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pre-filing exemption planning
Also, remember that any sale has to be at fair market value or "reasonably
equivalent value" to keep the transfers from being avoidable under Section
548 or 544.
On Mon, Sep 18, 2017 at 12:36 PM, John Faucher j.d.faucher@sbcglobal.net
[cdcbaa] wrote:
>
>
> This sounds like wise pre-bankruptcy planning to me. Be sure to trace the
> money: how much was received, where it was deposited, what it was used for.
> Should not be a problem.
> - John D. Faucher
>
>
> On Monday, September 18, 2017 11:47 AM, "andyn013@yahoo.com [cdcbaa]" cdcbaa@yahoogroups.com> wrote:
>
>
>
> I have a PC who has some toys--boat, quads, etc, that would be unexempt in
> a 704 case. I would appreciate the group's thoughts and/or Trustee's
> possible perspective on if the PC were to sell the unexempt assets in the
> months leading up to the filing, how is this viewed, is this allowed? PC
> also has fallen behind on his mortgage and would use the sale proceeds to
> pay for his mortgage and living expenses? As these transactions would be
> listed on SOFA, would these transactions be within the bounds of allowable
> exemption planning? Thank you
>
> Andy Nguyen
> (909) 285-9333
>
>
>
>
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Also, remember that any sale has to be at fair market value or "reasonably equivalent value" to keep the transfers from being avoidable under Section 548 or 544.On Mon, Sep 18, 2017 at 12:36 PM, John Faucher j.d.faucher@sbcglobal.net [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.
This sounds like wise pre-bankruptcy planning to me. Be sure to trace the money: how much was received, where it was deposited, what it was used for. Should not be a problem.- John D. Faucher
On Monday, September 18, 2017 11:47 AM, "andyn013@yahoo.com [cdcbaa]" wrote:
I have a PC who has some toys--boat, quads, etc, that would be unexempt in a 704 case. I would appreciate the group's thoughts and/or Trustee's possible perspective on if the PC were to sell the unexempt assets in the months leading up to the filing, how is this viewed, is this allowed? PC also has fallen behind on his mortgage and would use the sale proceeds to pay for his mortgage and living expenses? As these transactions would be listed on SOFA, would these transactions be within the bounds of allowable exemption planning? Thank you
The post was migrated from Yahoo.