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Liquidation analysis question> > To:=20
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Fair enough, friend is NOT on the loan. Please consider Sect. 102(2). Not a
complete answer, but one step in the legal analysis.
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.
Holly Roark
Sent: Tuesday, February 23, 2010 2:40 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Re: Liquidation analysis question
In my example, the friend is not on the loan. He is only on title as a joint
tenant. I am pulling my hair out trying to do the analysis because different
people have different ideas about what is correct.
Holly Roark
holly@roarklawoffic es.com
Tilem" wrote:
>
> aren't they both jointly and severally liable on the debt? If so, the
> answer 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
> Bert Kawahara
> Sent: Tuesday, February 23, 2010 1:53 PM
> To: cdcbaa@yahoogroups. com
> Subject: Re: [cdcbaa] Re: Liquidation analysis question
>
>
>
>
>
> Does the trustee have the power to take a commission on the non-filing
> friend's half? If not, there is no non-exempt equity.
>
> --- On Mon, 2/22/10, clifford_bordeaux wrote:
>
>
>
>
> Subject: [cdcbaa] Re: Liquidation analysis question
> To: cdcbaa@yahoogroups. com
> Date: Monday, February 22, 2010, 10:13 PM
>
>
>
> Don't forget Chapter 7 Trustee's fees per Section 330--in your example,
> maximum trustee's fees would be $29,500. Maximum Trustee fees per Section
> 330:
>
> 25% of first $5,000
> 10% of amount over $5,000 up to $50,000
> 5% of amount over $50,000 up to $1,000,000
> 3% of amount over $1,000,000
>
> To update your numbers:
> > Value: $525K
> > COS 8% ($42K)
> > Trustee fees ($29,500)
> > lien ($241K)
> > $212.5K Total
> > less ($106.25K) Nondebtor's 1/2 of the equity
> > $106.25K
> > less ($100K) homestead (joint filing)
> > $6.25K total for estate if liquidated.
>
> --- In cdcbaa@yahoogroups. com
>
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