.jpg)
scheduling mtg debt for real estate where debtor not
And in this type of situation would those claims count towards a
debtor's 109(e) limits?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, 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 in this communication.
David A. Tilem wrote:
>
>
> Yes, list claims on schedule D. Claim against debtor includes claim
> against property owned by debtor. Check the definitions.
>
>
> *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.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On
> Behalf Of *Mark J. Markus
> *Sent:* Tuesday, December 22, 2009 10:14 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] scheduling mtg debt for real estate where debtor
> not on loan
>
>
>
> I'm sure this happens a lot, but for some reason this is my first time:
>
> Debtor is on title to a house where debtor's parents live. However,
> debtor is NOT on any of the loans against the house.
>
> Obviously if we file a BK the ownership will get listed in Schedule "A",
> but do I need to list the mortgages, etc. in Schedule "D" even if debtor
> isn't obligated on them? And, if not, how is best to make it clear that
> there is no equity to the debtor? Just list the equity amount as the
> value of debtor's interest?
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this
> means at
> http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/
> )
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law
> office of Mark J. Markus that may be privileged. The information is
> intended for the use of the addressee only. If you are not the
> addressee, note that any disclosure, copy, distribution or use of the
> contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
> imposed by the IRS, we inform you that any U.S. tax advice contained
> in this communication (or in any attachment) is not intended or
> written to be used, and cannot be used, 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 in this communication.
>
> >
>
>
>
>
The post was migrated from Yahoo.
charset="windows-1251"
I don't think it matters where you schedule the property. Including it on A
as opposed to listing it in the SOFA does not change its legal status versus
the Trustee. Either you are on title, or you are not. The Trustee takes
the property subject to the limitations of Section 541 and with the
avoidance powers of Section 544. We have had this discussion many times and
there is not firm answer which is controlling. But where you identify the
property does not, in my view, change the rights of any of the parties
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.
Dennis McGoldrick
Sent: Tuesday, December 22, 2009 6:08 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] scheduling mtg debt for real estate where debtor not
on loan
Mark:
Does debtor own the property or is debtor just on title.
If debtor just on title I don't list on A. I list in Statement of Affairs,
property held for another.
Since Trustee takes property as a BFP, you cannot list on A. You make
trustee BFP. If you list as property held for another, no BFP status as you
have given trustee notice, with the filing of the case, that debtor does not
own the property.
dennis
The post was migrated from Yahoo.
Larry:
Is it possible to turn off the exclamation mark on your posts? Thanks.
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.
WEBBLAW
Sent: Tuesday, December 22, 2009 10:31 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] scheduling mtg debt for real estate where debtor not
on loan
Importance: High
Mark,
I see this in the Estate Planning side of my practice. The parents were
ill advised to transfer an interest in their house to their child. These
transfers are made to avoid the cost of creating a trust and to avoid
probate, however the transfer usually ignores the gift tax implication and
the loss of a full step up in basis. Usually the transfer is made with a
quitclaim deed and without the lenders knowledge. If the deed created a
joint tenancy then the debtor probably has an undivided proportional
interest in the FMV of the home. Bad estate planning, worst bk planning.
Larry Webb
The post was migrated from Yahoo.