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Best Case Ch. 13 Liquidation Analysis issues
I messed with this for way longer than I wanted to! Now I know how to fill
out a Chapter 13 petition.. couldn't figure out plan payments for the life
of me!
It looks like the problem is caused by unchecking the box that
automatically calculates the unsecured portion. I assume that is what
you're doing since it is the debtor's primary residence. So leaving that
box checked solves one problem: the amount to be paid to unsecured
creditors is correct. The problem though, is that this causes the %
calculated to be incorrect.
I am sure there is a box somewhere to fix this problem, I just give up for
tonight. Going to start hounding my paralegal friends tomorrow though!
Sincerely,
*Michael Avanesian, Esq. *
Simon Resnik Hayes, LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Tel: 818.783.6251 | Cel: 818.817.1725
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
for the purpose of (i) avoiding penalties under the Internal Revenue Code,
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed herein.
On Wed, Jul 22, 2015 at 6:23 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa]
wrote:
>
>
> Obviously, but that isn't the issue with the software.
>
> On 7/22/2015 5:53 PM, Michael Avanesian michael@avanesianlaw.com [cdcbaa]
> wrote:
>
> I agree it is incorrect but the correct value should not be $15k in this
> scenario. What about the Trustee and his attorney fees? What about other
> admin claims? The liquidation analysis needs to be complete.
>
>
>
>
> Sincerely,
>
> *Michael Avanesian, Esq. *
> Simon Resnik Hayes, LLP
> 15233 Ventura Blvd., Suite 250
> Sherman Oaks, CA 91403
> Tel: 818.783.6251 | Cel: 818.817.1725
>
> *Confidentiality**: *This electronic transmission and its contents are
> legally privileged and confidential information and intended solely for the
> use of the addressee. If the reader of this message is not the intended
> recipient, you are hereby notified that any dissemination, distribution,
> copying or other use of this message and its contents is strictly
> prohibited. If you have received this transmission in error, please reply
> to us immediately and delete this message from your directory.
>
> *IRS Circular 230 Disclosure:* To ensure compliance with requirements
> imposed by the IRS, please be advised that any U.S. federal tax advice
> contained in this communication (including any attachments) is not intended
> or written to be used or relied upon, and cannot be used or relied upon,
> for the purpose of (i) avoiding penalties under the Internal Revenue Code,
> or (ii) promoting, marketing or recommending to another party any
> transaction or matter addressed herein.
>
> On Wed, Jul 22, 2015 at 4:09 PM, Giovanni Orantes go@gobklaw.com [cdcbaa]
> wrote:
>
>>
>> That is a problem. I do these analyses with Excel for my 11s and
>> judges are aware of the issue you mention and make sure the calculation is
>> done right (as you make it). I am sure this would represent an opportunity
>> for a Chapter 13 trustee to demand an increase in the amount of the plan
>> payments if not noticed ahead of time and dealt with, if possible.
>>
>> On Wed, Jul 22, 2015 at 3:58 PM, 'Mark J. Markus'
>> bklawr@yahoo.com [cdcbaa] > cdcbaa@yahoogroups.com> wrote:
>>
>>>
>>>
>>> Anybody else here use Best Case software?
>>>
>>> I just discovered what may be a huge problem with their calculation of
>>> the liquidation analysis percentage. It seems that if a property is
>>> undersecured, they subtract out the ENTIRE amount of the claim, essentially
>>> offsetting what would otherwise be assets available to pay creditors.
>>>
>>> In other words, for example:
>>>
>>> House worth $400,000
>>> Liens: $600,000
>>>
>>> Free and Clear Car: $15,000
>>>
>>> Pretending no exemptions, in my thinking this would leave $15,000
>>> available to pay unsecured creditors, but Best Case would show 0% because
>>> it's subtracting that entire $600,000 from the mix.
>>>
>>> Am I doing something wrong, or is this a problem?
>>>
>>> --
>>>
>>> *************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
>>> *Mailing Address Only:*
>>> 11684 Ventura Blvd. PMB #403
>>> Studio City, CA 91604-2652
>>> (818)509-1173 (818)332-1180 (fax)
>>> web: http://www.bklaw.com/
>>> Certified Bankruptcy Law Specialist--The State Bar of California Board
>>> of Legal Specialization
>>> This Firm is a Qualified Federal Debt Relief Agency
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the law office
>>> of Mark J. Markus that may be privileged. The information is intended for
>>> the use of the addressee only. If you are not the addressee, note that any
>>> disclosure, copy, distribution or use of the contents of this message is
>>> prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed
>>> by the IRS, we inform you that any U.S. tax advice contained in this
>>> communication (or in any attachment) is not intended or written to be used,
>>> and cannot be used, for the purpose of (i) avoiding penalties under the
>>> Internal Revenue Code or (ii) promoting, marketing or recommending to
>>> another party any transaction or matter addressed in this communication.
>>>
>>
>>
>>
>> --
>> Giovanni Orantes, Esq.*
>> Orantes Law Firm, P.C.
>> 3435 Wilshire Blvd. Suite 2920
>> Los Angeles, CA 90010
>> Tel: (213) 389-4362
>> Fax: (877) 789-5776
>> e-mail: go@gobklaw.com
>> website: www.gobklaw.com
>>
>> **Certified Bankruptcy Specialist, State Bar of California, Board of
>> Legal Specialization*
>> *Board Certified - Business Bankruptcy Law - American Board of
>> Certification
>> *Board Certified - Consumer Bankruptcy Law - American Board of
>> Certification
>> Commercial Litigation
>> Estate Planning
>> Outside General Counsel
>>
>>
>>
>> WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
>>
>> SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN
>> BERNARDINO AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
>>
>> Note: The information in this e-mail message is not intended to be legal
>> advice and should not be relied upon as legal advice unless counsel
>> expressly contracted in writing to provide such advice. Furthermore, the
>> information contained in this e-mail message is confidential information
>> intended only for the use of the individual or entity named. If the reader
>> of this message is not the intended recipient or an agent responsible for
>> delivering it to the intended recipient, you are hereby notified that any
>> dissemination, distribution or copy of this communication is strictly
>> prohibited. If you have received this communication in error, please
>> immediately notify us by telephone or e-mail and delete the original e-mail
>> at (213) 389-4362 or (888) 619-8222
>> .
>>
>
>
>
> --
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> *Mailing Address Only:*
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of
> Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
> of Mark J. Markus that may be privileged. The information is intended for
> the use of the addressee only. If you are not the addressee, note that any
> disclosure, copy, distribution or use of the contents of this message is
> prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
> the IRS, we inform you that any U.S. tax advice contained in this
> communication (or in any attachment) is not intended or written to be used,
> and cannot be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code or (ii) promoting, marketing or recommending to
> another party any transaction or matter addressed in this communication.
>
>
>
I messed with this for way longer than I wanted to! Now I know how to fill out a Chapter 13 petition.. couldn't figure out plan payments for the life of me!It looks like the problem is caused by unchecking the box that automatically calculates the unsecured p
The post was migrated from Yahoo.
I agree it is incorrect but the correct value should not be $15k in this
scenario. What about the Trustee and his attorney fees? What about other
admin claims? The liquidation analysis needs to be complete.
Sincerely,
*Michael Avanesian, Esq. *
Simon Resnik Hayes, LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Tel: 818.783.6251 | Cel: 818.817.1725
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
for the purpose of (i) avoiding penalties under the Internal Revenue Code,
or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed herein.
On Wed, Jul 22, 2015 at 4:09 PM, Giovanni Orantes go@gobklaw.com [cdcbaa] wrote:
>
>
> That is a problem. I do these analyses with Excel for my 11s and judges
> are aware of the issue you mention and make sure the calculation is done
> right (as you make it). I am sure this would represent an opportunity for
> a Chapter 13 trustee to demand an increase in the amount of the plan
> payments if not noticed ahead of time and dealt with, if possible.
>
> On Wed, Jul 22, 2015 at 3:58 PM, 'Mark J. Markus' bklawr@yahoo.com
> [cdcbaa] wrote:
>
>>
>>
>> Anybody else here use Best Case software?
>>
>> I just discovered what may be a huge problem with their calculation of
>> the liquidation analysis percentage. It seems that if a property is
>> undersecured, they subtract out the ENTIRE amount of the claim, essentially
>> offsetting what would otherwise be assets available to pay creditors.
>>
>> In other words, for example:
>>
>> House worth $400,000
>> Liens: $600,000
>>
>> Free and Clear Car: $15,000
>>
>> Pretending no exemptions, in my thinking this would leave $15,000
>> available to pay unsecured creditors, but Best Case would show 0% because
>> it's subtracting that entire $600,000 from the mix.
>>
>> Am I doing something wrong, or is this a problem?
>>
>> --
>>
>> *************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> *Mailing Address Only:*
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173 (818)332-1180 (fax)
>> web: http://www.bklaw.com/
>> Certified Bankruptcy Law Specialist--The State Bar of California Board of
>> Legal Specialization
>> This Firm is a Qualified Federal Debt Relief Agency
>> ________________________________________________
>> NOTICE: This Electronic Message contains information from the law office
>> of Mark J. Markus that may be privileged. The information is intended for
>> the use of the addressee only. If you are not the addressee, note that any
>> disclosure, copy, distribution or use of the contents of this message is
>> prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed
>> by the IRS, we inform you that any U.S. tax advice contained in this
>> communication (or in any attachment) is not intended or written to be used,
>> and cannot be used, for the purpose of (i) avoiding penalties under the
>> Internal Revenue Code or (ii) promoting, marketing or recommending to
>> another party any transaction or matter addressed in this communication.
>>
>>
>
>
> --
> Giovanni Orantes, Esq.*
> Orantes Law Firm, P.C.
> 3435 Wilshire Blvd. Suite 2920
> Los Angeles, CA 90010
> Tel: (213) 389-4362
> Fax: (877) 789-5776
> e-mail: go@gobklaw.com
> website: www.gobklaw.com
>
> **Certified Bankruptcy Specialist, State Bar of California, Board of Legal
> Specialization*
> *Board Certified - Business Bankruptcy Law - American Board of
> Certification
> *Board Certified - Consumer Bankruptcy Law - American Board of
> Certification
> Commercial Litigation
> Estate Planning
> Outside General Counsel
>
>
>
> WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
>
> SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
> AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
>
> Note: The information in this e-mail message is not intended to be legal
> advice and should not be relied upon as legal advice unless counsel
> expressly contracted in writing to provide such advice. Furthermore, the
> information contained in this e-mail message is confidential information
> intended only for the use of the individual or entity named. If the reader
> of this message is not the intended recipient or an agent responsible for
> delivering it to the intended recipient, you are hereby notified that any
> dissemination, distribution or copy of this communication is strictly
> prohibited. If you have received this communication in error, please
> immediately notify us by telephone or e-mail and delete the original e-mail
> at (213) 389-4362 or (888) 619-8222.
>
>
>
I agree it is incorrect but the correct value should not be $15k in this scenario. What about the Trustee and his attorney fees? What about other admin claims? The liquidation analysis needs to be complete.ear"all">Sincerely,Michael Avanesian, Esq.Simon Resnik Hayes, LLP15233 Ventura Blvd., Suite 250Sherman Oaks, CA 91403Tel: 818.783.6251 | Cel: 818.817.1725
The post was migrated from Yahoo.
That is a problem. I do these analyses with Excel for my 11s and judges
are aware of the issue you mention and make sure the calculation is done
right (as you make it). I am sure this would represent an opportunity for
a Chapter 13 trustee to demand an increase in the amount of the plan
payments if not noticed ahead of time and dealt with, if possible.
On Wed, Jul 22, 2015 at 3:58 PM, 'Mark J. Markus' bklawr@yahoo.com [cdcbaa]
wrote:
>
>
> Anybody else here use Best Case software?
>
> I just discovered what may be a huge problem with their calculation of the
> liquidation analysis percentage. It seems that if a property is
> undersecured, they subtract out the ENTIRE amount of the claim, essentially
> offsetting what would otherwise be assets available to pay creditors.
>
> In other words, for example:
>
> House worth $400,000
> Liens: $600,000
>
> Free and Clear Car: $15,000
>
> Pretending no exemptions, in my thinking this would leave $15,000
> available to pay unsecured creditors, but Best Case would show 0% because
> it's subtracting that entire $600,000 from the mix.
>
> Am I doing something wrong, or is this a problem?
>
> --
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> *Mailing Address Only:*
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of
> Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
> of Mark J. Markus that may be privileged. The information is intended for
> the use of the addressee only. If you are not the addressee, note that any
> disclosure, copy, distribution or use of the contents of this message is
> prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
> the IRS, we inform you that any U.S. tax advice contained in this
> communication (or in any attachment) is not intended or written to be used,
> and cannot be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code or (ii) promoting, marketing or recommending to
> another party any transaction or matter addressed in this communication.
>
>
>
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO
AND SANTA BARBARA AND THE WORLD FOR CHAPTER 11 AND 15 CASES.
Note: The information in this e-mail message is not intended to be legal
advice and should not be relied upon as legal advice unless counsel
expressly contracted in writing to provide such advice. Furthermore, the
information contained in this e-mail message is confidential information
intended only for the use of the individual or entity named. If the reader
of this message is not the intended recipient or an agent responsible for
delivering it to the intended recipient, you are hereby notified that any
dissemination, distribution or copy of this communication is strictly
prohibited. If you have received this communication in error, please
immediately notify us by telephone or e-mail and delete the original e-mail
That is a problem. I do these analyses with Excel for my 11s and judges are aware of the issue you mention and make sure the calculation is done right (as you make it). I am sure this would represent an opportunity for a Chapter 13 trustee to demand an increase in the amount of the plan payments if not noticed ahead of time and dealt with, if possible.
The post was migrated from Yahoo.