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Asset of the Estate? What Value?
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Ty:
These are limited facts. You should read the agreement or make sure you
fully understand the deal. What if client quits his job but offers the
balance of the $18,000. Does he get the truck? What if client dies and his
estate tenders the $18,000? What happens if employer fires him? There are
just too many unknowns.
Based on the limited facts, yes he would appear to have an equitable
interest. I would compute that interest by creating a fraction where the
numerator is the amount left to pay on the $18,000 and the denominator is
the fmv of the vehicle at the current time.
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.
Tyson
Sent: Tuesday, March 15, 2011 1:46 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Asset of the Estate? What Value?
Hi Everyone,
PC works for major transportation company. $300 is taken out of his check on
a monthly basis for the truck he uses. As part of his employment contract,
if he makes 60 months of payments ($18,000 total) they will give him title
to the truck which is presently worth $100k.
Title is solely held by transportation company.
Does PC have any ownership interest in this truck? If yes, what is the value
to him?
Thanks,
Ty Takeuchi
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Message
Ty:
These are limitedfacts. You should read the agreement or make sure you fully understand the
deal. What if client quits his job but offers the balance of the
$18,000. Does he get the truck? What if client dies and his estate
tenders the $18,000? What happens if employer fires him? There are
just too many unknowns.
Based on the limited facts,
yes he would appear to have an equitable interest.
I would compute
that interest by creating a fraction where the numerator is the amount left to
pay on the $18,000 and the denominator is the fmv of the vehicle at the current
time.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Hi Everyone,
PC works for major transportation company. $300 is taken out of his check on a monthly basis for the truck he uses. As part of his employment contract, if he makes 60 months of payments ($18,000 total) they will give him title to the truck which is presently worth $100k.
Title is solely held by transportation company.
Does PC have any ownership interest in this truck? If yes, what is the value to him?
Thanks,
Ty Takeuchi
The post was migrated from Yahoo.
Hi Everyone,
PC works for major transportation company. $300 is taken out of his check on a monthly basis for the truck he uses. As part of his employment contract, if he makes 60 months of payments ($18,000 total) they will give him title to the truck which is presently worth $100k.
Title is solely held by transportation company.
Does PC have any ownership interest in this truck? If yes, what is the value to him?
Thanks,
Ty Takeuchi
The post was migrated from Yahoo.