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Treatment of Equalization Payments in a CA Divorce
We agree.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
L
Sent: Friday, May 22, 2009 12:01 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Treatment of Equalization Payments in a CA Divorce
Dwelling exemption applies only to forced judicial sales, if voluntary sale
not exemption. 704.720(b)(2); In re Wilson (9th Cir. 1996) 90 F3d 347,
350-351.
The post was migrated from Yahoo.
The "sale" may be involuntary, depends on the facts, so homestead
declaration may not be required and dwelling house may apply.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
L
Sent: Thursday, May 21, 2009 12:06 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Treatment of Equalization Payments in a CA Divorce
Only if a homestead declaration was recorded. If the sale is voluntary
rather than sold by judgment creditor, then there is no six months
exemption.
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John:
CCP 704.720(b) exempts the proceeds for six months after actual receipt.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
Family Law is definitely not my thing so any thoughts on this most appreciated:
guy just got through a divorce. the wife got the house and in the settlement will pay him $100k to equalize the CP values. This payment will be made out of escrow. The escrow is there because wife is buying him out of his interest in the house.
the house had plummetted in market value and this $100k, while a nice piece of change, is still a capital loss.
i don't see how he keeps it in a Ch 7.
any thoughts?
thank you
John Greifendorff
Attorney at Law
(866) 821-9358 toll free
(714) 888-5867 office
333 City West Blvd
17th Floor
Orange, CA 92868
The post was migrated from Yahoo.