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Recent Promissory Note questions
Can a confessed judgment promissory note that is based on
Can a confessed judgment promissory note that is based on fiduciary defalcation and breach of fiduciary duty or will the bankruptcy court honor the terms of the confessed judgement promissory note (for either chapter 7 or chapter 13)?
An objection to my Chapter 11 plan came in 3 weeks after
An objection to my Chapter 11 plan came in 3 weeks after votes were due, from my main creditor. Obviously, they didn't vote. I'm trying to predict the outcome if I were to ignore this instead of accepting the high interest they demand, or stipulating to raise the interest rate by any amount. I would ignore it on the basis of its lateness; possibly because of invalid arguments. It would be a risk; my lawyer says the judge will consider it, even though it's late:"The judge will give the opposition some weight, even if it was untimely."(What are rules for? My lawyer always wants me to roll over. I have to fight to be fought for.)The lender doesn't mind being bifurcated and they don't dispute the stipulated value. They accept that the secured portion would be my entire loan amount. I asked for 3.75% interest. They want 6.5% and point to the bk code to justify that.My concerns: At 6.5% the payment would rise by $1000. It' higher than the rate I wanted to modify. The balance is $39K more than the balance when I started this loan mod thing in 2009. (But far less than balance and arrears combined.) The plan I proposed is very tight. I couldn't pay another $1000 even if I wanted to. The loan mod I was working on for 6.5 years would have been 2% in year one, rising to 3.5% over 5 years, but probably wouldn't have disposed of the portion of the debt above the property value; it would have been in forbearance.Question 1:The relevant part of the objection and the code they cite accompany this question. I don't see any connection between the two. Is there one?Now, the judge. She's been more than decent so far. She is asked to consider me a flake and confirm with a higher interest rate than the one in my plan. Will she?I don't know about her, but I don't buy the argument that I am high risk because I am a Chapter 11 debtor. I wouldn't be doing this if I weren't serious. This is my only problem loan; I didn't feel like giving away the $300K I had in this building; the former servicer was about to foreclose after improperly denying a HAMP. They denied it because they did the math wrong, and also failed to notify me or my lawyer, which meant I lost the chance to appeal... that is to say, extenuating circumstances. The judge cannot know that because my lawyer does not want to say it.This creditor acquired the loan, not just the servicing, right after the prior servicer had done their appraisal this spring. The servicer asked for two extensions for that--almost a month--so for this debt, this is the third extension they expect. In case that matters.Further, this lender has the collateral if I default. Their predecessor's appraiser brought it in $60K higher than the stipulated value we reached, and $60K above my appraiser's value. If they trust the appraisal they inherited, then there's some equity to make up for their low opinion of my reliability. (Big range).The lender says they want a higher rate because I'm likely to default. A higher rate would increase the odds of anyone defaulting. If the goal is to get the balance repaid, the odds are better at 3.75% than 6.5%. If the goal is to maximize profits, then it's a toss up. I'd re-fi out of this the second I could, if rates were low.Question 2Given all of the above, and the argument (attached) can you hazard a guess about how the judge would lean--confirm the plan I had, versus increase the interest rate for this late objection?
This is an ethics question in a bankruptcy context I red a
This is an ethics question in a bankruptcy contextI hired a law firm to handle my Chapter 11 bankruptcy after Partner A and I had discussed the case over the phone in sufficient detail to relay my seriousness, my income, and the size of my debt to my sole impaired creditor. After I had signed the retainer and wired the money, I went in and met with Partner A. We went over my assets and income again and he told me how he thought the BK should be structured.I was assigned Partner B as my attorney. The day to day work has been done by a capable and experienced junior attorney. We have obtained a handshake deal for the vote I need in order to have a confirmable plan. We expect that vote next week, and a confirmation at the confirmation hearing in 6 weeks.Yesterday, the junior attorney told me that until recently, partners A and B didn't think my bankruptcy plan would be confirmed.Should one of them have told me that soon after they came to believe it?
I am in a bk ch 13 and i recently objected to a POC with
I am in a bk ch 13 and i recently objected to a POC with respect to a promissory note, the objection was over ruled, so i filed a notice of appeal, my question is can i still file an adversarial proceeding to test the validity of the DOT (lien) ? my concern is that by filing an appeal does that divest the district court of jurisdiction of the matter, and therefore enabling my complaint to be heard?
Here's some background on a complicated situation. My Mom
Hi! My name is Sara,Here's some background on a complicated situation. My Mom sold her house back in September of 2015. She received about $60K from the house. She owed my brother $35K that she used to make the house payments and repairs on the house until it was sold. She paid back my brother the $ 35K promptly. Now she has only $25K left (which is in my savings account) and no other assets. Not even her car (it's worth about $2000). She is on a limited income. $1300.00/ month. This is the problem. She owes Chase credit card company $22K. That is her only debt. I would like her to be able to hold onto as much as the $25K as possible. So here's the questions…1) If she could file bankruptcy (Ch. 7), all her creditors are supposed to be treated equal, correct? I wouldn't want any problems in regards ***** ***** loan that was repaid to my brother. Is there a certain amount of time that could pass where what she repaid to my brother would not be involved in the bankruptcy? And the $25K she has in my savings, would that end up being discovered anyway during the bankruptcy process?- OR –I have been trying to work with Chase for a settlement on her credit card. I have spoken to them three times so far. Of the $22,000, they will only come down by half. She's had this card since 1997, and have always been in good standing. So I lied, and said that she only had $6000 in an IRA, and that is all, in order to try to get them to settle for a fourth. That was a no go. So when I talked to them a third time I said I could give $2000 to make it $8000 which would be a third. I want her to be able to hold onto as much of the “house money" as possible. When I went through a settlement, it wasn't this hard. But I didn't have Chase. I read up on this topic and it sounds like credit card companies will settle for a third?1) I am concerned that if we don't give them what they want, they might sue. Chase did not mention that. They said it could go to collections. Is there a possibility that they might sue for the total amount of money my mom owes them? If they did sue her, could they force her hand to turn over financial records relating to all of this?2) If it went to collections, can they sue? Or could she just leave it there on her report as a collection. She's going to be 68 soon. My brother or I can help her if she would need credit.So, which is the best option here? Do I have any leverage to keep telling Chase that a third is all she has? Or could Bankruptcy work to help her keep all of it?A primary concern is that my brother would have to give back the $35K because of Chase.Thanks for your time
I am presently undergoing a chapter 13 bankruptcy in New
Hi Guys - I am presently undergoing a chapter 13 bankruptcy in New Jersey and my mortgage lender is contesting the foreclosure stay. We owe approximately 68000 to our lender, of which 34000 is escrow. While we never formally set up an escrow account, we were in arrears on our real estate taxes a few years back, at which time the lender stepped in and began paying them for us. When we inquired about why this was happening, the lender explained that whenever a client was behind they took that action. However, they also could not confirm that we even had an escrow account, which all leads to a strange situation. In the paperwork they just recently filed, they are indicating the amount in question is 34000, which is the principle amount. There is no mention of the sums related to escrow. To be clear, we attempted to pay the real estate taxes ourselves last year and the check came back to us.Sorry for the long set up, but I wanted to flesh out the particulars before asking my question. Our bankruptcy is being discharged in November and we've been working and saving with the intention of sending them a lump sum around late October. Their recent request to wave the stay of foreclosure obviously makes that whole process more difficult. Thus, I am going to file a response through my bankruptcy attorney requesting that we send along a good faith payment of $20000 and pay the remaining 14000 they're requesting over the next six months (in addition to keeping current on my mortgage, of course). My concern is: when do you think I can expect to hear about the escrow amount? Is this likely some sort of clerical mishap that may come up before long, or is there some legal mechanism related to bankruptcy by which the escrow is not pursued until the Chapter 13 is discharged. My bankruptcy lawyer seems a bit mystified that the sum is not mentioned in their paperwork, so I am seeking additional guidance. Thanks in advance for your help.
My brother needed some money so I allowed my property to be
My brother needed some money so I allowed my property to be used as collateral for his loan of $80,000. He has repaid most of the loan but a recent divorce has reduced his income significantly and he cannot afford to pay all of his debts. Can he file bankruptcy and reaffirm payment of the loan secured by my property?
In my last question I inquired, "If a judgement creditorView more bankruptcy law questions
In my last question I inquired, "If a judgement creditor executes on a personal residence do they have to pay all of the superior loans in order to take title?" As you answered, they have to pay off all superior loans in order to get anything. My question is a little different. I want to know whether they have to pay off all the superior loans in order get title. In an execution that does not involve a primary residence with a homestead exemption the judgement creditor is able to take title subject to superior loans. I want to know if that is possible where a homestead exemption is present.Read more: http://www.justanswer.com/account/my-questions.aspx?rpt=2200#ixzz3uKA09xU8