an abusive
mortgage broker (take a look at whether there are remedies there). Ray
Aver may have some idea about this issue. I would gander that in the
coming months we are going to see the "no doc" loans generate
litigation over whether lenders were prudent, etc. Bottom line... I
would suggest they sell the house (problem would be that there is
probably a prepay penalty on the interest only loan) and get control
over their finances. Maybe file before new law takes effect. But,
document your file on this one, and if you do not like the way this one
smells... pass on the representation!!
Best regards and good luck. Lou Esbin
wrote:
> Hi everyone,
> prospective clients, (H & W) came in to discuss possibly filing a
> joint Chapter 7 case. Net income for the two is approx. $3800 per
> month. Couple just purchased their home six months ago. Mortgage is
> $2400 per month, (interest only loan). They also purchased a 2005
> Toyota Sequoia at $1000 per month, (insurance $200). I've been
> referencing the BK Code and New Testament for guidance. Any comments?

The post was migrated from Yahoo.

Hi everyone,
prospective clients, (H & W) came in to discuss possibly filing a
joint Chapter 7 case. Net income for the two is approx. $3800 per
month. Couple just purchased their home six months ago. Mortgage is
$2400 per month, (interest only loan). They also purchased a 2005
Toyota Sequoia at $1000 per month, (insurance $200). I've been
referencing the BK Code and New Testament for guidance. Any comments?

The post was migrated from Yahoo.