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exempting restitution award
interesting idea. Doesn't seem to be any reported decisions or
legislative history that I can find on that one which defines the
scope.
*************************
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
The post was migrated from Yahoo.
I'm aware of that, thank you.
*************************
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
The post was migrated from Yahoo.
If you cannot exempt it all and the IRS has a claim against your client be sure
and file a claim on their behalf so if the Trustee does have assets to
distribute your client will have the non-dis chargeable debts paid. As theattorney you can file a proof of claim on behalf of the creditor.
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________________________________
To: cdcbaa@yahoogroups.com
Sent: Tue, October 19, 2010 3:25:04 PM
Subject: Re: [cdcbaa] exempting restitution award
It's at least in part for medical expenses, but also for lost wages. However, he owes IRS debt in excess of the restitution amount and they
have a lien, so this may all be a moot point since the IRS would likely
seek to be paid from the restitution award, although that may be more of a
bargaining chip later if we discharge some of the taxes (as non-priority
debt)
*************************
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
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disclosure, copy, distribution or use of the contents of this message is
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IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
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communication (or in any attachment) is not intended or written to beused, and cannot be used, for the purpose of (i) avoiding penalties under
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On 10/12/2010 4:22 PM, Larry Simons wrote:
Mark,
>
>The 704 section for personal injury only covers >actual injury and not pain and suffering or loss of
>wages. It would depend on what the restitution
>award was meant to cover. Medical expenses, >physical therapy?
>
>
>Larry
>
>
________________________________
>From:cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com ] On >Behalf Of Mark J. Markus
>Sent: Tuesday, October 12, 2010 4:04 PM
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] exempting restitution award
>
>
>Just seeing if I'm missing any available>exemption here:
>
>Client received an award for personal injuries
>sustained in an
>
>accident several years ago. Additionally, a
>criminal proceeding was
>
>brought and the court awarded restitution in
>favor of client of
>
>$175,000. Whether it ever gets paid is another
>story altogether,
>
>but I assume I cannot use the 704 personal
>injury exemption on the
>
>restitution portion, so is there any other
>exemption I may be
>
>overlooking, or does client simply lose the
>restitution if he files
>
>a Chapter 7?
>
>*************************
>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
The post was migrated from Yahoo.
It's at least in part for medical expenses, but also for lost
wages. However, he owes IRS debt in excess of the restitution
amount and they have a lien, so this may all be a moot point since
the IRS would likely seek to be paid from the restitution award,
although that may be more of a bargaining chip later if we discharge
some of the taxes (as non-priority debt)
*************************
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
The post was migrated from Yahoo.
Mark,
The 704 section for personal injury only covers actual injury and not pain
and suffering or loss of wages. It would depend on what the restitution
award was meant to "cover." Medical expenses, physical therapy?
Larry
_____
The post was migrated from Yahoo.
charsetndows-1252
Why not 703.140(b)(11)(D) and (E), or 704.140(b)??
Especially when collection is problematic and doubtful, I would claim both the award and the restitution; choosing 703 or 704 based on other considerations.
Jason
On Oct 12, 2010, at 4:03 PM, Mark J. Markus wrote:
> Just seeing if I'm missing any available exemption here:
>
> Client received an award for personal injuries sustained in an
> accident several years ago. Additionally, a criminal proceeding was
> brought and the court awarded restitution in favor of client of
> $175,000. Whether it ever gets paid is another story altogether,
> but I assume I cannot use the 704 personal injury exemption on the
> restitution portion, so is there any other exemption I may be
> overlooking, or does client simply lose the restitution if he files
> a Chapter 7?
>
> *************************
> 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.
>
>
charsetndows-1252
Why not 703.140(b)(11)(D) and (E), or 704.140(b)??Especially when collection is problematic and doubtful, I would claim both the award and the restitution; choosing 703 or 704 based on other considerations.JasonOn Oct 12, 2010, at 4:03 PM, Mark J. Markus wrote:
Just seeing if I'm missing any available exemption here:
Client received an award for personal injuries sustained in an
accident several years ago. Additionally, a criminal proceeding was
brought and the court awarded restitution in favor of client of
$175,000. Whether it ever gets paid is another story altogether,
but I assume I cannot use the 704 personal injury exemption on the
restitution portion, so is there any other exemption I may be
overlooking, or does client simply lose the restitution if he files
a Chapter 7?
*************************
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
The post was migrated from Yahoo.
Just seeing if I'm missing any available exemption here:
Client received an award for personal injuries sustained in an
accident several years ago. Additionally, a criminal proceeding was
brought and the court awarded restitution in favor of client of
$175,000. Whether it ever gets paid is another story altogether,
but I assume I cannot use the 704 personal injury exemption on the
restitution portion, so is there any other exemption I may be
overlooking, or does client simply lose the restitution if he files
a Chapter 7?
*************************
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
The post was migrated from Yahoo.