Claiming tax refund as exempt

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charset="US-ASCII"
W doesn't generated enough income for a 13 and H refuses to get a job.
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
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they do not have to claim house equity exempt to exempt a tax refund. the wildcard exemption is a wildcard, you can exempt anything, even cash.
dennis
ote:

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Since you talk about their inability to reinstate the loan even if the
trustee abandons the property, I must ask the obvious question: have they
already decided to give up their house and do not wish to explore whether
they would like to retain their house under a Chapter 13 plan?
Giovanni Orantes, Esq.
On Wed, Feb 3, 2010 at 6:08 PM, Matthew Gary Evans wrote:
>
>
> Why must they claim a portion of the home equity under the wildcard
> exemption to save the refund?
>
>
>
> ____________________________________
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email: matthew@matthewgaryevanslaw.com
>
> www.matthewgaryevanslaw.com
>
> www.matthewgaryevanslaw.net/Bankruptcy
>
> please visit my blog at matthewevanslaw.wordpress.com
>
>
>
> Member: California State Bar, American Bar Association, Consumer Attorneys
> Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
> Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
> Chamber of Commerce
>
> NOTICE: This message is intended only for the individual named. If you are
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> e-mail. Please notify the sender immediately by reply e-mail if you have
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> Thank you.
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Mark J. Markus
>
> *Sent:* Wednesday, February 03, 2010 4:43 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Claiming tax refund as exempt
>
>
>
>
>
> Not only can they do it, they must if they want to protect the refund. Of
> course, under the facts as you present them, if this is a Chapter 7 case,
> they would likely lose the house.
>
> *************************
>
> 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.
>
>
> On 2/3/2010 5:14 AM, Matthew Gary Evans wrote:
>
> Clients have a house with about $80k equity and expect to receive a tax
> refund of $11,000. They have decided to claim the 703 exemptions. Can they
> claim the full $11k refund under 703.1409(b)(5) wildcard exmeption and use
> the remaining $10k or so available under the wildcard for a portion of the
> home equity?
>
>
>
> ____________________________________
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email: matthew@matthewgaryevanslaw.com
>
> www.matthewgaryevanslaw.com
>
> www.matthewgaryevanslaw.net/Bankruptcy
>
> please visit my blog at matthewevanslaw.wordpress.com
>
>
>
> Member: California State Bar, American Bar Association, Consumer Attorneys
> Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
> Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
> Chamber of Commerce
>
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>
>
>
>
>
Giovanni Orantes, Esq.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Phone: (888) 619-8222 x101
Fax: (877) 789-5776
e-mail: go@gobklaw.com
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Since you talk about their inability to reinstate the loan even if the trustee abandons the property, I must ask the obvious question: have they already decided to give up their house and do not wish to explore whether they would like to retain their house under a Chapter 13 plan?
Giovanni Orantes, Esq.On Wed, Feb 3, 2010 at 6:08 PM, Matthew Gary Evans <
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Yes
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 3, 2010, at 5:14 AM, "Matthew Gary Evans" wrote:
Clients have a house with about $80k equity and expect to receive a tax refund of $11,000. They have decided to claim the 703 exemptions. Can they claim the full $11k refund under 703.1409(b)(5) wildcard exmeption and use the remaining $10k or so available under the wildcard for a portion of the home equity?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys Association of Los Angeles, Central District Consumer Bankruptcy Attorneys Association, National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are not the named addressee please do not disseminate, print, or copy this e-mail. Please notify the sender immediately by reply e-mail if you have received this e-mail by mistake and delete this e-mail from your system. Thank you.
YesDennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Feb 3, 2010, at 5:14 AM, "Matthew Gary Evans" <matthew@matthewgaryevanslaw.com> wrote:

Clients
have a house with about $80k equity and expect to receive a tax refund of
$11,000. They have decided to claim the 703 exemptions. Can they claim the
full $11k refund under 703.1409(b)(5) wildcard exmeption and use the remaining
$10k or so available under the wildcard for a portion of the home equity?

____________________________________
Law
Office of Matthew Gary Evans
Matthew
Gary Evans, Esq.
16
North Marengo Avenue, Room 219
Pasadena,
California 91101
Tel.:
(626) 405-9448
Fax:
(626) 768-7565
Cell:
(213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please
visit my blog at matthewevanslaw.wordpress.com

Member:
California State Bar, American Bar Association, Consumer Attorneys Association
of Los Angeles, Central District Consumer Bankruptcy Attorneys Association,
National Association of Consumer Bankruptcy Attorneys, Pasadena Chamber of
Commerce
NOTICE: This message is intended only for the individual named. If you are not
the named addressee please do not disseminate, print, or copy this e-mail.
Please notify the sender immediately by reply e-mail if you have received this
e-mail by mistake and delete this e-mail from your system. Thank you.


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charset="US-ASCII"
Why must they claim a portion of the home equity under the wildcard
exemption to save the refund?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at
matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.

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charset="US-ASCII"
They are thinking they would lose the house anyway to a foreclosure, because
they were served with a NOD prior to filing and they know they can't
reinstate the loan even if the trustee abandons the property. This way,
they (and I) think that at least they will walk away with their $11k refund
under the 703 system, which they would lose under the 704.
Is this wrong?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email:
matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at
matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.

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Not only can they do it, they must if they want to protect the refund.
Of course, under the facts as you present them, if this is a Chapter 7
case, they would likely lose the house.
*************************
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.
On 2/3/2010 5:14 AM, Matthew Gary Evans wrote:
>
>
> Clients have a house with about $80k equity and expect to receive a
> tax refund of $11,000. They have decided to claim the 703
> exemptions. Can they claim the full $11k refund under 703.1409(b)(5)
> wildcard exmeption and use the remaining $10k or so available under
> the wildcard for a portion of the home equity?
>
> ____________________________________
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email: matthew@matthewgaryevanslaw.com
>
>
> www.matthewgaryevanslaw.com
>
> www.matthewgaryevanslaw.net/Bankruptcy
>
> please visit my blog at matthewevanslaw.wordpress.com
>
>
> Member: California State Bar, American Bar Association, Consumer
> Attorneys Association of Los Angeles, Central District Consumer
> Bankruptcy Attorneys Association, National Association of Consumer
> Bankruptcy Attorneys, Pasadena Chamber of Commerce
>
> NOTICE: This message is intended only for the individual named. If you
> are not the named addressee please do not disseminate, print, or copy
> this e-mail. Please notify the sender immediately by reply e-mail if
> you have received this e-mail by mistake and delete this e-mail from
> your system. Thank you.
>
>
>
>

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Yes. If this is a Chapter 7 case the Chapter 7 trustee may seek to
sell the house depending on what is left after the expected costs of
sale (ie 8% of the gross value) and the asserted expemption.
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 Wed 3/02/10 5:14 AM , "Matthew Gary Evans"
matthew@matthewgaryevanslaw.com sent:
Clients have a house with about $80k equity and expect to receive a
tax refund of $11,000. They have decided to claim the 703 exemptions.
Can they claim the full $11k refund under 703.1409(b)(5) wildcard
exmeption and use the remaining $10k or so available under the
wildcard for a portion of the home equity?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com [1]
www.matthewgaryevanslaw.com [2]
www.matthewgaryevanslaw.net/Bankruptcy [3]
please visit my blog at matthewevanslaw.wordpress.com [4]
Member: California State Bar, American Bar Association, Consumer
Attorneys Association of Los Angeles, Central District Consumer
Bankruptcy Attorneys Association, National Association of Consumer
Bankruptcy Attorneys, Pasadena Chamber of Commerce
NOTICE: This message is intended only for the individual named. If
you are not the named addressee please do not disseminate, print, or
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Links:
[1] mailto:matthew@matthewgaryevanslaw.com
[2] http://sitemail.siteprotect.com/www.mat ... anslaw.com
[3]

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charset="windows-1251"
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.
Matthew Gary Evans
Sent: Wednesday, February 03, 2010 5:14 AM
To: bk@nacba.org; cdcbaa@yahoogroups.com
Subject: [cdcbaa] Claiming tax refund as exempt
Clients have a house with about $80k equity and expect to receive a tax
refund of $11,000. They have decided to claim the 703 exemptions. Can they
claim the full $11k refund under 703.1409(b)(5) wildcard exmeption and use
the remaining $10k or so available under the wildcard for a portion of the
home equity?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgary
evanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.
wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
charset="windows-1251"
Message
yes


David A.
Tilem
Certified Bankruptcy
Specialist*
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[Yahoo Bot]

Clients have a house with about $80k equity and expect to receive a tax
refund of $11,000. They have decided to claim the 703 exemptions. Can they
claim the full $11k refund under 703.1409(b)(5) wildcard exmeption and use
the remaining $10k or so available under the wildcard for a portion of the
home equity?
____________________________________
Law Office of Matthew Gary Evans
Matthew Gary Evans, Esq.
16 North Marengo Avenue, Room 219
Pasadena, California 91101
Tel.: (626) 405-9448
Fax: (626) 768-7565
Cell: (213) 842-6645
Email: matthew@matthewgaryevanslaw.com
www.matthewgaryevanslaw.com
www.matthewgaryevanslaw.net/Bankruptcy
please visit my blog at matthewevanslaw.wordpress.com
Member: California State Bar, American Bar Association, Consumer Attorneys
Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
Chamber of Commerce
NOTICE: This message is intended only for the individual named. If you are
not the named addressee please do not disseminate, print, or copy this
e-mail. Please notify the sender immediately by reply e-mail if you have
received this e-mail by mistake and delete this e-mail from your system.
Thank you.
Clients
have a house with about $80k equity and expect to receive a tax refund of
$11,000. They have decided to claim the 703 exemptions. Can they claim the
full $11k refund under 703.1409(b)(5) wildcard exmeption and use the remaining
$10k or so available under the wildcard for a portion of the home equity?


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