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6 Mo. Homestead Question
Thanks for the helpful information. Her biggest motivation to selling the
house sooner rather than later is getting out of the mortgage payment and
having some cash on hand from the sale. Weighing that against the
*significant* benefit from filing the case first, it seems clear which way
to go.
Thanks to all that chimed in.
Hale Andrew Antico
(800) 227-2947
http://LosAngelesBankruptcy.net
"I am easily satisfied by the very best."
-- Winston Churchill
Dennis McGoldrick
Sent: Thursday, July 21, 2005 5:57 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] 6 Mo. Homestead Question
There are previouis posts on this issue. As David said, Irs can get a
lien. If you file while the house is still owned, the homestead is a lock.
If you sell first, the trustee can wait the six months and take the cash.
I believe there is one case where the debtor spent money and the trustee
waited the six months then went after debtor for wasting assets of the
estate.... kind of dangerous to just send 70k.
Other option, debtor moves to new homestead and sells again after bk, but
all of these things leave the assets open to IRS attack. Why not file now?
Are you waiting out the 3 year period or something?
dennis
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There are previouis posts on this issue. As David
said, Irs can get a lien. If you file while the house
is still owned, the homestead is a lock. If you sell
first, the trustee can wait the six months and take
the cash. I believe there is one case where the
debtor spent money and the trustee waited the six
months then went after debtor for wasting assets of
the estate.... kind of dangerous to just send 70k.
Other option, debtor moves to new homestead and sells
again after bk, but all of these things leave the
assets open to IRS attack. Why not file now? Are you
waiting out the 3 year period or something?
dennis
__________________________________________________
Do You Yahoo!?
Tired of spam? Yahoo! Mail has the best spam protection around
http://mail.yahoo.com
The post was migrated from Yahoo.
Unemployed married but separated prospective client is about to sell house
having 70K of equity. Her sister will purchase it for fair market value.
Money will then be put into bank account, at which point she wants to file
Chap 7, having 70k homestead exemption cover cash for 6 months. She has a
few thousand of dischargable IRS debt, and a lot more non-dischargable IRS
debt.
Is her only challenge spending the approximately 50k of homestead money in 6
months to shield it from the trustee? Or can the IRS get a lien which could
attach to the remaining cash, putting it at risk during or after the bk?
Very truly yours,
Hale Andrew Antico
Attorney at law
(800) 227-2947
http://LosAngelesBankruptcy.net
"I am easily satisfied by the very best."
-- Winston Churchill
Unemployed married
but separated prospective client is about to sell house having 70K of equity.
Her sister will purchase it for fair market value. Money will then be put
into bank account, at which point she wants to file Chap 7, having 70k homestead
exemption cover cash for 6 months. She has a few thousand of
dischargable IRS debt, and a lot more non-dischargable IRS debt.
Is her only
challenge spending the approximately 50k of homestead money in 6 months toshield it from the trustee? Or can the IRS get a lien which could attach
to the remaining cash, putting it at risk during or after the
bk?
Very truly
yours,Hale Andrew
Antico Attorney at law (800)
227-2947
The post was migrated from Yahoo.