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Selling real property in CH 13 or CH 7?
Michael:
What do you mean by this?
> The Trustee will keep the case open for 7-8 months to ensure the proceeds are protected.
Are you referring to the six month reinvestment requirement?
please don't make things up as you go along.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jun 1, 2015, at 11:56 PM, Michael Avanesian michael@avanesianlaw.com [cdcbaa] wrote:
>
> I just make this stuff up as I go so I could be completely wrong.
>
> The third option is to sell the property while in a 13 then convert to 7. The Chapter 13 Trustee eats up 10% of distributions, the Chapter 7 Trustee eats up roughly 5-6% of distributions but if you can sell in a 13 and have escrow pay off the secured lender + lienholders, then I *believe* a Chapter 13 Trustee does not ask for payment of his/her 10% since the Trustee did not distribute anything.
>
> You then convert to Chapter 7 with what is a no asset case. The Trustee will keep the case open for 7-8 months to ensure the proceeds are protected.>
>
> Sincerely,
>
> Michael Avanesian, Esq.
> Simon Resnik Hayes, LLP
> 15233 Ventura Blvd., Suite 250
> Sherman Oaks, CA 91403
> Tel: 818.783.6251 | Cel: 818.817.1725
>
> Confidentiality: This electronic transmission and its contents are legally privileged and confidential information and intended solely for the use of the addressee. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, copying or other use of this message and its contents is strictly prohibited. If you have received this transmission in error, please reply to us immediately and delete this message from your directory.
> IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
>
>
>> On Sun, May 31, 2015 at 7:11 PM, Craig J Beauchamp legallycraig@gmail.com [cdcbaa] wrote:
>>
>> I have a possible client who filed a pro per CH 13 in order to stop the foreclosure of her home in order to give herself time sell the home which has about $125,000 in equity but which has a $54k IRS lien and a $22k EDD lien. She has a potential buyer and hopes to sign purchase agreement this week. If the lenders agree to the sale, all she will be left with will the be unpaid portion of the government liens and about $55000 in credit card debt. Query, sell the house in CH 13 or convert to a CH 7 to sell the house in order to wipe out all unsecured debt. Income-wise she qualifies for a Ch7. She didn't file a 7 because she knew lender would file a motion for relief of stay. She owes over $100k in arrears.
>>
>> Next 341 hearing is June 12th. My own thought is if the lender agrees, convert to 7 and file motion to sell and let the Trustee decide how to divvy up the proceeds.
>>
>> Will appreciate input before I talk to this woman next week.
>>
>> Craig
>>
>> Craig J. Beauchamp, Esq.
>> Attorney at Law
>> PO Box 25857
>> Santa Ana, CA 92799
>> (949) 689-9709
>> (714) 835-5763 fax
>> Legallycraig@gmail.com
>>
>> NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept notice for Ex Parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
>>
>> CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
>
>
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Also consider keeping her in a 13 and amend the plan to accommodate the sale, adjust the plan payment and payout to creditors. Tax creditor paid in full (no penalty or interest) whatever % to the unsecured. If she qualifies for a Ch 7, her Ch 13 plan payment is low? My guess. is choice would include communicating with the Ch 13 Trustee so they can let you know if there is a special procedure or evidence so you can submit everything and they don't have to object.
Certified Specialist, Bankruptcy Law, The State Bar of California Board of Legal SpecializationLaw Office of Catherine Christiansen
On Monday, June 1, 2015 9:53 PM, "Craig J Beauchamp legallycraig@gmail.com [cdcbaa]" wrote:
I have a possible client who filed a pro per CH 13 in order to stop the foreclosure of her home in order to give herself time sell the home which has about $125,000 in equity but which has a $54k IRS lien and a $22k EDD lien. Shehas a potential buyer and hopes to sign purchase agreement this week.If the lenders agree to the sale, all she will be left with will the be unpaid portion of the government liens and about $55000 in credit card debt. Query, sell the house in CH 13 or convert to a CH 7 to sell the house in order to wipe out all unsecured debt. Income-wise she qualifies for a Ch7. She didn't file a 7 because she knew lender would file a motion for relief of stay. She owes over $100k in arrears.
Next 341 hearing is June 12th. My own thought is if the lender agrees, convert to 7 and file motion to sell and let the Trustee decide how to divvy up the proceeds.
Will appreciate input before I talk to this woman next week.
Craig
Craig J. Beauchamp, Esq.Attorney at LawPO Box 25857Santa Ana, CA 92799(949) 689-9709(714) 835-5763faxLegallycraig@gmail.com
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not acceptnotice forEx ParteApplications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
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I just make this stuff up as I go so I could be completely wrong.
The third option is to sell the property while in a 13 then convert to 7.
The Chapter 13 Trustee eats up 10% of distributions, the Chapter 7 Trustee
eats up roughly 5-6% of distributions but if you can sell in a 13 and have
escrow pay off the secured lender + lienholders, then I *believe* a Chapter
13 Trustee does not ask for payment of his/her 10% since the Trustee did
not distribute anything.
You then convert to Chapter 7 with what is a no asset case. The Trustee
will keep the case open for 7-8 months to ensure the proceeds are
protected.
Sincerely,
*Michael Avanesian, Esq. *
Simon Resnik Hayes, LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Tel: 818.783.6251 | Cel: 818.817.1725
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
for the purpose of (i) avoiding penalties under the Internal Revenue Code,
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed herein.
On Sun, May 31, 2015 at 7:11 PM, Craig J Beauchamp legallycraig@gmail.com
[cdcbaa] wrote:
>
>
> I have a possible client who filed a pro per CH 13 in order to stop the
> foreclosure of her home in order to give herself time sell the home which
> has about $125,000 in equity but which has a $54k IRS lien and a $22k EDD
> lien. She has a potential buyer and hopes to sign purchase agreement this
> week. If the lenders agree to the sale, all she will be left with will
> the be unpaid portion of the government liens and about $55000 in credit
> card debt. Query, sell the house in CH 13 or convert to a CH 7 to sell the
> house in order to wipe out all unsecured debt. Income-wise she qualifies
> for a Ch7. She didn't file a 7 because she knew lender would file a motion
> for relief of stay. She owes over $100k in arrears.
>
> Next 341 hearing is June 12th. My own thought is if the lender agrees,
> convert to 7 and file motion to sell and let the Trustee decide how to
> divvy up the proceeds.
>
> Will appreciate input before I talk to this woman next week.
>
> Craig
>
> Craig J. Beauchamp, Esq.
> Attorney at Law
> PO Box 25857
> Santa Ana, CA 92799
> (949) 689-9709
> (714) 835-5763 fax
> Legallycraig@gmail.com
>
> NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept notice for *Ex
> Parte* Applications via voicemail or by email. You must comply with
> California Law and give notice to a person in my office during regular
> business hours.
>
> CONFIDENTIALITY STATEMENT: This message contains privileged and
> confidential information and is intended only for the individual named. If
> you are not the intended recipient you should not disseminate, distribute,
> store, print, copy or deliver this message. Please notify the sender
> immediately by e-mail if you have received this e-mail by mistake and
> delete this e-mail from your system.
>
>
>
I just make this stuff up as I go so I could be completely wrong.The third option is to sell the property while in a 13 then convert to 7. The Chapter 13 Trustee eats up 10% of distributions, the Chapter 7 Trustee eats up roughly 5-6% of distributions but if you can sell in a 13 and have escrow pay off the secured lender + lienholders, then I *believe* a Chapter 13 Trustee does not ask for payment of his/her 10% since the Trustee did not distribute anything.You then convert to Chapter 7 with what is a no asset case. The Trustee will keep the case open for 7-8 months to ensure the proceeds are protected.Sincerely,Michael Avanesian, Esq.
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Reply-To: Craig J Beauchamp
X-Original-Return-Path: Craig J Beauchamp
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
I have a possible client who filed a pro per CH 13 in order to stop the
foreclosure of her home in order to give herself time sell the home which
has about $125,000 in equity but which has a $54k IRS lien and a $22k EDD
lien. She has a potential buyer and hopes to sign purchase agreement this
week. If the lenders agree to the sale, all she will be left with will
the be unpaid portion of the government liens and about $55000 in credit
card debt. Query, sell the house in CH 13 or convert to a CH 7 to sell the
house in order to wipe out all unsecured debt. Income-wise she qualifies
for a Ch7. She didn't file a 7 because she knew lender would file a motion
for relief of stay. She owes over $100k in arrears.
Next 341 hearing is June 12th. My own thought is if the lender agrees,
convert to 7 and file motion to sell and let the Trustee decide how to
divvy up the proceeds.
Will appreciate input before I talk to this woman next week.
Craig
Craig J. Beauchamp, Esq.
Attorney at Law
PO Box 25857
Santa Ana, CA 92799
(949) 689-9709
(714) 835-5763 fax
Legallycraig@gmail.com
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept notice for *Ex
Parte* Applications via voicemail or by email. You must comply with
California Law and give notice to a person in my office during regular
business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual named. If
you are not the intended recipient you should not disseminate, distribute,
store, print, copy or deliver this message. Please notify the sender
immediately by e-mail if you have received this e-mail by mistake and
delete this e-mail from your system.
I have a possible client who filed a pro per CH 13 in order to stop the foreclosure of her home in order to give herself time sell the home which has about $125,000 in equity but which has a $54k IRS lien and a $22k EDD lien. Shehas a potential buyer and hopes to sign purchase agreement this week.If the lenders agree to the sale, all she will be left with will the be unpaid portion of the government liens and about $55000 in credit card debt. Query, sell the house in CH 13 or convert to a CH 7 to sell the house in order to wipe out all unsecured debt. Income-wise she qualifies for a Ch7. She didn't file a 7 because she knew lender would file a motion for relief of stay. She owes over $100k in arrears.Next 341 hearing is June 12th. My own thought is if the lender agrees, convert to 7 and file motion to sell and let the Trustee decide how to divvy up the proceeds.Will appreciate input before I talk to this woman next week.CraigCraig J. Beauchamp, Esq.Attorney at LawPO Box 25857Santa Ana, CA 92799(949) 689-9709fax
The post was migrated from Yahoo.