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Homestead Exemption Question(s)
Unless a homestead was recorded.
Sent from my iPhone
On May 24, 2012, at 5:09 PM, Larry Simons wrote:
> I look to where the debtor lived on the petition date and use that to determine the validity of the exemption.
>
>
>
Tyson M. Takeuchi
> Sent: Thursday, May 24, 2012 4:45 PM
> To: cdcbaa@yahoogroups.com; Leon Bayer
> Subject: [cdcbaa] Homestead Exemption Question(s)
>
>
>
>
>
> Hi Everyone,
>
> PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
>
> Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
>
> 30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
>
> Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
>
> Sincerely,
>
> Tyson M. Takeuchi, Esq.
>
> Tyson M. Takeuchi
> Certified Bankruptcy Specialist*^
> Law Offices of Tyson M. Takeuchi
> 1100 Wilshire Blvd., Ste. 2606
> Los Angeles, CA 90017
> tel: (213) 637-1866
> fax: (866) 481-3236
> *By State Bar of California Board of Legal Specialization
> ^Consumer Bankruptcy Specialist Certified by American Board of Certification
>
>
>
Unless a homestead was recorded. Sent from my iPhoneOn May 24, 2012, at 5:09 PM, Larry Simons <larry@lsimonslaw.com> wrote:
I look to where the debtor lived on the petition date and use that to determine the validity of the exemption.
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
On Behalf Of Tyson M. Takeuchi
Sent: Thursday, May 24, 2012 4:45 PM
To: cdcbaa@yahoogroups.com; Leon Bayer
Subject: [cdcbaa] Homestead Exemption Question(s)
Hi Everyone,
PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
Sincerely,
Tyson M. Takeuchi, Esq.
Tyson M. Takeuchi
Certified Bankruptcy Specialist*^
Law Offices of Tyson M. Takeuchi
1100 Wilshire Blvd., Ste. 2606
Los Angeles, CA 90017
tel: (213) 637-1866
fax: (866) 481-3236
*By State Bar of California Board of Legal Specialization
^Consumer Bankruptcy Specialist Certified by American Board of Certification
The post was migrated from Yahoo.
No. Scheds document filing date only. You file a report showing changes. Read the rulebook Rule 1019.
D
Sent from my iPhone
On May 26, 2012, at 12:12 PM, Michael Avanesian wrote:
> Are we not allowed to / supposed to amend the schedules to reflect the debtors true circumstances as of the conversion date?
>
> When we convert to an 11, that is what we have done but I don't know if it works the same way going from 11/13 to a 7.
>
> Sent from my iPhone
>
> On May 26, 2012, at 11:41 AM, "jonhayes6666" wrote:
>
>>
>> Take a look at the new 9th Cir case In re Jacobson, http://www.ca9.uscourts.gov/datastore/o ... -60040.pdf
>>
>> "Under the so-called "snapshot" rule, bankruptcy exemptions are fixed at the time of the bankruptcy petition. See White v. Stump, 266 U.S. 310, 313 (1924). Those exemptions must be determined in accordance with the state law "applicable on the date of filing." 11 U.S.C. 522(b)(3)(A)."
>>
>> --- In cdcbaa@yahoogroups.com, "Tyson M. Takeuchi" wrote:
>> >
>> >
>> > Hi Everyone,
>> >
>> > PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
>> >
>> > Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
>> >
>> > 30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
>> >
>> > Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
>> >
>> > Sincerely,
>> >
>> > Tyson M. Takeuchi, Esq.
>> >
>> > Tyson M. Takeuchi
>> > Certified
>> >
>> > Bankruptcy Specialist*^
>> > Law Offices of Tyson M. Takeuchi
>> > 1100
>> > Wilshire Blvd., Ste. 2606
>> > Los Angeles, CA 90017
>> > tel: (213)
>> > 637-1866
>> > fax: (866) 481-3236
>> > *By State Bar of California Board of
>> > Legal Specialization
>> > ^Consumer Bankruptcy Specialist Certified by
>> > American Board of Certification
>> >
>>
>
>
No. Scheds document filing date only. You file a report showing changes. Read the rulebook Rule 1019. DSent from my iPhoneOn May 26, 2012, at 12:12 PM, Michael Avanesian <michael@avanesianlaw.com> wrote:
Are we not allowed to / supposed to amend the schedules to reflect the debtors true circumstances as of the conversion date?When we convert to an 11, that is what we have done but I don't know if it works the same way going from 11/13 to a 7. Sent from my iPhoneOn May 26, 2012, at 11:41 AM, "jonhayes6666" <Jhayes@polarisnet.net> wrote:
Take a look at the new 9th Cir case In re Jacobson,
The post was migrated from Yahoo.
Are we not allowed to / supposed to amend the schedules to reflect the debtors true circumstances as of the conversion date?
When we convert to an 11, that is what we have done but I don't know if it works the same way going from 11/13 to a 7.
Sent from my iPhone
On May 26, 2012, at 11:41 AM, "jonhayes6666" wrote:
> Take a look at the new 9th Cir case In re Jacobson, http://www.ca9.uscourts.gov/datastore/o ... -60040.pdf
>
> "Under the so-called "snapshot" rule, bankruptcy exemptions are fixed at the time of the bankruptcy petition. See White v. Stump, 266 U.S. 310, 313 (1924). Those exemptions must be determined in accordance with the state law "applicable on the date of filing." 11 U.S.C. 522(b)(3)(A)."
>
> --- In cdcbaa@yahoogroups.com, "Tyson M. Takeuchi" wrote:
> >
> >
> > Hi Everyone,
> >
> > PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
> >
> > Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
> >
> > 30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
> >
> > Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
> >
> > Sincerely,
> >
> > Tyson M. Takeuchi, Esq.
> >
> > Tyson M. Takeuchi
> > Certified
> >
> > Bankruptcy Specialist*^
> > Law Offices of Tyson M. Takeuchi
> > 1100
> > Wilshire Blvd., Ste. 2606
> > Los Angeles, CA 90017
> > tel: (213)
> > 637-1866
> > fax: (866) 481-3236
> > *By State Bar of California Board of
> > Legal Specialization
> > ^Consumer Bankruptcy Specialist Certified by
> > American Board of Certification
> >
>
>
Are we not allowed to / supposed to amend the schedules to reflect the debtors true circumstances as of the conversion date?When we convert to an 11, that is what we have done but I don't know if it works the same way going from 11/13 to a 7. Sent from my iPhoneOn May 26, 2012, at 11:41 AM, "jonhayes6666" <Jhayes@polarisnet.net> wrote:
Take a look at the new 9th Cir case In re Jacobson,
The post was migrated from Yahoo.
Take a look at the new 9th Cir case In re Jacobson, http://www.ca9.uscourts.gov/datastore/o ... -60040.pdf
"Under the so-called "snapshot" rule, bankruptcy exemptions are fixed at the time of the bankruptcy petition. See White v. Stump, 266 U.S. 310, 313 (1924). Those exemptions must be determined in accordance with the state law "applicable on the date of filing." 11 U.S.C. 522(b)(3)(A)."
>
>
> Hi Everyone,
>
> PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
>
> Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
>
> 30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
>
> Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
>
> Sincerely,
>
> Tyson M. Takeuchi, Esq.
>
> Tyson M. Takeuchi
> Certified
>
> Bankruptcy Specialist*^
> Law Offices of Tyson M. Takeuchi
> 1100
> Wilshire Blvd., Ste. 2606
> Los Angeles, CA 90017
> tel: (213)
> 637-1866
> fax: (866) 481-3236
> *By State Bar of California Board of
> Legal Specialization
> ^Consumer Bankruptcy Specialist Certified by
> American Board of Certification
>
The post was migrated from Yahoo.
charset="US-ASCII"
You can claim a homestead exemption in a boat, a trailer or anything, so
a commercial property should be no problem. What I'm wondering about is
whether it has to be your homestead on the date of filing, or whether
you can change your homestead in the middle of the case. There is a
possibility that the PC got bad advice from last attorney. So no answer
on case law, but I want to make sure you're spotting the right issues.
Steven B. Lever
The post was migrated from Yahoo.
Hi Everyone,
PC filed a chapter 13 bk to save his condo from foreclosure. He also owns a commercial property with $160k equity.
Four months into his Ch. 13, PC determined that he couldn't support the payments on his condo and moved into the commercial property with his wife. Commercial property was listed on his bk schedules.
30 days after moving into the commercial property, PC converted his case to one under Chapter 7. PC (and non-debtor spouse) are both over 65 years. The Chapter 7 Trustee assigned to his case is now preparing to sell the commercial property.
Can PC claim a homestead exemption for the commercial property he now lives in? Anyone know of any case law supporting him? Thoughts?
Sincerely,
Tyson M. Takeuchi, Esq.
Tyson M. Takeuchi
Certified
Bankruptcy Specialist*^
Law Offices of Tyson M. Takeuchi
1100
Wilshire Blvd., Ste. 2606
Los Angeles, CA 90017
tel: (213)
637-1866
fax: (866) 481-3236
*By State Bar of California Board of
Legal Specialization
^Consumer Bankruptcy Specialist Certified by
American Board of Certification
The post was migrated from Yahoo.