.jpg)
Intellectual property issues
Have a potential client who's:
losing her house to a short sale or foreclosure on May 15. Has a 1st and 2nd on it. She doesn't want it anymore so she's ok with losing it. House is worth about $800k, 1st is $790k, 2nd $80k.
She's unemployed and has been for months. Mom is lending her money to live on. $4k/mo. so under the median.
She's a filmmaker. About $60k in cc debt all from when she made a documentary film on old Hollywood. (Interesting movie. I've seen it). A major studio home video corp. is releasing the DVD which will have some value. Not sure when that will happen. An "A list feature film" is being made, to be released in about 1 yr. We all know how the film business is, but these most likely will happen. The movie is owned by her corp. Also has an LLC - she's not sure what that has as assets.
If that's not enough, she's written a book that pays about $100-200/mo in royalties and they are re-optioning the book after the first of 2011 for about $25,000, more than the wild card could protect, if that could even help at this point, which I don't see. The only property, other than the intellectual property, is an owned car - FMV about $11,000 and 2 antique Irish cabinets, FMV about $2k each.
I don't see a lot of room here, except maybe an 11? and I don't think she would have the money for an 11. I'm afraid in a 7 the trustee would just have a field day with all the prospective income. Not sure a 13 would work either, because no she has no income but it could substantially increase during a 3 yrs plan.
She's fairly ill, but doesn't believe in a lot of western medicine, and says the credit cards and the collection co's are the problem.
Any ideas?
Vicki L. Temkin Law Office of Vicki L. Temkin 15030 Ventura Blvd., Ste. 19-780 Sherman Oaks, Ca 91403 Ph:(818) 501-4658 /Fx:(818) 501-0903
Have a potential client who's:losing her house to a short sale or foreclosure on May 15. Has a 1st and 2nd on it. She doesn't want it anymore so she's ok with losing it. House is worth about $800k, 1st is $790k, 2nd $80k. She's unemployed and has been for months. Mom is lending her money to live on. $4k/mo. so under the median. She's a filmmaker. About $60k in cc debt all from when she made a documentary film on old Hollywood. (Interesting movie. I've seen it). A major studio home video corp. is releasing the DVD which will have some value. Not sure when that will happen. An "A list feature film" is being made, to be released in about 1 yr. We all know how the film business is, but these most likely will happen. The movie is owned by her corp. Also has an LLC - she's not
sure what that has as assets. If that's not enough, she's written a book that pays about $100-200/mo in royalties and they are re-optioning the book after the first of 2011 for about $25,000, more than the wild card could protect, if that could even help at this point, which I don't see. The only property, other than the intellectual property, is an owned car - FMV about $11,000 and 2 antique Irish cabinets, FMV about $2k each.I don't see a lot of room here, except maybe an 11? and I don't think she would have the money for an 11. I'm afraid in a 7 the trustee would just have a field day with all the prospective income. Not sure a 13 would work either, because no she has no income but it could substantially increase during a 3 yrs plan.She's fairly ill, but doesn't believe in a lot of western medicine, and says the credit cards and the collection co's are the problem.Any ideas?Vicki
L. Temkin Law Office of Vicki L. Temkin 15030 Ventura Blvd., Ste. 19-780 Sherman Oaks, Ca 91403 Ph: (818) 501-4658 / Fx: (818) 501-0903
The post was migrated from Yahoo.