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transfer of property in chap 7 to specific creditor
Nick:
Just out of curiosity, what is the meaning of ""? Was that a typo
on your part or does that stand for swearing word?
On 2/7/08, David A. Tilem wrote:
>
> Avoid preference by waiting to transfer until AFTER the case is filed.
> Then wait again until exemption objection period has lapsed. Then wait some
> more until case closed (assets revested in debtor) or spend money (file
> motion to compel abandonment) to ensure that property revests in debtor.
> Then, and only then is it "safe" to transfer the property to supplier. All
> of this assumes, of course, that no other creditor has pre-judgment lien.
> This also assumes that other creditors do not have knowledge of law in
> foreign jurisdiction sufficient to enable them to safely ignore bankruptcy
> proceedings in US and that they are not US entities subject to the automatic
> stay.
>
> *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
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *nicklambajian
> *Sent:* Wednesday, February 06, 2008 2:32 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] transfer of property in chap 7 to specific creditor
>
> My client has one condo in a foreign country which is worth
> approximately $10,000.00 which we have claimed the wild card exemption
> for. His creditors are as follows: (1) Merchandise supplier
> ($250,000.00), (2) plaintiff in a law suit ($25,000.00, but not gone
> to judgment), (3) various credit cards ($7500.00).
>
> He would like to transfer the condo in chap 7, which we filed last
> month, to the merchandise supplier so that he can continue doing some
> business with the company. Of course the plaintiff in the lawsuit
> wants to get her hands on the condo too. He has no other assets. Is
> there any way to transfer the condo to the supplier specifically?
>
>
>
Nick:
Just out of curiosity, what is the meaning of ""? Was that a typo on your part or does that stand for swearing word?
On 2/7/08, David A. Tilem <DavidTilem@tilemlaw.com> wrote:
Avoid preference by waiting to transfer until AFTER the case is filed. Then wait again until exemption objection period has lapsed. Then wait some more until case closed (assets revested in debtor) or spend money (file motion to compel abandonment) to ensure that property revests in debtor. Then, and only then is it "safe" to transfer the property to supplier. All of this assumes, of course, that no other creditor has pre-judgment lien. This also assumes that other creditors do not have knowledge of law in foreign jurisdiction sufficient to enable them to safely ignore bankruptcy proceedings in US and that they are not US entities subject to the automatic stay.
David A. Tilem
Certified Bankruptcy Specialist
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206cdcbaa@yahoogroups.comSubject: [cdcbaa] transfer of property in chap 7 to specific creditor
My client has one condo in a foreign country which is worth approximately $10,000.00 which we have claimed the wild card exemption for. His creditors are as follows: (1) Merchandise supplier ($250,000.00), (2) plaintiff in a law suit ($25,000.00, but not gone
to judgment), (3) various credit cards ($7500.00).He would like to transfer the condo in chap 7, which we filed last month, to the merchandise supplier so that he can continue doing some business with the company. Of course the plaintiff in the lawsuit
wants to get her hands on the condo too. He has no other assets. Is there any way to transfer the condo to the supplier specifically?
The post was migrated from Yahoo.
Avoid preference by waiting to transfer until AFTER the case is filed. Then
wait again until exemption objection period has lapsed. Then wait some more
until case closed (assets revested in debtor) or spend money (file motion to
compel abandonment) to ensure that property revests in debtor. Then, and
only then is it "safe" to transfer the property to supplier. All of this
assumes, of course, that no other creditor has pre-judgment lien. This also
assumes that other creditors do not have knowledge of law in foreign
jurisdiction sufficient to enable them to safely ignore bankruptcy
proceedings in US and that they are not US entities subject to the automatic
stay.
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.
The post was migrated from Yahoo.
My client has one condo in a foreign country which is worth
approximately $10,000.00 which we have claimed the wild card exemption
for. His creditors are as follows: (1) Merchandise supplier
($250,000.00), (2) plaintiff in a law suit ($25,000.00, but not gone
to judgment), (3) various credit cards ($7500.00).
He would like to transfer the condo in chap 7, which we filed last
month, to the merchandise supplier so that he can continue doing some
business with the company. Of course the plaintiff in the lawsuit
wants to get her hands on the condo too. He has no other assets. Is
there any way to transfer the condo to the supplier specifically?
The post was migrated from Yahoo.