Join the 9 million people who found a smarter way to get Expert help
Recent Proof of Claim questions
I am in the appeals court and my case was dismissed mainly
I am in the appeals court and my case was dismissed mainly because i could not afford to pay the arrearages for the mortgage.I appealed the lift of automatic stay and my objection to their proof of claim that was over ruled. Now the opposition has informed the appeals judge that my case was dismissed and now the appeal is constitutionally moot. because i did not appeal the dismissal of my bk. I have an apeallant brief due on monday. should i submitt my applleant brief anyway because the judge falsely back dated an indorsement on the note and if left unopposed im afraid it will prejudice me in my wrongful foreclosure suit.
This is a Chapter 13 question...the Debtor has student loans
Hello...This is a Chapter 13 question...the Debtor has student loans which are in deferment and not being paid back through the plan...however the creditor (govt backed student loan) filed a proof of claim which is about $4,000 higher than what the Debtor says it should be...any need to object...there is no plan treatment of this debt other than deferred paid outside the plan...thank you in advance for your assistance
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?
My Chapter 11 bankruptcy is close to being confirmed, and
My Chapter 11 bankruptcy is close to being confirmed, and that is good, but one thing rankles. It is that an unimpaired creditor submitted a bogus document in the proof of claim (POC). My lawyer says there is no reason to object to it or make any kind of complaint about it because I am not objecting to the claim. Is that correct? I think people who fabricate loan-related documents should be revealed in the light of day.(I would have objected based on some hi-jnks whit my payments in 2010, but I can't afford what my lawyer would charge me, which is $10,000 just to write and file the motion).It's a mortgage, and what the company submitted was an assignment of deed of trust dated 9 days after I filed for BK in 2015. It was from MERS to the Company, and signed by a Company employee who was not identified as such on the transfer of deed. He was deemed a "MERS assistant secretary." There was a similar document created in 2010, when a different Company employee was the MERS secretary, and she signed over the deed of trust and the note to her real employer at that time. Thus, MERS no longer had a right to transfer the deed in 2015.More to the point, the deed and the note, which I signed as borrower in 2007, make no mention of MERS. The original lender was Downey, which was shut down by the FDIC, and officially its assets went to US Bank. I can't figure out how MERS ended up with the ability to transfer my note and deed in 2010, or why the Company now claims it owns my note. The MERS search tool says Fannie Mae is the investor.On the last page of the copy of the note the Company included in their POC, there is stamp, I would like to know what it means that it is unaltered from the time I got the loan onwards. It looks like no one has ever signed the note over to anyone one. Just curious. My real question is above.
A person, CH, is in Chp. 13,, bankruptcy. CH has a judgement
A person, CH, is in Chp. 13,, bankruptcy. CH has a judgement against her in a county civil court from a bank. That first started in 2010. Case was reopened in 2015, and judgement was for the plaintiff for $49,000 in June 2016.In April 2016, CH filed a new amended Chp. 13 plan which was confirmed May 2016. The Bank was a creditor and still gets certificates of notice. However the bank is not listed in CH amended plan as either a secured or unsecured claim. Is this allowed?? Does CH have to inform trustee of this new judgement of June 2016 for $49,000.
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?
Im a law clerk at a government agency looking into
Im a law clerk at a government agency looking into bankruptcy issues. Years ago we filed a Proof of Claim on a company that had filed ch 11. The BK has since been terminated (in 2015), not sure what that means since the case was terminated rather than discharged. Do we have a claim here? How would we collect? Or what happened to the debt owed to our office?
In a Chapter 11 bankruptcy, does this document (text below)
In a Chapter 11 bankruptcy, does this document (text below) mean the "Bank of Big" is giving up all claim to the note and the collateral, and making Shaky Financial the beneficiary, no matter what happens in the bankruptcy?United States Bankruptcy CourtCentral District of CaliforniaCase No. 1:16-bk-12345-WBChapter 11In re: Debtor(s) (including Name and Address)John Doe*****Levitown, PANOTICE OF TRANSFER OF CLAIM OTHER THAN FOR SECURITYThe Claim No(s). listed below was/were filed or deemed filed under 11 U.S.C. § 1111(a) in this case by the alleged transferor. As evidence of the transfer of that claim, the transferee filed a Transfer of Claim Other than for Security in the clerk's office of this court on 05/02/2016.Name and Address of Alleged Transferor(s):Claim No. 2:The Bank of Big, Trustee,c/o Subservicer, Inc.,P.O. Box 555, Dallas, TexasName and Address of Transferee:ShakyFinancial LLCPO Box 999Rapid City, SD-- DEADLINE TO OBJECT TO TRANSFER --The alleged transferor(s) of the claim is hereby notified that objections must be filed with the court within twenty-one (21) days of the mailing of this notice. If no objection is timely received by the court, the transferee will be substituted as the original claimant without further order of the court.Date: 05/05/16 Janet J. JonesCLERK OF THE COURT
I have filed a Chapter 13 Case pro se. My plan is stillView more bankruptcy law questions
I have filed a Chapter 13 Case pro se. My plan is still unconfirmed. The IRS filed a secured Proof of Claim for $590K. My property I owe $475K and is worth $950K. I made a mistake on my schedules and did not include a second for $200K. The second was discharged through a Chapter 7 years ago. I no longer receive statements for this account. But the lien remains. I want to tell IRS that less of their claim is secured. When there is an IRS secured claim all must be paid through the plan? Most of the assessments were done in 2006, 2007. 2008. I was wondering if I can offer to pay them less and at an interest rate of 0.5%