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Is it acceptable to have "unknown" as a value of a lawsuit asset on
Converted Chapter 13 case in Santa Ana CDCA.
Debtor is pursuing a couple lawsuits in state court and has hired counsel
with employment applications filed in the BK case. Value of the suits are
unknown, but Debtor will pay whatever is recovered in them into the plan.
Trustee has had many objections in this converted case. Three 341(a)
hearings have been held and every time I appear (after having resolved
prior objections), new objections are stated.
Trustee is now objecting to lawsuits being listed as "unknown".
Pursuant to a conversation on the record with trustee's counsel, if I list
a random dollar value for the lawsuits, trustee will say that plan % must
be increased due to increased liquidation value. If I list zero as the
value, trustee will say they are bad faith lawsuits, and case should be
reconverted to chapter 7. If we dismiss lawsuits, he says case should be
reconverted to chapter 7.
I can't win here. Can someone provide some guidance?
Confirmation hearing was already continued once and is coming up again
soon. Schedules have already been amended ad nauseam for one reason or
another. I need to stop amending but I need to know whether I can leave the
debtor/plaintiff lawsuits listed as "unknown" and still confirm a plan.
MW is judge.
PS - none of these objections have been actually filed with the court, just
stated to me on the record.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
Converted Chapter 13 case in Santa Ana CDCA.Debtor is pursuing a couple lawsuits in state court and has hired counsel with employment applications filed in the BK case. Value of the suits are unknown, but Debtor will pay whatever is recovered in them into the plan. Trustee has had many objections in this converted case. Three 341(a) hearings have been held and every time I appear (after having resolved prior objections), new objections are stated.Trustee is now objecting to lawsuits being listed as "unknown". Pursuant to a conversation on the record with trustee's counsel, if I list a random dollar value for the lawsuits, trustee will say that plan % must be increased due to increased liquidation value. If I list zero as the value, trustee will say they are bad faith lawsuits, and case should be reconverted to chapter 7. If we dismiss lawsuits, he says case should be reconverted to chapter 7.I can't win here. Can someone provide some guidance?Confirmation hearing was already continued once and is coming up again soon. Schedules have already been amended ad nauseam for one reason or another. I need to stop amending but I need to know whether I can leave the debtor/plaintiff lawsuits listed as "unknown" and still confirm a plan.MW is judge.PS - none of these objections have been actually filed with the court, just stated to me on the record.
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