[WSBAPT] WSBAPT Digest, Vol 66, Issue 5

[Susan Donahue]

Thank you, Jenny.  Your analysis is so helpful to me because these are the
conclusions I came to, so I greatly appreciate the confirmation.  You
encapsulated it very well. I believe your analysis confirms my conclusion
that an unsecured creditor cannot unilaterally secure that credit by putting
a lien on a house to secure the debt after the 24 month period.  As you say,
"creditors holding security for debts can only look to the secured asset for
repayment after 24 months, not to the rest of the estate".  So too, with
unsecured creditors.  They cannot secure the credit by attaching a lien on a
house.

Thank you again for taking the time to analyze my client's situation and my
advice to her.

Susan


Susan Donahue
Law Office of Susan Donahue
125 West 2nd Avenue, Suite "B"
P.O. Box 81
Twisp, WA 98856
(509) 996-5944 (phone)
(509) 362-9692 (fax)
sdonahue at sdonahuelaw.com
www.sdonahuelaw.com


-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of jcrspicatto at gmail.com
Sent: Sunday, March 08, 2020 8:31 PM
To: wsbapt at lists.wsbarppt.co
Subject: Re: [WSBAPT] WSBAPT Digest, Vol 66, Issue 5

Susan,

Take a look at the statute of limitations statute, RCW 11.40.051.  The
Community Property Agreement serves, and is all your client needs, to
transfer all assets to the surviving spouse, so you don't need a probate to
transfer assets.  Most debts are gone after 24 months if no legal action is
taken by the creditor to enforce the debt and your client makes no payments
on the debt during that time.  Creditors holding security for their debts
can only look to the secured asset for repayment after 24 months, not to the
rest of the estate.  Most creditors won't take an action to enforce a debt
as it's too much work for them and it's cheaper to just write off the debt.
If your client has $95K in unsecured debt owed to 22 creditors, that's an
average of $4316/creditor -- noise to most commercial creditors.  While it
may be a little bit of anxiety for your client to wait two years, the client
should be OK if told to come and talk to you should any creditor send her a
notice that they intend to enforce the debt.

Jenny Rydberg, JD
206-550-5491

-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of wsbapt-request at lists.wsbarppt.com
Sent: Friday, March 6, 2020 12:00 PM
To: wsbapt at lists.wsbarppt.com
Subject: WSBAPT Digest, Vol 66, Issue 5

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