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income from settlement/judgment?
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Well, we resolved it this way: We got the judgment debtor to pay my guy in a lump sum, so we'll just stick it in his bank account and exempt it. But I'm still not 100% sure of what the "correct" thing to do is. Thanks everyone.
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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/
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----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Saturday, October 02, 2004 9:59 AM
Subject: RE: [cdcbaa] income from settlement/judgment?
Include the face amount in the description on Exhibit "B" and the discounted present value of the stream of payments in the value column. Then exempt the stream of payments. Do not include in Schedule I. There is no way to accues you of failure to disclose because the information is contained in Exhibit "B". Furthermore, the debtor has no olbigation to "use" exempt assets to pay creditor claims. Interesting case.
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: Friday, October 01, 2004 12:55 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] income from settlement/judgment?
If a debtor has a receivable from a settlement of $16,000, which we fully exempt, and he is receiving monthly payment pursuant to that settlement agreement of $1,500, does that $1,500 have to be listed in Schedule "I" and factored into his monthly income, or does the receivable just need to be listed on Schedule "B"? On one hand, it seems like income, but on the other, I don't see why debtor should be penalized (via a 707b motion) just because the judgement debtor is paying him in installments on an exempt asset rather than paying him in a lump sum pre-petition.
***********************************************
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/
************************************************
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Message
Well, we resolved it this way: We got the
judgment debtor to pay my guy in a lump sum, so we'll just stick it in his bank
account and exempt it. But I'm still not 100% sure of what the "correct"
thing to do is. Thanks everyone.
***********************************************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.
Thanks everyone!
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Friday, October 01, 2004 3:36 PM
Subject: [cdcbaa] Re: income from settlement/judgment?
I would list it in schedule I and denote when the payments would end
(there is a place is schedule I which asks to describe any change in
income of 10%).
--- In cdcbaa@yahoogroups.com, "Mark J. Markus" wrote:
> If a debtor has a receivable from a settlement of $16,000, which we
fully exempt, and he is receiving monthly payment pursuant to that
settlement agreement of $1,500, does that $1,500 have to be listed in
Schedule "I" and factored into his monthly income, or does the
receivable just need to be listed on Schedule "B"? On one hand, it
seems like income, but on the other, I don't see why debtor should be
penalized (via a 707b motion) just because the judgement debtor is
paying him in installments on an exempt asset rather than paying him
in a lump sum pre-petition.
>
> ***********************************************
> 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@b...
> web: http://www.bklaw.com/
> ************************************************
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The post was migrated from Yahoo.
I would list it in schedule I and denote when the payments would end
(there is a place is schedule I which asks to describe any change in
income of 10%).
> If a debtor has a receivable from a settlement of $16,000, which we
fully exempt, and he is receiving monthly payment pursuant to that
settlement agreement of $1,500, does that $1,500 have to be listed in
Schedule "I" and factored into his monthly income, or does the
receivable just need to be listed on Schedule "B"? On one hand, it
seems like income, but on the other, I don't see why debtor should be
penalized (via a 707b motion) just because the judgement debtor is
paying him in installments on an exempt asset rather than paying him
in a lump sum pre-petition.
>
> ***********************************************
> 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@b...
> web: http://www.bklaw.com/
> ************************************************
The post was migrated from Yahoo.
If a debtor has a receivable from a settlement of $16,000, which we fully exempt, and he is receiving monthly payment pursuant to that settlement agreement of $1,500, does that $1,500 have to be listed in Schedule "I" and factored into his monthly income, or does the receivable just need to be listed on Schedule "B"? On one hand, it seems like income, but on the other, I don't see why debtor should be penalized (via a 707b motion) just because the judgement debtor is paying him in installments on an exempt asset rather than paying him in a lump sum pre-petition.
***********************************************
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/
************************************************
If a debtor has a receivable from a settlement of
$16,000, which we fully exempt, and he is receiving monthly payment pursuant to
that settlement agreement of $1,500, does that $1,500 have to be listed in
Schedule "I" and factored into his monthly income, or does the receivable
just need to be listed on Schedule "B"? On one hand, it seems like income,
but on the other, I don't see why debtor should be penalized (via a 707b motion)
just because the judgement debtor is paying him in installments on an exempt
asset rather than paying him in a lump sum pre-petition.
***********************************************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.