.jpg)
Converting to Ch. 13 to avoid sale of property
Well, thank GOD this isn't a Judge Riblet case.
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 11:26 AM
Subject: Re: [cdcbaa] Converting to Ch. 13 to avoid sale of property
Judge Riblet won't let you convert after discharge; most judges automatically reconvert a failed 13 that was originally a 7 back to a 7, so the downside if a plan isn't confirmed and completed is that when it gets reconverted the real property is worth even more, which is even more incentive for the trustee to sell it. The trustee usually submits a priority claim for his work, but there is a case that says he only gets the statutory fee, however, the trustee's LAWYER can submit a big claim so you want to do it before the trustee's lawyer does any work. You probably wuill have to fight the Ch 13 trustee on the home evaluation. On all my Rojas cases she requires appraisal and comp information and she gets her own, so you may need an evidentiary hearing on the value of the property. Since they can't live in both places as a residence, one must have a different tax treatment, so you need to get a forensic accountant opinion as to what taxes would be owing on a sale of the properties and then maybe you can show there is no equity ofr unsecured claims. That's my 2 cents worth. I'd act quickly once the client decides, but you really need a confirmable plan. Although I have seen Judge Mund let you dismiss the case. C. gautschi
----- Original Message -----
To: NACBA
Cc: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 9:48 AM
Subject: [cdcbaa] Converting to Ch. 13 to avoid sale of property
I may have to convert a Ch. 7 case to Ch. 13 for a client to save two pieces of real property. Based on appraisals and valuations pre-petition, there is not realizable equity. The Trustee, of course, feels differently.
My question is: What are the downsides to converting to Ch. 13?
I'm concerned with the Ch. 7 Trustee invading the Ch. 13 case and challenging the valuation there. I'm also worried about what happens if we convert the case after discharge is entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food and other necessaries in her budget to enable to propose a de minimis Plan in a Ch. 13 so there is risk there too.
Thanks...this is in the CD of California.
***********************************************
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.
Yahoo! Groups Sponsor
ADVERTISEMENT
-
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.
Well, thank GOD this isn't a Judge Ribletcase.
----- Original Message -----
From:
Chris
Gautschi
To: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 11:26 AM
Subject: Re: [cdcbaa] Converting to Ch.
13 to avoid sale of property
Judge Riblet won't let you convert after discharge; most judges automatically reconvert a failed 13 that was originally
a 7 back to a 7, so the downside if a plan isn't confirmed and completed is
that when it gets reconverted the real property is worth even more, which is
even more incentive for the trustee to sell it. The trustee usually submits a
priority claim for his work, but there is a case that says he only gets the
statutory fee, however, the trustee's LAWYER can submit a big claim so you
want to do it before the trustee's lawyer does any work. You probably wuill
have to fight the Ch 13 trustee on the home evaluation. On all my Rojas cases
she requires appraisal and comp information and she gets her own, so you may
need an evidentiary hearing on the value of the property. Since they can't
live in both places as a residence, one must have a different tax treatment,
so you need to get a forensic accountant opinion as to what taxes would be
owing on a sale of the properties and then maybe you can show there is no equity ofr unsecured claims. That's my 2 cents worth. I'd act quickly
once the client decides, but you really need a confirmable plan. Although I
have seen Judge Mund let you dismiss the case. C.
gautschi
----- Original Message -----
From:
Mark J. Markus
To: NACBA
Cc: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 9:48AM
Subject: [cdcbaa] Converting to Ch. 13
to avoid sale of property
I may have to convert a Ch. 7 case to Ch. 13
for a client to save two pieces of real property. Based on appraisals
and valuations pre-petition, there is not realizable equity. The Trustee, of course, feels differently.
My question is: What are the downsides to
converting to Ch. 13?
I'm concerned with the Ch. 7
Trustee invading the Ch. 13 case and challenging the valuation there.
I'm also worried about what happens if we convert the case after discharge
is entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food
and other necessaries in her budget to enable to propose a de minimis Plan
in a Ch. 13 so there is risk there too.
Thanks...this is in the CD of
California.
***********************************************Mark J.
MarkusLaw Office of Mark J. Markus11684 Ventura Blvd. PMB
#403Studio City, CA 91604-2652(818)509-1173(818)509-1460
(fax)e-mail: bklawr@bklaw.comweb:
The post was migrated from Yahoo.
Judge Riblet won't let you convert after discharge; most judges automatically reconvert a failed 13 that was originally a 7 back to a 7, so the downside if a plan isn't confirmed and completed is that when it gets reconverted the real property is worth even more, which is even more incentive for the trustee to sell it. The trustee usually submits a priority claim for his work, but there is a case that says he only gets the statutory fee, however, the trustee's LAWYER can submit a big claim so you want to do it before the trustee's lawyer does any work. You probably wuill have to fight the Ch 13 trustee on the home evaluation. On all my Rojas cases she requires appraisal and comp information and she gets her own, so you may need an evidentiary hearing on the value of the property. Since they can't live in both places as a residence, one must have a different tax treatment, so you need to get a forensic accountant opinion as to what taxes would be owing on a sale of the properties and then maybe you can show there is no equity ofr unsecured claims. That's my 2 cents worth. I'd act quickly once the client decides, but you really need a confirmable plan. Although I have seen Judge Mund let you dismiss the case. C. gautschi
----- Original Message -----
To: NACBA
Cc: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 9:48 AM
Subject: [cdcbaa] Converting to Ch. 13 to avoid sale of property
I may have to convert a Ch. 7 case to Ch. 13 for a client to save two pieces of real property. Based on appraisals and valuations pre-petition, there is not realizable equity. The Trustee, of course, feels differently.
My question is: What are the downsides to converting to Ch. 13?
I'm concerned with the Ch. 7 Trustee invading the Ch. 13 case and challenging the valuation there. I'm also worried about what happens if we convert the case after discharge is entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food and other necessaries in her budget to enable to propose a de minimis Plan in a Ch. 13 so there is risk there too.
Thanks...this is in the CD of California.
***********************************************
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.
Yahoo! Groups Sponsor
ADVERTISEMENT
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.
Judge Riblet won't let you convert after discharge;
most judges automatically reconvert a failed 13 that was originally a 7 back to
a 7, so the downside if a plan isn't confirmed and completed is that when it
gets reconverted the real property is worth even more, which is even more
incentive for the trustee to sell it. The trustee usually submits a priority
claim for his work, but there is a case that says he only gets the statutory
fee, however, the trustee's LAWYER can submit a big claim so you want to do it
before the trustee's lawyer does any work. You probably wuill have to fight the
Ch 13 trustee on the home evaluation. On all my Rojas cases she requires
appraisal and comp information and she gets her own, so you may need an
evidentiary hearing on the value of the property. Since they can't live in both
places as a residence, one must have a different tax treatment, so you need to
get a forensic accountant opinion as to what taxes would be owing on a sale of
the properties and then maybe you can show there is no equity ofr unsecuredclaims. That's my 2 cents worth. I'd act quickly once the client decides,
but you really need a confirmable plan. Although I have seen Judge Mund let you
dismiss the case. C. gautschi
----- Original Message -----
From:
Mark J. Markus
To: NACBA
Cc: cdcbaa@yahoogroups.com
Sent: Monday, May 17, 2004 9:48 AM
Subject: [cdcbaa] Converting to Ch. 13 to
avoid sale of property
I may have to convert a Ch. 7 case to Ch. 13 for
a client to save two pieces of real property. Based on appraisals and
valuations pre-petition, there is not realizable equity. The Trustee, of
course, feels differently.
My question is: What are the downsides to
converting to Ch. 13?
I'm concerned with the Ch. 7
Trustee invading the Ch. 13 case and challenging the valuation there.
I'm also worried about what happens if we convert the case after discharge is
entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food and
other necessaries in her budget to enable to propose a de minimis Plan in a
Ch. 13 so there is risk there too.
Thanks...this is in the CD of
California.
***********************************************Mark J.
MarkusLaw Office of Mark J. Markus11684 Ventura Blvd. PMB
#403Studio City, CA 91604-2652(818)509-1173(818)509-1460
(fax)e-mail: bklawr@bklaw.comweb:
The post was migrated from Yahoo.
I may have to convert a Ch. 7 case to Ch. 13 for a client to save two pieces of real property. Based on appraisals and valuations pre-petition, there is not realizable equity. The Trustee, of course, feels differently.
My question is: What are the downsides to converting to Ch. 13?
I'm concerned with the Ch. 7 Trustee invading the Ch. 13 case and challenging the valuation there. I'm also worried about what happens if we convert the case after discharge is entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food and other necessaries in her budget to enable to propose a de minimis Plan in a Ch. 13 so there is risk there too.
Thanks...this is in the CD of California.
***********************************************
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.
I may have to convert a Ch. 7 case to Ch. 13 for a
client to save two pieces of real property. Based on appraisals and
valuations pre-petition, there is not realizable equity. The Trustee, of
course, feels differently.
My question is: What are the downsides to
converting to Ch. 13?
I'm concerned with the Ch. 7
Trustee invading the Ch. 13 case and challenging the valuation there. I'm
also worried about what happens if we convert the case after discharge is
entered in the Ch. 7 (which will occur in a week or so).
Debtor will have to basically amend her food and
other necessaries in her budget to enable to propose a de minimis Plan in a Ch.
13 so there is risk there too.
Thanks...this is in the CD of
California.
***********************************************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.