.jpg)
Cash collateral responsibility in a c7
12 USC 17092. Equity skimming; penalty; persons liable; one
dwelling exemption
Whoever, with intent to defraud, willfully engages in a pattern or practice of
(1) purchasing one- to four-family dwellings (including condominiums
and cooperatives) which are subject to a loan in default at time of
purchase or in default within one year subsequent to the purchase and
the loan is secured by a mortgage or deed of trust insured or held by
the Secretary of Housing and Urban Development or guaranteed by the
Department of Veterans Affairs, or the loan is made by the Department
of Veterans Affairs,
(2) failing to make payments under the mortgage or deed of trust as
the payments become due, regardless of whether the purchaser is
obligated on the loan, and
(3) applying or authorizing the application of rents from such
dwellings for his own use,
shall be fined not more than $250,000 or imprisoned not more than 5
years, or both. This section shall apply to a purchaser of such a
dwelling, or a beneficial owner under any business organization or
trust purchasing such dwelling, or to an officer, director, or agent
of any such purchaser. Nothing in this section shall apply to the
purchaser of only one such dwelling.
The federal statute seems to have only limited application:
1. The loan must be in default at the time of purchase or within one
year or purchase.
2. Purchaser of only one dwelling is exempt.
3. The section applies to mortgages or deeds of trust insured or
held by HUD or guaranteed by VA.
A typical homeowner who has paid his mortgage for more than one year
since the purchase appears to be exempt from the federal rent-skimming
law.
On 11/3/10, Dennis McGoldrick wrote:
> there is also a federal statute making it criminal to skim rents connected
> with loans which are from federally insured banks. Sorry, don't have time
> to look it up for you.
>
> dennis
>
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.
there is also a federal statute making it criminal to skim rents connected with loans which are from federally insured banks. Sorry, don't have time to look it up for you.
dennis
there is also a federal statute making it criminal to skim rents connected with loans which are from federally insured banks. Sorry, don't have time to look it up for you.dennis
The post was migrated from Yahoo.
David,
Thank you for raising the issue of rent skimming and related criminal liability.
I am aware of just one California statute on this subject: Civil Code
section 890 et seq.
890. (a) (1) "Rent skimming" means using revenue received from the
rental of a parcel of residential real property at any time during
the first year period after acquiring that property without first
applying the revenue or an equivalent amount to the payments due on
all mortgages and deeds of trust encumbering that property.
So someone who paid the mortgage for at least one year after acquiring
the property and then starting using revenue received from the rental
without first applying the revenue to the payments due on the mortgage
is not rent skimming within the meaning of section 890.
Criminal liability attaches after 5 acts of rent skimming. 890(b) and 892.
Am I misreading the statute or is there another statute I should be aware of?
On 11/3/10, David A. Tilem wrote:
> I suppose the wildcard would permit debtor to exempt rents from the estate,
> but that does not overcome lien rights of secured creditors. Basically it
> sounds like your client wants to be a rent skimmer which, by the way, has
> criminal penalties associated with it.
>
>
> 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-----
> Alik Segal
> Sent: Tuesday, November 02, 2010 11:09 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> The duplex will be property of the estate, but could the debtor exempt
> rents as he exempts other property of the estate?
>
> On 11/2/10, David A. Tilem > wrote:
>> Once the case is filed, the rents are property of the estate. What happens
>> to people who fail to turn over property of the estate to the Trustee?
>>
>>
>> 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-----
> [mailto:cdcbaa@yahoogroups.com ] On Behalf
> Of
>> Alik Segal
>> Sent: Tuesday, November 02, 2010 9:15 PM
>> To: cdcbaa@yahoogroups.com
>> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>>
>>
>>
>>
>> My concern is how do I advise my client (who had been pocketing the
>> rents pre-petition without paying the mortgage) about handling the
>> rents post-petition while the case is pending. He wants to keep
>> pocketing the rents without paying the mortgage. Do cash collateral
>> rules impose obligations on the debtor during the bankruptcy case?
>>
>> On 11/2/10, David A. Tilem
>> > wrote:
>>> I thought you were talking about keeping rents AFTER case was
> filed.......
>>> The answer to this question is: yes.
>>>
>>>
>>> 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-----
>
>> [mailto:cdcbaa@yahoogroups.com
> ] On Behalf
>> Of
>>> Alik Segal
>>> Sent: Tuesday, November 02, 2010 8:48 PM
>>> To: cdcbaa@yahoogroups.com
>
>>> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>>>
>>>
>>>
>>>
>>> Can money received as rents be exempted once debtor deposits it in his
>>> bank account?
>>>
>>> On 11/2/10, David A. Tilem
>>
>>> > wrote:
>>>> Rents are property of estate. What happens if you withhold property of
>> the
>>>> estate from the Trustee?
>>>>
>>>>
>>>> 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-----
>
>>
>>> [mailto:cdcbaa@yahoogroups.com
>
>> ] On Behalf
>>> Of
>>>> Alik Segal
>>>> Sent: Tuesday, November 02, 2010 4:46 PM
>>>> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
>>>> Subject: [cdcbaa] Cash collateral responsibility in a c7
>>>>
>>>>
>>>>
>>>>
>>>> Client who wants to file c7 owns a duplex and has a tenant who pays
>>>> rent. Currently the client is not paying his mortgage. I understand
>>>> that this rent is cash collateral in a bankruptcy case.
>>>>
>>>> 1. What happens once we file c7? Can this client continue to use the
>>>> rent for living expenses?
>>>> 2. Is he required to segregate the rent and pay it over to the
>>>> mortgage holder from the moment bk case is filed?
>>>> 3. Is the mortgage holder required to do anything before client's
>>>> duties are triggered?
>>>> 4. Assuming the client needs to segregate and pay over, what happens
>>>> if the client ignores my instruction and continues to use the rents
>>>> for living expenses?
>>>>
>>>> --
>>>> Alik Segal
>>>> Alik.Segal@gmail.com
>
>>
>>>
>>>> 310-362-6157
>>>> Cal. CD, Los Angeles
>>>>
>>>>
>>>>
>>>>
>>>
>>> --
>>> Alik Segal
>>> Alik.Segal@gmail.com
>
>>
>>> 310-362-6157
>>> Cal. CD, Los Angeles
>>>
>>>
>>>
>>>
>>
>> --
>> Alik Segal
>> Alik.Segal@gmail.com
>
>> 310-362-6157
>> Cal. CD, Los Angeles
>>
>>
>>
>>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.
How can a debtor exempt future proceeds generated from and asset that
does not belong to the debtor post petition? Furthermore is there an
assignment of rents clause in the trust deed which would expose the
debtor to liability for rent skimming even if the rent was somehow not
an asset of the estate? Debtor can't have his/her cake and eat it
too!
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
On Tue 2/11/10 11:08 PM , Alik Segal listserv.inbox@gmail.com sent:
The duplex will be property of the estate, but could the debtor
exempt
rents as he exempts other property of the estate?
On 11/2/10, David A. Tilem wrote:
> Once the case is filed, the rents are property of the estate. What
happens
> to people who fail to turn over property of the estate to the
Trustee?
>
>
> 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-----
[3]] On Behalf Of
> Alik Segal
> Sent: Tuesday, November 02, 2010 9:15 PM
> To: cdcbaa@yahoogroups.com [4]
> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> My concern is how do I advise my client (who had been pocketing
the
> rents pre-petition without paying the mortgage) about handling the
> rents post-petition while the case is pending. He wants to keep
> pocketing the rents without paying the mortgage. Do cash
collateral
> rules impose obligations on the debtor during the bankruptcy case?
>
> On 11/2/10, David A. Tilem > wrote:
>> I thought you were talking about keeping rents AFTER case was
filed.......
>> The answer to this question is: yes.
>>
>>
>> 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-----
> [mailto:cdcbaa@yahoogroups.com [7] ] On Behalf
> Of
>> Alik Segal
>> Sent: Tuesday, November 02, 2010 8:48 PM
>> To: cdcbaa@yahoogroups.com [8]
>> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>>
>>
>>
>>
>> Can money received as rents be exempted once debtor deposits it
in his
>> bank account?
>>
>> On 11/2/10, David A. Tilem
>> > wrote:
>>> Rents are property of estate. What happens if you withhold
property of
> the
>>> estate from the Trustee?
>>>
>>>
>>> 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-----
>
>> [mailto:cdcbaa@yahoogroups.com [11]
> ] On Behalf
>> Of
>>> Alik Segal
>>> Sent: Tuesday, November 02, 2010 4:46 PM
>>> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
>>> Subject: [cdcbaa] Cash collateral responsibility in a c7
>>>
>>>
>>>
>>>
>>> Client who wants to file c7 owns a duplex and has a tenant who
pays
>>> rent. Currently the client is not paying his mortgage. I
understand
>>> that this rent is cash collateral in a bankruptcy case.
>>>
>>> 1. What happens once we file c7? Can this client continue to use
the
>>> rent for living expenses?
>>> 2. Is he required to segregate the rent and pay it over to the
>>> mortgage holder from the moment bk case is filed?
>>> 3. Is the mortgage holder required to do anything before
client's
>>> duties are triggered?
>>> 4. Assuming the client needs to segregate and pay over, what
happens
>>> if the client ignores my instruction and continues to use the
rents
>>> for living expenses?
>>>
>>> --
>>> Alik Segal
>>> Alik.Segal@gmail.com [12]
>
>>
>>> 310-362-6157
>>> Cal. CD, Los Angeles
>>>
>>>
>>>
>>>
>>
>> --
>> Alik Segal
>> Alik.Segal@gmail.com [13]
>
>> 310-362-6157
>> Cal. CD, Los Angeles
>>
>>
>>
>>
>
> --
> Alik Segal
> Alik.Segal@gmail.com [14]
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
--
Alik Segal
Alik.Segal@gmail.com [15]
310-362-6157
Cal. CD, Los Angeles
Links:
[1] mailto:DavidTilem@tilemlaw.com
[2] mailto:cdcbaa@yahoogroups.com
[3] mailto:cdcbaa@yahoogroups.com
[4] mailto:cdcbaa@yahoogroups.com
[5] mailto:DavidTilem@tilemlaw.com
[6] mailto:cdcbaa@yahoogroups.com
[7] mailto:cdcbaa@yahoogroups.com
[8] mailto:cdcbaa@yahoogroups.com
[9] mailto:DavidTilem@tilemlaw.com
[10] mailto:cdcbaa@yahoogroups.com
[11] mailto:cdcbaa@yahoogroups.com
[12] mailto:Alik.Segal@gmail.com
[13] mailto:Alik.Segal@gmail.com
[14] mailto:Alik.Segal@gmail.com
[15] mailto:Alik.Segal@gmail.com
[16] mailto:cdcbaa@yahoogroups.com?subjectRe: [cdcbaa] Cash
collateral responsibility in a c7
[17]
The post was migrated from Yahoo.
The duplex will be property of the estate, but could the debtor exempt
rents as he exempts other property of the estate?
On 11/2/10, David A. Tilem wrote:
> Once the case is filed, the rents are property of the estate. What happens
> to people who fail to turn over property of the estate to the Trustee?
>
>
> 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-----
> Alik Segal
> Sent: Tuesday, November 02, 2010 9:15 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> My concern is how do I advise my client (who had been pocketing the
> rents pre-petition without paying the mortgage) about handling the
> rents post-petition while the case is pending. He wants to keep
> pocketing the rents without paying the mortgage. Do cash collateral
> rules impose obligations on the debtor during the bankruptcy case?
>
> On 11/2/10, David A. Tilem > wrote:
>> I thought you were talking about keeping rents AFTER case was filed.......
>> The answer to this question is: yes.
>>
>>
>> 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-----
> [mailto:cdcbaa@yahoogroups.com ] On Behalf
> Of
>> Alik Segal
>> Sent: Tuesday, November 02, 2010 8:48 PM
>> To: cdcbaa@yahoogroups.com
>> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>>
>>
>>
>>
>> Can money received as rents be exempted once debtor deposits it in his
>> bank account?
>>
>> On 11/2/10, David A. Tilem
>> > wrote:
>>> Rents are property of estate. What happens if you withhold property of
> the
>>> estate from the Trustee?
>>>
>>>
>>> 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-----
>
>> [mailto:cdcbaa@yahoogroups.com
> ] On Behalf
>> Of
>>> Alik Segal
>>> Sent: Tuesday, November 02, 2010 4:46 PM
>>> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
>>> Subject: [cdcbaa] Cash collateral responsibility in a c7
>>>
>>>
>>>
>>>
>>> Client who wants to file c7 owns a duplex and has a tenant who pays
>>> rent. Currently the client is not paying his mortgage. I understand
>>> that this rent is cash collateral in a bankruptcy case.
>>>
>>> 1. What happens once we file c7? Can this client continue to use the
>>> rent for living expenses?
>>> 2. Is he required to segregate the rent and pay it over to the
>>> mortgage holder from the moment bk case is filed?
>>> 3. Is the mortgage holder required to do anything before client's
>>> duties are triggered?
>>> 4. Assuming the client needs to segregate and pay over, what happens
>>> if the client ignores my instruction and continues to use the rents
>>> for living expenses?
>>>
>>> --
>>> Alik Segal
>>> Alik.Segal@gmail.com
>
>>
>>> 310-362-6157
>>> Cal. CD, Los Angeles
>>>
>>>
>>>
>>>
>>
>> --
>> Alik Segal
>> Alik.Segal@gmail.com
>
>> 310-362-6157
>> Cal. CD, Los Angeles
>>
>>
>>
>>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.
My concern is how do I advise my client (who had been pocketing the
rents pre-petition without paying the mortgage) about handling the
rents post-petition while the case is pending. He wants to keep
pocketing the rents without paying the mortgage. Do cash collateral
rules impose obligations on the debtor during the bankruptcy case?
On 11/2/10, David A. Tilem wrote:
> I thought you were talking about keeping rents AFTER case was filed.......
> The answer to this question is: yes.
>
>
> 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-----
> Alik Segal
> Sent: Tuesday, November 02, 2010 8:48 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> Can money received as rents be exempted once debtor deposits it in his
> bank account?
>
> On 11/2/10, David A. Tilem > wrote:
>> Rents are property of estate. What happens if you withhold property of the
>> estate from the Trustee?
>>
>>
>> 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-----
> [mailto:cdcbaa@yahoogroups.com ] On Behalf
> Of
>> Alik Segal
>> Sent: Tuesday, November 02, 2010 4:46 PM
>> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
>> Subject: [cdcbaa] Cash collateral responsibility in a c7
>>
>>
>>
>>
>> Client who wants to file c7 owns a duplex and has a tenant who pays
>> rent. Currently the client is not paying his mortgage. I understand
>> that this rent is cash collateral in a bankruptcy case.
>>
>> 1. What happens once we file c7? Can this client continue to use the
>> rent for living expenses?
>> 2. Is he required to segregate the rent and pay it over to the
>> mortgage holder from the moment bk case is filed?
>> 3. Is the mortgage holder required to do anything before client's
>> duties are triggered?
>> 4. Assuming the client needs to segregate and pay over, what happens
>> if the client ignores my instruction and continues to use the rents
>> for living expenses?
>>
>> --
>> Alik Segal
>> Alik.Segal@gmail.com
>
>> 310-362-6157
>> Cal. CD, Los Angeles
>>
>>
>>
>>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.
charset="windows-1251"
I thought you were talking about keeping rents AFTER case was filed.......
The answer to this question is: yes.
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.
Alik Segal
Sent: Tuesday, November 02, 2010 8:48 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Cash collateral responsibility in a c7
Can money received as rents be exempted once debtor deposits it in his
bank account?
On 11/2/10, David A. Tilem wrote:
> Rents are property of estate. What happens if you withhold property of the
> estate from the Trustee?
>
>
> 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-----
[mailto:cdcbaa@yahoogroups.com ] On Behalf
Of
> Alik Segal
> Sent: Tuesday, November 02, 2010 4:46 PM
> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
> Subject: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> Client who wants to file c7 owns a duplex and has a tenant who pays
> rent. Currently the client is not paying his mortgage. I understand
> that this rent is cash collateral in a bankruptcy case.
>
> 1. What happens once we file c7? Can this client continue to use the
> rent for living expenses?
> 2. Is he required to segregate the rent and pay it over to the
> mortgage holder from the moment bk case is filed?
> 3. Is the mortgage holder required to do anything before client's
> duties are triggered?
> 4. Assuming the client needs to segregate and pay over, what happens
> if the client ignores my instruction and continues to use the rents
> for living expenses?
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
charset="windows-1251"
Message
I thought you were talking
about keeping rents AFTER case was filed.......
The answer to this question
is: yes.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Can money received as rents be exempted once debtor deposits it in his
bank account?
On 11/2/10, David A. Tilem wrote:
> Rents are property of estate. What happens if you withhold property of the
> estate from the Trustee?
>
>
> 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-----
> Alik Segal
> Sent: Tuesday, November 02, 2010 4:46 PM
> To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
> Subject: [cdcbaa] Cash collateral responsibility in a c7
>
>
>
>
> Client who wants to file c7 owns a duplex and has a tenant who pays
> rent. Currently the client is not paying his mortgage. I understand
> that this rent is cash collateral in a bankruptcy case.
>
> 1. What happens once we file c7? Can this client continue to use the
> rent for living expenses?
> 2. Is he required to segregate the rent and pay it over to the
> mortgage holder from the moment bk case is filed?
> 3. Is the mortgage holder required to do anything before client's
> duties are triggered?
> 4. Assuming the client needs to segregate and pay over, what happens
> if the client ignores my instruction and continues to use the rents
> for living expenses?
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> Cal. CD, Los Angeles
>
>
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.
charset="windows-1251"
Rents are property of estate. What happens if you withhold property of the
estate from the Trustee?
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.
Alik Segal
Sent: Tuesday, November 02, 2010 4:46 PM
To: bk; CDCBAA Listserv; CAMFFG; bootcamp-attorneys
Subject: [cdcbaa] Cash collateral responsibility in a c7
Client who wants to file c7 owns a duplex and has a tenant who pays
rent. Currently the client is not paying his mortgage. I understand
that this rent is cash collateral in a bankruptcy case.
1. What happens once we file c7? Can this client continue to use the
rent for living expenses?
2. Is he required to segregate the rent and pay it over to the
mortgage holder from the moment bk case is filed?
3. Is the mortgage holder required to do anything before client's
duties are triggered?
4. Assuming the client needs to segregate and pay over, what happens
if the client ignores my instruction and continues to use the rents
for living expenses?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
charset="windows-1251"
Message
Rents are property of
estate. What happens if you withhold property of the estate from theTrustee?
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Client who wants to file c7 owns a duplex and has a tenant who pays
rent. Currently the client is not paying his mortgage. I understand
that this rent is cash collateral in a bankruptcy case.
1. What happens once we file c7? Can this client continue to use the
rent for living expenses?
2. Is he required to segregate the rent and pay it over to the
mortgage holder from the moment bk case is filed?
3. Is the mortgage holder required to do anything before client's
duties are triggered?
4. Assuming the client needs to segregate and pay over, what happens
if the client ignores my instruction and continues to use the rents
for living expenses?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
Cal. CD, Los Angeles
The post was migrated from Yahoo.