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Is it acceptable to have "unknown" as a value of a
I agree with Mr. Clark but I would make it easy for the judge. Keep in mind
I looked at a Chapter 13 plan for the third time in my life so I may be off
a little. Some of it may look weird because I don't understand how the
Trustee know when and how to distribute to unsecured creditors. Here is
what I would do:
For Class 5, I would check the second box, making 2 subclasses.
CLASS 5 NON-PRIORITY UNSECURED CLAIMS
a. The Debtor estimates that non-priority unsecured claims total the sum of
$_______.
Class 5a claims (including allowed unsecured amounts from Class 3) are of
one class and will be paid pro rata.
If distributions under subsection b pay all unsecured claims in full,
payments under this subsection shall cease.
b. In addition to the payment described under subsection a, non-priority
unsecured claimants will be paid a pro rata share of any Recovery from
Lawsuits (both terms defined below) not to exceed the full amount of their
claims less payments disbursed under subsection a.
Debtor is in the process of prosecuting the following actions ("Lawsuits"):
____ v. ____, LASC Case No. ____. Est. value unknown.
____ v. ____, LASC Case No. ____. Est. value unknown.
____ v. ____, LASC Case No. ____. Est. value unknown.
Once all appeals of the Lawsuits are exhaused, any funds remaining after
payment of attorney fees and costs related to the Lawsuits shall be turned
over to the Chapter 13 Trustee. The Chapter 13 Trustee shall set aside a
sufficient reserve to pay any estimated administrative expenses including
the estimated future fees of Debtor's counsel, any remaining funds (the
"Recovery") shall be distributed to Class 5a creditors on a pro rata basis.
The Chapter 13 Trustee shall notify Debtor's counsel of any such turnover
of funds and request counsel's estimate of future funds which the Trustee
shall reserve.
I am sure the Trustee's attorneys will ask for some additional protections.
You need to figure out how and when you paid, and how to distribute the
remaining funds after your fees are paid for.
Sincerely,
Michael Avanesian
On Sat, Oct 25, 2014 at 4:47 PM, Holly Roark hollyroark22@gmail.com
[cdcbaa] wrote:
>
>
> 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.**
>
>
>
>
I agree with Mr. Clark but I would make it easy for the judge. Keep in mind I looked at a Chapter 13 plan for the third time in my life so I may be off a little. Some of it may look weird because I don't understand how the Trustee know when and how to distribute to unsecured creditors. Here is what I would do:For Class 5, I would check the second box, making 2 subclasses.>CLASS 5 NON-PRIORITY UNSECURED CLAIMSa. The Debtor estimates that non-priority unsecured claims total the sum of $_______.Class 5a claims (including allowed unsecured amounts from Class 3) are of one class and will be paid pro rata.If distributions under subsection b pay all unsecured claims in full, payments under this subsection shall cease.
The post was migrated from Yahoo.
Take it in front of the judge
On Saturday, October 25, 2014, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>
>
> 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.**
>
>
>
>
Sent from Gmail Mobile
Take it in front of the judgeOn Saturday, October 25, 2014, Holly Roark hollyroark22@gmail.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
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 RoarkCertified Bankruptcy Specialist*and Sports Lawyer
The post was migrated from Yahoo.