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Prepetition retainer for anticipated nondischargeability
Thanks.
David A. Tilem
Certified Bankruptcy Specialist Since 1997
Law Offices of David A. Tilem
206 N. Jackson St., #201
Glendale, CA 91206
Tel: 818-507-6000 * Fax: 818-507-6800
Toll Free: 888-BK PRO 4U (888-257-7648)
www.TilemLaw.com
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"Huh" is all I can say about taking all the prepetition retainer as earned on receipt, and not even having a trust account. I sure don't document my retainer agreements as earned on receipt.
The case you are talking about is Hathaway Ranch and Carl Rheuban with Joe Eisenberg and Judge Z. I always, including recently, viewed that as an invalid earned on receipt ruling, not about a security interest.
Time for the weekend.
Jason
JASON WALLACH
jwallach@ghplaw.com
Gipson Hoffman & Pancione, APC
1901 Avenue of the Stars
Suite 1100
Los Angeles CA 90067-6002
Office: (310) 556-4660
Fax: (310) 556-8945
Website: www.ghplaw.com
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Most people do NOT deposit basic retainer in trust account but treat it as earned on receipt. Lots of BK lawyers don't even have a trust account... Those who do are supposed to xfer funds immediately before the petition is filed.
As for taking a lien, there is a very well known case (but of course I cannot remember the name) where VZ ordered Joe Eisenberg to return title to RP which Joe took as a retainer. There are other cases where the liens have been deemed invalid since no pre-petition consideration.
This is one of those absurd problems with BK law.
David A. Tilem
Certified Bankruptcy Specialist Since 1997
Law Offices of David A. Tilem
206 N. Jackson St., #201
Glendale, CA 91206
Tel: 818-507-6000 * Fax: 818-507-6800
Toll Free: 888-BK PRO 4U (888-257-7648)
www.TilemLaw.com
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Thanks, Dave.
What about the attorney's perfected security interest, i.e. documented and filed UCC-1? It is then property of the estate subject to a lien. Relief from stay?
And why doesn't that property of the estate theory also result in disgorgement of any trust deposit remaining of our very reasonable retainer deposit for basic services? Custom? Habit? Courtesy?
Have a nice weekend.
Jason
JASON WALLACH
jwallach@ghplaw.com
Gipson Hoffman & Pancione, APC
1901 Avenue of the Stars
Suite 1100
Los Angeles CA 90067-6002
Office: (310) 556-4660
Fax: (310) 556-8945
Website: www.ghplaw.com
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Funds in your trust account remain property of the Debtor and hence property of the estate.
David A. Tilem
Certified Bankruptcy Specialist Since 1997
Law Offices of David A. Tilem
206 N. Jackson St., #201
Glendale, CA 91206
Tel: 818-507-6000 * Fax: 818-507-6800
Toll Free: 888-BK PRO 4U (888-257-7648)
www.TilemLaw.com
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The pages comprising this transmission may contain CONFIDENTIAL INFORMATION from Law Offices of David A. Tilem. This information is intended solely for use by the individual or entity named as the recipient hereof. If you are not the intended recipient, be aware that any disclosure, copying, distribution, or use of the contents of this transmission is prohibited. If you have received this transmission in error, please notify us by telephone immediately so we may arrange and correct this transmission.
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If the funds are in your trust account on the petition date, it would be estate property and would have to be turned over. I have obtained disgorgement from debtor's counsel for the same facts you outline herein. The amount disgorged was in the mid 5 figure range
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