.jpg)
Property held for another.
I just heard today that the Office of the US Trustee has recently
advised the Chapter 7 trustees that the Central District administers
assets in something like 1.7% of cases whereas the national average
is 4%. OUST, therefore, is "requesting" that the Chapter 7 trustees
begin administering assets that previously might have been considered
of "minimal value" to increase the CD's quota.
Thus, as Charles says, the longer you wait, the higher the value of
the property is going to go. And, given the above, I would not count
on *any* excess equity being "safe."
Melissa Besecker
wrote:
> Trustees are being overly aggressive these days and while they often
> come up with that may seem like ridiculous values, they are getting
> them. Remember the longer the delay, the trustee gets the
appreciation.
> Be weiry.
>
> Charles Shamash, Esq.
> Caceres & Shamash, LLP
> 8383 Wilshire Boulevard, Suite 1010
> Beverly Hills, CA 90211-2409
> Phone: (323) 852-1600 X 101
> Facsimile: (323) 852-9009
>
>
> -----Original Message-----
> Sent: Friday, April 30, 2004 7:37 AM
> To: cdcbaa@yahoogroups.com
> Subject: RE: [cdcbaa] Property held for another.
>
> Mark:
>
> I started out to write a long response with several ideas, but
there may
> be a simple solution. Based on your facts, the equity is $250,000
at
> most and there are four owners. Do they own equal shares? When did
> they acquire their interests? Are there possible preference or
> fraudulent claims which a Trustee in your client's case may bring
> against the parents and sibling? If these other problems do not
exist
> and your client only has a 25% interest, his equity is only $62,000.
> After deducting his $50,000 homestead, it is unlikely the Trustee
will
> act to sell the property.
>
> If the risk is too great, consider a Chapter 13.
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem
> 500 N. Brand Blvd., #460, Glendale, CA 91203
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Personal & small business bankruptcy specialist cert. by State
Bar of
> CA Bd of Legal Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of
Certification
>
>
>
>
>
> -----Original Message-----
> Sent: Thursday, April 29, 2004 2:42 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Property held for another.
>
>
> Dear Group,
>
> I have a client who is on title to the house he lives in. He tells
> me that it is his parents house. They are also on the title, as
> well as my clients' sister. He said that his parents couldn't
> qualify for the loan themselves at that time so he and his sister
> let them use their names.
>
> The house was purchased 6-7 years ago and has approximately
$200,000-
> $250,000 in equity. Of course my client wants to file a Ch. 7
> instead of a Ch. 13. Any feedback would be appreciated.
>
> Sincerely,
>
> Mark C. Kim
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
>
>
>
> Yahoo! Groups Links
The post was migrated from Yahoo.
Trustees are being overly aggressive these days and while they often
come up with that may seem like ridiculous values, they are getting
them. Remember the longer the delay, the trustee gets the appreciation.
Be weiry.
Charles Shamash, Esq.
Caceres & Shamash, LLP
8383 Wilshire Boulevard, Suite 1010
Beverly Hills, CA 90211-2409
Phone: (323) 852-1600 X 101
Facsimile: (323) 852-9009
Sent: Friday, April 30, 2004 7:37 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Property held for another.
Mark:
I started out to write a long response with several ideas, but there may
be a simple solution. Based on your facts, the equity is $250,000 at
most and there are four owners. Do they own equal shares? When did
they acquire their interests? Are there possible preference or
fraudulent claims which a Trustee in your client's case may bring
against the parents and sibling? If these other problems do not exist
and your client only has a 25% interest, his equity is only $62,000.
After deducting his $50,000 homestead, it is unlikely the Trustee will
act to sell the property.
If the risk is too great, consider a Chapter 13.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Thursday, April 29, 2004 2:42 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Property held for another.
Dear Group,
I have a client who is on title to the house he lives in. He tells
me that it is his parents house. They are also on the title, as
well as my clients' sister. He said that his parents couldn't
qualify for the loan themselves at that time so he and his sister
let them use their names.
The house was purchased 6-7 years ago and has approximately $200,000-
$250,000 in equity. Of course my client wants to file a Ch. 7
instead of a Ch. 13. Any feedback would be appreciated.
Sincerely,
Mark C. Kim
Yahoo! Groups Links
Yahoo! Groups Links
The post was migrated from Yahoo.
Mark:
I started out to write a long response with several ideas, but there may
be a simple solution. Based on your facts, the equity is $250,000 at
most and there are four owners. Do they own equal shares? When did
they acquire their interests? Are there possible preference or
fraudulent claims which a Trustee in your client's case may bring
against the parents and sibling? If these other problems do not exist
and your client only has a 25% interest, his equity is only $62,000.
After deducting his $50,000 homestead, it is unlikely the Trustee will
act to sell the property.
If the risk is too great, consider a Chapter 13.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Thursday, April 29, 2004 2:42 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Property held for another.
Dear Group,
I have a client who is on title to the house he lives in. He tells
me that it is his parents house. They are also on the title, as
well as my clients' sister. He said that his parents couldn't
qualify for the loan themselves at that time so he and his sister
let them use their names.
The house was purchased 6-7 years ago and has approximately $200,000-
$250,000 in equity. Of course my client wants to file a Ch. 7
instead of a Ch. 13. Any feedback would be appreciated.
Sincerely,
Mark C. Kim
Yahoo! Groups Links
The post was migrated from Yahoo.
Who paid the down payment on the house? Who makes the mortgage payments? Who pays the property insurance and annual taxes?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.com/
************************************************
Confidentiality Note: This e-mail is intended only for the person or
entity to which it is addressed and may contain information that is privileged,
confidential, or otherwise protected from disclosure. Dissemination,
distribution, or copying of this e-mail or the information herein by anyone
other than the intended recipient, or an employee or agent responsible for
delivering the message to the intended recipient, is prohibited. If you
have received this e-mail in error, please notify us immediately at (818)
509-1173 or e-mail us at bklawr@bklaw.com and destroy the
original message and all copies.
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, April 29, 2004 2:41 PM
Subject: [cdcbaa] Property held for another.
Dear Group,
I have a client who is on title to the house he lives in. He tells
me that it is his parents house. They are also on the title, as
well as my clients' sister. He said that his parents couldn't
qualify for the loan themselves at that time so he and his sister
let them use their names.
The house was purchased 6-7 years ago and has approximately $200,000-
$250,000 in equity. Of course my client wants to file a Ch. 7
instead of a Ch. 13. Any feedback would be appreciated.
Sincerely,
Mark C. Kim
Yahoo! Groups Links
a.. To visit your group on the web, go to:
http://groups.yahoo.com/group/cdcbaa/
b.. To unsubscribe from this group, send an email to:
cdcbaa-unsubscribe@yahoogroups.com
c.. Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
Who paid the down payment on the house? Who
makes the mortgage payments? Who pays the property insurance and annual
taxes?
***********************************************Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173(818)509-1460 (fax)e-mail: bklawr@bklaw.comweb:
The post was migrated from Yahoo.
Dear Group,
I have a client who is on title to the house he lives in. He tells
me that it is his parents house. They are also on the title, as
well as my clients' sister. He said that his parents couldn't
qualify for the loan themselves at that time so he and his sister
let them use their names.
The house was purchased 6-7 years ago and has approximately $200,000-
$250,000 in equity. Of course my client wants to file a Ch. 7
instead of a Ch. 13. Any feedback would be appreciated.
Sincerely,
Mark C. Kim
The post was migrated from Yahoo.