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Corporate Chapter 7 Question
It's their personal residence in their names, not corporation.
I'm getting a copy of the liens because I bet the judgments are both
corporate and personal.
Christine
Christine A. Kingston, Esq.
Law Office of Christine A. Kingston
5011 Argosy Avenue, Suite 3
Huntington Beach, CA 92649
Office: 714-533-9210
Fax: 714-489-8150
Email: christine@attorneychristine.com
Blog: www.attorneychristine.com
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How is the house titled?
Mark Jessee
Sent from my iPhone
> On Sep 1, 2017, at 3:33 PM, 'Christine A. Kingston' attorneychristine@gmail.com [cdcbaa] wrote:
>
> The corporate debtor has judgment debt where some creditors have recorded liens against her residence.
>
> She wants the liens removed, but I don't think this can be done is a corporate chapter 7 since she has no homestead exemption rights here.
>
> Question: Is it possible to avoid a judicial lien (corporate judgment debt) on a principle residence.....for a corporate debtor?
>
> My guess is no. Your insights are always helpful and instructive.
>
> Thanks, Christine
> Christine A. Kingston, Esq.
> Law Office of Christine A. Kingston > 5011 Argosy Avenue, Suite 3
> Huntington Beach, CA 92649
> Office: 714-533-9210
> Fax: 714-489-8150
> Email: christine@attorneychristine.com
> Blog: www.attorneychristine.com
> ************************************************************
> Confidentiality and Privilege. This e-mail message, including attachments, is intended solely for review by the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. Review by anyone other than the intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this communication. If you are not the intended recipient, please contact the sender by return e-mail and destroy all copies of the original message.
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The corporate debtor has judgment debt where some creditors have recorded
liens against her residence.
She wants the liens removed, but I don't think this can be done is a
corporate chapter 7 since she has no homestead exemption rights here.
Question: Is it possible to avoid a judicial lien (corporate judgment
debt) on a principle residence.....for a corporate debtor?
My guess is no. Your insights are always helpful and instructive.
Thanks, Christine
Christine A. Kingston, Esq.
Law Office of Christine A. Kingston
5011 Argosy Avenue, Suite 3
Huntington Beach, CA 92649
Office: 714-533-9210
Fax: 714-489-8150
Email: christine@attorneychristine.com
Blog: www.attorneychristine.com
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Corporations do not receive discharges of debts in Chapter 7.
Yes, contracts with the clients are assets of the estate, but it
would be unusual for a trustee to assume the contracts and perform
unless he/she decides to operate the business. Clearly any
accounts receivable for work already performed by the debtor is an
asset of the estate.
*************************
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)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
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charsetndows-1252
A couple of responses:
1. Dissolution is neither here nor there; corporation doesn't get a discharge, but once the case is closed, you can dissolve if it is advantageous, but keep in mind that Trustee might abandon some dubious assets, then you have to decide what to do with them, and someone i.e. a person has to personally sign for any FTB debt in order to get dissolution (is my recollection). So you might want to just let it die.
2. A customer list is property of the estate as are any contract rights; but Trustees rarely find any value in the contracts, or they are not transferrable; maybe someone would like to buy the customer list, but it gets stale quickly when you are out of business, at least in a lot of businesses.
3. No discharge at all for corporation, but the principals may be personally and/or non-dischargeably responsible for payroll and certainly the withheld portion of payroll taxes. And yes, the Labor Commissioner may come after the individuals, depending on the circumstances.
Jason
On Dec 1, 2010, at 11:24 AM, Christine Wilton wrote:
> Hello Listmates,
>
> I have a corporation that is being sued and looking to file under chapter 7 and dissolve the corporation.
>
> I have questions concerning assets of the estate:
>
> What happens to the clients? Are they an asset of the estate if there are contracts?
>
> Is payroll a dischargeable debt? My thought is that their are labor and employment law issues concerning payroll.
>
> Any thoughts or insights will be helpful. Thank you in advance for your help.
> --
>
> Christine A. Wilton
> Principal Attorney
> Greifendorff Law Offices, PC
> 12644-12646 Hoover Street
> Garden Grove, CA 92841
> Office: 800-861-0786
> Cell: 562-824-7563
> Fax: 800-861-0786
> Email: christine@greifenlaw.com
> Web: www.greifenlaw.com
> Blog: www.losangelesbankruptcylawmonitor.com
> ***************************
> Confidentiality and Privilege. This e-mail message, including attachments, is intended solely for review by the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure, or distribution is prohibited. Review by anyone other than the intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this communication. If you are not the intended recipient, please contact the sender by return e-mail and destroy all copies of the original message.
>
> Tax Advice Disclosure. Any tax information or written tax advice contained in this email message, including attachments, is not intended to and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. (The foregoing legend has been affixed pursuant to U.S. Treasury Regulations governing tax practice.)
>
>
>
charsetndows-1252
A couple of responses:1. Dissolution is neither here nor there; corporation doesn't get a discharge, but once the case is closed, you can dissolve if it is advantageous, but keep in mind that Trustee might abandon some dubious assets, then you have to decide what to do with them, and someone i.e. a person has to personally sign for any FTB debt in order to get dissolution (is my recollection). So you might want to just let it die.2. A customer list is property of the estate as are any contract rights; but Trustees rarely find any value in the contracts, or they are not transferrable; maybe someone would like to buy the customer list, but it gets stale quickly when you are out of business, at least in a lot of businesses.3. No discharge at all for corporation, but the principals may be personally and/or non-dischargeably responsible for payroll and certainly the withheld portion of payroll taxes. And yes, the Labor Commissioner may come after the individuals, depending on the circumstances.JasonOn Dec 1, 2010, at 11:24 AM, Christine Wilton wrote:
Hello Listmates,I have a corporation that is being sued and looking to file under chapter 7 and dissolve the corporation.I have questions concerning assets of the estate:What happens to the clients? Are they an asset of the estate if there are contracts?
Is payroll a dischargeable debt? My thought is that their are labor and employment law issues concerning payroll.Any thoughts or insights will be helpful. Thank you in advance for your help.-- Christine A. Wilton
Principal AttorneyGreifendorff Law Offices, PC12644-12646 Hoover Street
Garden Grove, CA 92841
Office: 800-861-0786Cell: 562-824-7563Fax: 800-861-0786Email: christine@greifenlaw.comWeb: www.greifenlaw.com
Blog:
The post was migrated from Yahoo.
Hello Listmates,
I have a corporation that is being sued and looking to file under chapter 7
and dissolve the corporation.
I have questions concerning assets of the estate:
What happens to the clients? Are they an asset of the estate if there are
contracts?
Is payroll a dischargeable debt? My thought is that their are labor and
employment law issues concerning payroll.
Any thoughts or insights will be helpful. Thank you in advance for your
help.
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices, PC
12644-12646 Hoover Street
Garden Grove, CA 92841
Office: 800-861-0786
Cell: 562-824-7563
Fax: 800-861-0786
Email: christine@greifenlaw.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
Confidentiality and Privilege. This e-mail message, including attachments,
is intended solely for review by the intended recipient(s) and may contain
confidential and privileged information. Any unauthorized review, use,
disclosure, or distribution is prohibited. Review by anyone other than the
intended recipient(s) shall not constitute a waiver of any ATTORNEY-CLIENT
PRIVILEGE or ATTORNEY WORK PRODUCT PROTECTION that may apply to this
communication. If you are not the intended recipient, please contact the
sender by return e-mail and destroy all copies of the original message.
Tax Advice Disclosure. Any tax information or written tax advice contained
in this email message, including attachments, is not intended to and cannot
be used by any taxpayer for the purpose of avoiding tax penalties that may
be imposed on the taxpayer. (The foregoing legend has been affixed pursuant
to U.S. Treasury Regulations governing tax practice.)
Hello Listmates,I have a corporation that is being sued and looking to file under chapter 7 and dissolve the corporation.I have questions concerning assets of the estate:What happens to the clients? Are they an asset of the estate if there are contracts?
Is payroll a dischargeable debt? My thought is that their are labor and employment law issues concerning payroll.Any thoughts or insights will be helpful. Thank you in advance for your help.-- Christine A. Wilton
Principal AttorneyGreifendorff Law Offices, PC12644-12646 Hoover Street
Garden Grove, CA 92841
Office: 800-861-0786Cell: 562-824-7563Fax: 800-861-0786Email: christine@greifenlaw.comWeb: www.greifenlaw.com
Blog:
The post was migrated from Yahoo.