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Liquidation analysis question
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Respectfully I disagree with Joe. I don't think the Tee gets a commission
on a co-owner's share of the property. See 363(j).
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.
Joseph E. Caceres
Sent: Tuesday, February 23, 2010 2:57 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Re: Liquidation analysis question
I would think trustee could take commission on the whole thing regardless of
liability on the debt, per the language of 326(a); says fee on all moneys
disbursed or turned over to parties in interest, excluding the debtor. I
think a co-owner would qualify as a party in interest, and trustee would
be turning over the co-owners share of the proceeds to him or her. Only
exclusion is money turned over to the debtor such as in a surplus case or
for a homestead exemption, for example.
Joseph E. Caceres, Esq.
Caceres & Shamash, LLP
8200 Wilshire Blvd., Suite 400
Beverly Hills, CA 90211
Tel: (310) 205-3400 x 65
Fax: (310) 878-8308
E-mail: jec@locs.com
The post was migrated from Yahoo.
Joe, trustee can only turnover from
The estate.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 23, 2010, at 2:56 PM, "Joseph E. Caceres" wrote:
I would think trustee could take commission on the whole thing regardless of liability on the debt, per the language of 326(a); says fee on all moneys disbursed or turned over to parties in interest, excluding the debtor. I think a co-owner would qualify as a r the co-owners share of the proceeds to him or her. Only exclusion is money turned over to the debtor such as in a surplus case or for a homestead exemption, for example.
Joseph E. Caceres, Esq.
Caceres & Shamash, LLP
8200 Wilshire Blvd., Suite 400
Beverly Hills, CA 90211
Tel: (310) 205-3400 x 65
Fax: (310) 878-8308
E-mail: jec@locs.com
The post was migrated from Yahoo.
I would think trustee could take commission on the whole thing regardless of liability on the debt, per the language of 326(a); says fee on all moneys disbursed or turned over to parties in interest, excluding the debtor. I think a co-owner would qualify as a party in interest, and trustee would be turning over the co-owners share of the proceeds to him or her. Only exclusion is money turned over to the debtor such as in a surplus case or for a homestead exemption, for example.
Joseph E. Caceres, Esq.
Caceres & Shamash, LLP
8200 Wilshire Blvd., Suite 400
Beverly Hills, CA 90211
Tel: (310) 205-3400 x 65
Fax: (310) 878-8308
E-mail: jec@locs.com
The post was migrated from Yahoo.
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@roarklawoffices.com
>
> 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-----
> 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
> ,
> Sina Maghsoudi wrote:
> >
> > I think it depends on the type of lien: IRS, Judgment, mortgage...
> >
> > Also, at the last NACBA they told us: 1)In a Chapter 13 liquidation
> analysis you can make a 10%-20% deduction due to the distressed nature of
> the sale and 2) Deduct the capital gains tax, if any, the debtor would have
> to pay.
> >
> > I have a worksheet from NACBA for a Chapter 13 liquidation analysis if
> anyone wants it.
> >
> >
> > Sina
> >
> > --- On Sat, 2/20/10, Holly Roark wrote:
> >
> >
> > Subject: [cdcbaa] Liquidation analysis question
> > To: cdcbaa@yahoogroups.
> com
> > Date: Saturday, February 20, 2010, 5:16 PM
> >
> >
> > In doing the liquidation analysis, would the debtor only have to pay into
> the plan (at minimum) the remaining equity in a home AFTER deducting liens,
> cost of sale, homestead, and nondebtor's interest?
> >
> > For example, Debtor owns his home with another person (not his spouse):
> >
> > Value: $525K
> > COS 8% ($42K)
> > lien ($241K)
> > $242K Total
> > less ($121K) Nondebtor's 1/2 of the equity
> > $121K
> > less ($100K) homestead (joint filing)
> > $21K total for estate if liquidated.
> >
> > In this scenario, if Debtor does a Chapter 13, their minimum payment into
> the plan over time would be $21K?
> >
> > Is this the correct way to do the liquidation analysis?
> >
> > Thanks,
> >
> > Holly Roark
> > holly@
> >
> >
> >
> >
> > ------------ --------- --------- ------
> >
> > Yahoo! Groups Links
> >
>
The post was migrated from Yahoo.
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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.
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.
The post was migrated from Yahoo.
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.
>
> I think it depends on the type of lien: IRS, Judgment, mortgage...
>
> Also, at the last NACBA they told us: 1)In a Chapter 13 liquidation analysis you can make a 10%-20%deduction dueto thedistressed nature of thesale and 2) Deduct the capital gains tax, if any, the debtor would have to pay.
>
> I have a worksheet from NACBA for a Chapter 13 liquidation analysis if anyone wants it.
>
>
> Sina
>
> --- On Sat, 2/20/10, Holly Roark wrote:
>
>
> Subject: [cdcbaa] Liquidation analysis question
> To: cdcbaa@yahoogroups.com
> Date: Saturday, February 20, 2010, 5:16 PM
>
>
> In doing the liquidation analysis, would the debtor only have to pay into the plan (at minimum) the remaining equity in a home AFTER deducting liens, cost of sale, homestead, and nondebtor's interest?
>
> For example, Debtor owns his home with another person (not his spouse):
>
> Value: $525K
> COS 8% ($42K)
> lien($241K)
> $242K Total
> less($121K) Nondebtor's 1/2 of the equity
> $121K
> less($100K) homestead (joint filing)
> $21K total for estate if liquidated.
>
> In this scenario, if Debtor does a Chapter 13, their minimum payment into the plan over time would be $21K?
>
> Is this the correct way to do the liquidation analysis?
>
> Thanks,
>
> Holly Roark
> holly@...
>
>
>
>
> ------------------------------------
>
> Yahoo! Groups Links
>
The post was migrated from Yahoo.
I think it depends on the type of lien: IRS, Judgment, mortgage...
Also, at the last NACBA they told us: 1)In a Chapter 13 liquidation analysis you can make a 10%-20%deduction dueto thedistressed nature of thesale and 2) Deduct the capital gains tax, if any, the debtor would have to pay.
I have a worksheet from NACBA for a Chapter 13 liquidation analysis if anyone wants it.
Sina
The post was migrated from Yahoo.
In doing the liquidation analysis, would the debtor only have to pay into the plan (at minimum) the remaining equity in a home AFTER deducting liens, cost of sale, homestead, and nondebtor's interest?
For example, Debtor owns his home with another person (not his spouse):
Value: $525K
COS 8% ($42K)
lien ($241K)
less ($121K) Nondebtor's 1/2 of the equity
less ($100K) homestead (joint filing)
In this scenario, if Debtor does a Chapter 13, their minimum payment into the plan over time would be $21K?
Is this the correct way to do the liquidation analysis?
Thanks,
Holly Roark
holly@roarklawoffices.com
The post was migrated from Yahoo.