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Social Security back payment received during chapter 13 p=
1306's referecneto 541 and 541(a)(7)'s "anyinterest in property"mayapply,
butCA exemptions apply to 541 and allow tracing of funds for loss of future
earing to extent reasonably necessary for support which likely extends beyond
duration of Ch13 plan.
1307(b)dismissal is not a right, see Rosson(followingMarrmam); hard to
believe these cases are 2008, seems like yesterday -I'm getting old fast!
Peter M. Lively, JD, MBA
The Personal Financial Law Center* Culver City & Costa Mesa * 800-307-DEBT
________________________________
To: bk ; CDCBAA Listserv ;
bootcamp-attorneys
Sent: Fri, April 22, 2011 2:04:46 PM
Subject: [cdcbaa] Social Security back payment received during chapter 13 plan
Client is in a chapter 13 plan. She was unemployed when she filed bk to stop
student loan collection. (She owes over $100K in student loans.)
Later she filed an app for Social Security (SS) disability benefits, and her app
has finally been approved. She received a big (40K) lump sum back payment from
SSA.
What are her options now? Her goal is to preserve the SSA lump sum payment.
1.42 U.S.C. 407 (a) provides:The right of any person to any future
payment under this subchapter shall not be transferable or assignable, at law or
in equity, and none of the moneys paid or payable or rights existing under this
subchapter shall be subject to execution, levy, attachment, garnishment, orother legal process, or to the operation of any bankruptcy or insolvency law.
2. Would the SS lump sum payment be exempt from the means test as any other SS
payment?
3. What are her obligations WRT the ongoing chapter 13 case?
4. May she dismiss the chapter 13 case and buy a small condo?
5. May she dismiss the chapter 13 case and buy a small condo and then refile
chapter 13?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
1306's referecne to 541 and 541(a)(7)'s "any interest in property" may apply, but CA exemptions apply to 541 and allow tracing of funds for loss of future earing to extent reasonably necessary for support which likely extends beyond duration of Ch13 plan.
1307(b) dismissal is not a right, see Rosson (following Marrmam); hard to believe these cases are 2008, seems like yesterday - I'm getting old fast!
Peter M. Lively, JD, MBA
The Personal Financial Law Center * Culver City & Costa Mesa * 800-307-DEBT
From: Alik Segal <listserv.inbox@gmail.com>To: bk <bk@nacba.org>; CDCBAA Listserv <cdcbaa@yahoogroups.com>; bootcamp-attorneys <bootcamp-attorneys@googlegroups.com>Sent: Fri, April 22, 2011 2:04:46 PMSubject: [cdcbaa] Social Security back payment received during chapter 13 plan
Client is in a chapter 13 plan. She was unemployed when she filed bk to stop student loan collection. (She owes over $100K in student loans.)
Later she filed an app for Social Security (SS) disability benefits, and her app has finally been approved. She received a big (40K) lump sum back payment from SSA.
What are her options now? Her goal is to preserve the SSA lump sum payment. She could buy a car or a small condo.
1. 42 U.S.C. 407 (a) provides: The right of any person to any future payment under this subchapter shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this subchapter shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law. Does this mean that the SS back payment 100% exempt property?
2. Would the SS lump sum payment be exempt from the means test as any other SS payment?
3. What are her obligations WRT the ongoing chapter 13 case?
4. May she dismiss the chapter 13 case and buy a small condo?
5. May she dismiss the chapter 13 case and buy a small condo and then refile chapter 13?
-- Alik SegalAlik.Segal@gmail.com310-362-6157Cal. CD, Los Angeles
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