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Homestead exemption
In chapter 7 cases where the equity in a house is fully exempted using CCP
704 are local trustees keeping cases open for a couple years to wait for a
house to appreciate past the exemption amount?
What have been your experiences?
In chapter 7 cases where the equity in a house is fully exempted using CCP 704 are local trustees keeping cases open for a couple years to wait for a house to appreciate past the exemption amount?
What have been your experiences?
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Dear Joe:
Debtors get their exemptions so long as they do not do anything to impede the trustee.
Sent from my iPhone
On Apr 17, 2012, at 6:05 PM, "Joe" wrote:
> Dear fellow group members,
>
> A chapter 13 debtor is struggling to maintain his plan payment. He has a home with approximately $170,000 in equity. The basic question is, if he puts the property up for sale and succeeds in obtaining a buyer, does the $100,000 exemption still apply? In other words, upon the close of escrow, will the first $100,000 go to him and the rest of the equity will go to the trustee?
>
> Further, if the chapter 13 is converted into a chapter 7, will a trustee administer the estate and thereafter allow the exemption amount to go to the debtor?
>
> At this point, I am not sure how many more plan payments the debtor can make. I am contemplating converting the chapter 13 to a 7, but I am not sure how the trustee will handle his assets thereafter.
>
> Any thoughts would be greatly appreciated.
>
>
>
>
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Dear Joe:Debtors get their exemptions so long as they do not do anything to impede the trustee. Sent from my iPhoneOn Apr 17, 2012, at 6:05 PM, "Joe" <correalaw@yahoo.com> wrote:
Dear fellow group members,
A chapter 13 debtor is struggling to maintain his plan payment. He has a home with approximately $170,000 in equity. The basic question is, if he puts the property up for sale and succeeds in obtaining a buyer, does the $100,000 exemption still apply? In other words, upon the close of escrow, will the first $100,000 go to him and the rest of the equity will go to the trustee?
Further, if the chapter 13 is converted into a chapter 7, will a trustee administer the estate and thereafter allow the exemption amount to go to the debtor?
At this point, I am not sure how many more plan payments the debtor can make. I am contemplating converting the chapter 13 to a 7, but I am not sure how the trustee will handle his assets thereafter.
Any thoughts would be greatly appreciated.
The post was migrated from Yahoo.
Dear fellow group members,
A chapter 13 debtor is struggling to maintain his plan payment. He has a home with approximately $170,000 in equity. The basic question is, if he puts the property up for sale and succeeds in obtaining a buyer, does the $100,000 exemption still apply? In other words, upon the close of escrow, will the first $100,000 go to him and the rest of the equity will go to the trustee?
Further, if the chapter 13 is converted into a chapter 7, will a trustee administer the estate and thereafter allow the exemption amount to go to the debtor?
At this point, I am not sure how many more plan payments the debtor can make. I am contemplating converting the chapter 13 to a 7, but I am not sure how the trustee will handle his assets thereafter.
Any thoughts would be greatly appreciated.
The post was migrated from Yahoo.
yup, unless Trustee is holding funds and refusing to release them.
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.
Mark T.Jessee
Sent: Friday, January 15, 2010 6:20 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Homestead exemption
For six months only. If not used to purchase new residence within 6 months
of the sale, homestead proceeds are no longer exempt. Trustee can hold case
open, wait for the 6 month period to expire and administer the no longer
exempt proceeds.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Fri 15/01/10 2:23 PM , "sesmithesq" sesmithesq@aol.com sent:
Does the exemption attach to the proceeds from the pre-petition sale of the
property? Odd thing, I have a client that actually has equity in their
home....
Message
yup, unless Trustee is
holding funds and refusing to release them.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
For six months only. If not used to purchase new residence within 6
months of the sale, homestead proceeds are no longer exempt. Trustee
can hold case open, wait for the 6 month period to expire and
administer the no longer exempt proceeds.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED
RECIPIENT OF
THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE
PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE,
DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED.
PLEASE NOTIFY
US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
On Fri 15/01/10 2:23 PM , "sesmithesq" sesmithesq@aol.com sent:
Does the exemption attach to the proceeds from the pre-petition sale
of the property? Odd thing, I have a client that actually has equity
in their home....
Links:
[1] mailto:sesmithesq@aol.com?subjectHomestead exemption
[2] mailto:cdcbaa@yahoogroups.com?subjectHomestead exemption
[3]
The post was migrated from Yahoo.
In a message dated 1/15/2010 3:17:22 PM Pacific Standard Time,
DavidTilem@TilemLaw.com writes:
only if it was a recorded Declaration of Homestead.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, , G, ,
The post was migrated from Yahoo.
only if it was a recorded Declaration of Homestead.
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.
sesmithesq
Sent: Friday, January 15, 2010 2:24 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Homestead exemption
Does the exemption attach to the proceeds from the pre-petition sale of the
property? Odd thing, I have a client that actually has equity in their
home....
Message
only if it was a recorded
Declaration of Homestead.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.