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Changing Cal Exemption Scheme in the Middle of the Case
Yes, you can amend the Schedules, but it should be done as soon as you realize the Trustee is moving to sell the property, and in communication with the Trustee. In fact, most of the Trustees in our District will call the Debtor's attorney in these situations and give them the opportunity to amend to the 704 series before filing a Motion to employ a realtor. They realize that if the house is at risk almost all debtors will amend their exemptions. Of course, you should also make sure your clients are prepared to turn over the personal property which can no longer be exempted under the 704 series (or be able to buy it back from the Trustee).
Jim Selth
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Blvd., Suite 1300
Los Angeles, CA 90025
Ph: (310) 207-1494
Fax: (310) 442-0660
jim@wsrlaw.net
________________________________
al [listserv.inbox@gmail.com]
Sent: Friday, February 05, 2010 7:05 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Changing Cal Exemption Scheme in the Middle of the Case
The real estate property in question is unusual and hard to value. I would like to assert that the value is low and there is no equity in the property. Then, I would use CCP 703 system and its 20K wildcard to protect some personal property. If my valuation is challenged and I lose, would I be able to switch to CCP 704 system and use the 75K homestead exemption to protect the equity in the real estate property?
Thanks,
Alik Segal
Alik.Segal@gmail.com
310-367-3626
Cal. CD, Los Angeles
The post was migrated from Yahoo.
The general rule is to allow liberal
amendment of exemption claims, absent bad faith, concealment of
property, or prejudice to creditors.
Federal Rule of Bankruptcy Procedure 1009(a)
A voluntary petition, list, schedule, or statement may be amended by the debtor as a matter of course at any time before the case is closed.Good Luck starts with a strategy and a plan. Form a strategic alliance
with
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax returns,
Trust Protector, Independent Trustee, Court Accountings
In a message dated 2/5/2010 7:05:47 P.M. Pacific Standard Time,
listserv.inbox@gmail.com writes:
The real estate property in question is unusual and hard to value. I
would like to assert that the value is low and there is no equity in the
property. Then, I would use CCP 703 system and its 20K wildcard to protect some
personal property. If my valuation is challenged and I lose, would I be
able to switch to CCP 704 system and use the 75K homestead exemption to
protect the equity in the real estate property?Thanks,
Alik Segal
_Alik.Segal@gmail.Ali_ (mailto:Alik.Segal@gmail.com)
310-367-3626
Cal. CD, Los Angeles
The
general rule is to allow liberal
amendment of exemption claims, absent bad faith, concealment
of
property, or prejudice to creditors.
Federal Rule of Bankruptcy Procedure 1009(a)
A
voluntary petition, list, schedule, or statement may be amended by the
debtor as a matter of course at any time before the case is
closed.
Good Luck starts with a strategy and a plan. Form a strategic alliance with
Robert J. Suhajda,
MS,CPA
17721 Norwalk Blvd.
#43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax
returns,
Trust Protector, Independent Trustee, Court
Accountings
In a message dated 2/5/2010 7:05:47 P.M. Pacific Standard Time,
listserv.inbox@gmail.com writes:
The real estate property in
question is unusual and hard to value. I would like to assert that the
value is low and there is no equity in the property. Then, I would use
CCP 703 system and its 20K wildcard to protect some personal property.
If my valuation is challenged and I lose, would I be able to switch to CCP
704 system and use the 75K homestead exemption to protect the equity in the
real estate property?Thanks, -- Alik Segal
The post was migrated from Yahoo.
>
> The real estate property in question is unusual and hard to value. I
> would like to assert that the value is low and there is no equity in the
> property. Then, I would use CCP 703 system and its 20K wildcard to protect
> some personal property. If my valuation is challenged and I lose, would I
> be able to switch to CCP 704 system and use the 75K homestead exemption to
> protect the equity in the real estate property?
> Thanks,
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-367-3626
> Cal. CD, Los Angeles
>
>
>
The real estate property in question is unusual and hard to value. I would like to assert that the value is low and there is no equity in the property. Then, I would use CCP 703 system and its 20K wildcard to protect some personal property. If my valuation is challenged and I lose, would I be able to switch to CCP 704 system and use the 75K homestead exemption to protect the equity in the real estate property?
Thanks, -- Alik SegalAlik.Segal@gmail.com310-367-3626Cal. CD, Los Angeles
The post was migrated from Yahoo.