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Exemption Question
charsetndows-1252
Sorry, Sujin, this was in my spam filter. Suggest you look at the 704 exemptions for causes of action for personal injury. I believe they are unlimited in amount, without making a claim. Not the 703's.
Jason
Jason Wallach
jwallach@gladstonemichel.com
On Jul 12, 2012, at 11:50 PM, Sujin Kim wrote:
Dear Listmates,
I have a client who is a member of a class in a high profile suit against a large corporation. The suit is for contamination and the resulting health/property damage. I represented another member of the same class in a ch. 7 and the trustee never mentioned the case so I thought there would be a high probability that it would be a non-issue in this case as well. The trustee in the present case, however, is very interested. My client has, indeed, suffered many health problems, is now disabled, and was very recently diagnosed with cancer. If there is a recovery in the case, ethically and morally, I feel the damages award should go to her for her continuing medical issues and necessary care. Beyond the 703.140 (b) (11)(d) personal injury exemption and wild card, is there any way to protect the award that might come from this case?
Sujin Kim
Attorney
Hope Law Group
601 S. Figueroa St., Suite 4025
Los Angeles, CA 90017
Tel: (213) 255-5753
Fax: (213) 596-3824
charsetndows-1252
Sorry, Sujin, this was in my spam filter. Suggest you look at the 704 exemptions for causes of action for personal injury. I believe they are unlimited in amount, without making a claim. Not the 703's.Jason
Jason Wallachjwallach@gladstonemichel.com
On Jul 12, 2012, at 11:50 PM, Sujin Kim wrote:
The post was migrated from Yahoo.
Just off the top of my head, and without knowing what other assets
your client needs to protect, I would suggest using 704.140 instead
of 703 since it potentially allows for a larger exemption (amount
necessary for support of debtor and dependents).
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
Use 704 set.
Sent from my iPad
On Jul 12, 2012, at 11:50 PM, Sujin Kim wrote:
> Dear Listmates,
>
> I have a client who is a member of a class in a high profile suit against a large corporation. The suit is for contamination and the resulting health/property damage. I represented another member of the same class in a ch. 7 and the trustee never mentioned the case so I thought there would be a high probability that it would be a non-issue in this case as well. The trustee in the present case, however, is very interested. My client has, indeed, suffered many health problems, is now disabled, and was very recently diagnosed with cancer. If there is a recovery in the case, ethically and morally, I feel the damages award should go to her for her continuing medical issues and necessary care. Beyond the 703.140 (b) (11)(d) personal injury exemption and wild card, is there any way to protect the award that might come from this case?
>
>
>
> --
> Sujin Kim
> Attorney
> Hope Law Group
> 601 S. Figueroa St., Suite 4025
> Los Angeles, CA 90017
> Tel: (213) 255-5753
> Fax: (213) 596-3824
>
Use 704 set.Sent from my iPadOn Jul 12, 2012, at 11:50 PM, Sujin Kim <hopelawgroup@yahoo.com> wrote:
The post was migrated from Yahoo.
Dear Listmates,
I have a client who is a member of a class in a high profile suit against a large corporation. The suit is for contamination and the resulting health/property damage. I represented another member of the same class in a ch. 7 and the trustee never mentioned the case so I thought there would be a high probability that it would be a non-issue in this case as well. The trustee in the present case, however, is very interested. My client has, indeed, suffered many health problems, is now disabled, and was very recently diagnosed with cancer. If there is a recovery in the case, ethically and morally, I feel the damages award should go to her for her continuing medical issues and necessary care. Beyond the 703.140 (b) (11)(d) personal injury exemption and wild card, is there any way to protect the award that might come from this case?
Sujin Kim
Attorney
Hope Law Group
601 S. Figueroa St., Suite 4025
Los Angeles, CA 90017
Tel: (213) 255-5753
Fax: (213) 596-3824
The post was migrated from Yahoo.
This is just my guess. It really depends on your estimate. In addition to cost of sale, a trustee homes sell at a discount. Do you think that the $700k is an estimate for a distressed sale or a regular sale? Get more than one estimate.
The post was migrated from Yahoo.
I never count on costs exceeding 8 to 10 percent. If the trustee trys to sell, and the numbers are close, everyone will discount to close.
D
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 13, 2010, at 3:33 PM, "Matthew Gary Evans" wrote:
I met with 2 prospective clients who own real property with an estimated value of $699,500. The total debt secured by the home is $606,500, equity is about $93k. They expect to receive a tax refund of about $8k. They need the tax refund to pay property taxes, which is what they do with the refund every year.
If the trustees fee and real estate professionals fees total 16% of the sale price of the home, then their fee would be just under $112k, which is about $19k more than the equity.
So my question is: would it be in the homeowners best interest to claim the 703 exemptions to use the wildcard to keep the refund rather than using the 704s for the purpose of the homestead exemption? With numbers like these, isnt there no reason for the trustee to want to sell the home and, accordingly, no reason to use the 704s?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
Member: Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
I never count on costs exceeding 8 to 10 percent. If the trustee trys to sell, and the numbers are close, everyone will discount to close. DDennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Feb 13, 2010, at 3:33 PM, "Matthew Gary Evans" <matthew@matthewgaryevanslaw.com> wrote:
I
met with 2 prospective clients who own real property with an estimated value of
$699,500. The total debt secured by the home is $606,500, equity is about
$93k. They expect to receive a tax refund of about $8k. They need
the tax refund to pay property taxes, which is what they do with the refund
every year.
If
the trustees fee and real estate professionals fees total 16% of
the sale price of the home, then their fee would be just under $112k, which is
about $19k more than the equity.
So
my question is: would it be in the homeowners best interest to claim the
703 exemptions to use the wildcard to keep the refund rather than using the
704s for the purpose of the homestead exemption? With numbers like these,
isnt there no reason for the trustee to want to sell the home and,
accordingly, no reason to use the 704s?
____________________________________
Law
Office of Matthew Gary Evans
Matthew
Gary Evans, Esq.
16
North Marengo Avenue, Room 219
Pasadena,
California 91101
Tel.:
(626) 405-9448
Fax:
(626) 768-7565
Cell:
(213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
Member:
Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy
Attorneys Association, National Association of Consumer Bankruptcy Attorneys,
Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not
the named addressee please do not disseminate, print, or copy this e-mail.
Please notify the sender immediately by reply e-mail if you have received this
e-mail by mistake and delete this e-mail from your system. Thank you.
The post was migrated from Yahoo.
Unless there is an emergency requiring an immediate filing, why not wait until the clients have received and spent their tax refund? This is a situation we face often in the first quarter each year. Having said that, if there is the need for an immediate filing, I'd recommend using the homestead exemption with the numbers you've given.
Matthew Gary Evans wrote:
I met with 2 prospective clients who own real property with an estimated value of $699,500. The total debt secured by the home is $606,500, equity is about $93k. They expect to receive a tax refund of about $8k. They need the tax refund to pay property taxes, which is what they do with the refund every year.
If the trustees fee and real estate professionals fees total 16% of the sale price of the home, then their fee would be just under $112k, which is about $19k more than the equity.
So my question is: would it be in the homeowners best interest to claim the 703 exemptions to use the wildcard to keep the refund rather than using the 704s for the purpose of the homestead exemption? With numbers like these, isnt there no reason for the trustee to want to sell the home and, accordingly, no reason to use the 704s?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
Member: Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
Unless there is an emergency requiring an immediate filing, why not wait until the clients have received and spent their tax refund? This is a situation we face often in the first quarter each year. Having said that, if there is the need for an immediate filing, I'd recommend using the homestead exemption with the numbers you've given.
Matthew Gary Evans <matthew@matthewgaryevanslaw.com> wrote:
I met with 2 prospective clients who own real property with an estimated value of $699,500. The total debt secured by the home is $606,500, equity is about $93k. They
expect to receive a tax refund of about $8k. They need the tax refund to pay property taxes, which is what they do with the refund every year.
If the trustees fee and real estate professionals fees total 16% of the sale price of the home, then their fee would be just under $112k, which is about $19k more than
the equity.
So my question is: would it be in the homeowners best interest to claim the 703 exemptions to use the wildcard to keep the refund rather than using the 704s for the
purpose of the homestead exemption? With numbers like these, isnt there no reason for the trustee to want to sell the home and, accordingly, no reason to use the 704s?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
The post was migrated from Yahoo.
I met with 2 prospective clients who own real property with an estimated
value of $699,500. The total debt secured by the home is $606,500, equity
is about $93k. They expect to receive a tax refund of about $8k. They need
the tax refund to pay property taxes, which is what they do with the refund
every year.
If the trustee's fee and real estate professionals' fees total 16% of the
sale price of the home, then their fee would be just under $112k, which is
about $19k more than the equity.
So my question is: would it be in the homeowners' best interest to claim the
703 exemptions to use the wildcard to keep the refund rather than using the
704s for the purpose of the homestead exemption? With numbers like these,
isn't there no reason for the trustee to want to sell the home and,
accordingly, no reason to use the 704s?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
Member: Consumer Attorneys Association of Los Angeles, Central District
Consumer Bankruptcy Attorneys Association, National Association of Consumer
Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
I
met with 2 prospective clients who own real property with an estimated value of
$699,500. The total debt secured by the home is $606,500, equity is about
$93k. They expect to receive a tax refund of about $8k. They need
the tax refund to pay property taxes, which is what they do with the refund
every year.
If
The post was migrated from Yahoo.