.jpg)
Do you ever file personal chapter 7s for people
charsetndows-1252
Interesting thread on California's constantly changing exemption laws.
BTW yes I am saying that there is a world of difference between 704.140(a) for pending claims; and (b) (and c) for judgments, settlements, awards. (maybe ask a trustee for another viewpoint...)
And no, no basis that I know of to exempt the property damage claim or recovery (unless maybe under the automobile exemption), and no wild card because you are using the 704s not the 703s.
Jason
JASON WALLACH, ESQ.
Gladstone Michel Weisberg Willner & Sloane, ALC
4551 Glencoe Avenue, Suite 300
Marina del Rey CA 90292-7925
Tel: (310) 821-9000
Direct: (310) 775-8725
Fax: (310) 775-8775
Email: jwallach@ gladstonemichel.com
www. gladstonemichel.com
On Oct 18, 2013, at 11:12 AM, Hale Andrew Antico wrote:
> Sam,
>
> When I go to Google and put in "california ccp 703.140", I get a list that
> includes:
>
> > http://codes.lp.findlaw.com/cacode/CCP/ ... 1/s703.140
>
> When I go to the relevant code sections, I see:
>
> 703.140(b)(11)(D)
> A payment, not to exceed seventeen thousand four hundred twenty-five dollars
> ($17,425), on account of personal bodily injury, not including pain and
> suffering or compensation for actual pecuniary loss, of the debtor or an
> individual of whom the debtor is a dependent.
>
> and
>
> 703.140(b)(11)(E)
> A payment in compensation of loss of future earnings of the debtor or an
> individual of whom the debtor is or was a dependent, to the extent
> reasonably necessary for the support of the debtor and any dependent of the
> debtor.
>
> Contrast this with (new search required):
>
> 704.140(a)
> Except as provided in Article 5 (commencing with Section 708.410) of Chapter
> 6, a cause of action for personal injury is exempt without making a claim.
>
> ...but see:
>
> 704.150(c)
> Where an award of damages or a settlement arising out of the wrongful death
> of the judgment debtor's spouse or a person on whom the judgment debtor or
> the judgment debtor's spouse was dependent is payable periodically, the
> amount of such a periodic payment that may be applied to the satisfaction of
> a money judgment is the amount that may be withheld from a like amount of
> earnings under Chapter 5 (commencing with Section 706.010) (Wage Garnishment
> Law).
>
> I hope this helps.
>
> ________________________________
>
> sam@southbaybk.com
> Sent: Friday, October 18, 2013 8:59 AM
> To: cdcbaa@yahoogroups.com
> Subject: RE: Re: [cdcbaa] Do you ever file personal chapter 7s for people
> who want to keep...
>
> Hmmmm. Jason - I thought 704(b) limited the amount of the exemption to
> that "reasonably necessary for the support of the Debtor". That is why I
> went with 703 - which as you probably know was amended in April to delete
> the "pain and suffering" exclusion. Are you saying that 704(a) is distinct
> from 704(b) - that is, if the claim has not been reduced to judgment or
> settlement as of the filing date, it is 100% exempt - no matter the amount
> of the eventual award or settlement?
>
> ---In cdcbaa@yahoogroups.com, wrote:
>
> Does the 704.140 personal injury exemption include the property
> damage portion arising from, for example, an automobile accident?
>
> And, if not, is there no way to exempt the property damage award
> then if the 704 series is used?
>
> *************************
> 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.
>
>
charsetndows-1252
Interesting thread on California's constantly changing exemption laws.BTW yes I am saying that there is a world of difference between 704.140(a) for pending claims; and (b) (and c) for judgments, settlements, awards. (maybe ask a trustee for another viewpoint...)And no, no basis that I know of to exempt the property damage claim or recovery (unless maybe under the automobile exemption), and no wild card because you are using the 704s not the 703s.Jason
-- JASON WALLACH, ESQ.Gladstone Michel Weisberg Willner & Sloane, ALC4551 Glencoe Avenue, Suite 300Marina del Rey CA 90292-7925Tel: (310) 821-9000Direct: (310) 775-8725Fax: (310) 775-8775Email: jwallach@ gladstonemichel.comwww. gladstonemichel.com
On Oct 18, 2013, at 11:12 AM, Hale Andrew Antico wrote:
Sam,
When I go to Google and put in "california ccp 703.140", I get a list that
includes:
>
The post was migrated from Yahoo.
No, stock is stock. Tools of the trade are tools of the trade.
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, August 17, 2010 6:26 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Do you ever file personal chapter 7s for people
whowantto keep their small business running?
Then the question becomes: if the assets were exempt under 703 or 704
(under tools of trade), when they become "stock", can they still be exempted
under "tools of trade"? Let's say I don't have the wildcard available but
the stock in my business is now worth $3K because that's the value of the
tools. How do I exempt the "stock"? When the debtor incorporates, should I
have the business assume a liability equal to the assets so the stock is
worth zero?
Holly Roark
holly@roarklawoffices.com
On Sat, Aug 14, 2010 at 11:46 PM, Mark J. Markus wrote:
The transfer of assets to the corporation would be for reasonably equivalent
value of stock in the new corp and said value would be reflected in schedule
"B". This is not a mechanism for hiding assets; it's a way to enable a
debtor to continue operating his business and continue his livelihood. If
the value of assets being transferred is more than an exempted amount, the
assets would be at risk either way (transferred or not).
*************************
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
The post was migrated from Yahoo.