By Cathy Moran, Esq. (Redwood City, CA) and William J. Purdy, III, Simmons & Purdy (Soquel, CA) Ever guarantee the debt of another? Ever meet anyone who has? Chances are if you’re in business and the business is a C-corporation, an S-corporation, an LLC, or a partnership, when that business borrows money, the lender will require one or more persons...
From the Editor – Property of Estate and Exemptions
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By The Honorable William Houston Brown (Retired)
Timing of lien avoidance in Chapter 13. Chapter 13 debtor’s avoidance of judgment lien that impaired homestead exemption would be effective immediately to allow recognition of homestead exemption for purposes of plan confirmation, but would not be effective for other purposes until completion of plan and entry of discharge. This would permit the debtors to treat the creditor holding that avoided lien as unsecured in their plan, but the lien would not be completely avoided until the plan was completed and discharge entered. In the event of dismissal . . .
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