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Motion to Sell in Ch 13 after House Appreciation
http://1.usa.gov/OeTUdC
Sincerely,
*Daniela P. Romero*
*Law Office of Daniela P. Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611*
*Fax: (626) 296-6991*
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com *
The post was migrated from Yahoo.
I believe the trustee was John Wolfe and I believe it's in one of the Year
in Review cases---maybe within the last two years?
Sincerely,
*Daniela P. Romero*
*Law Office of Daniela P. Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611 *
*Fax: (626) 296-6991 *
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com *
The post was migrated from Yahoo.
charsetndows-1252
Subject to what Sam said about Dockery's office, in Chapter 7's Trustees (or at least one) has successfully gotten an order sequestering the sale proceeds, so that they are only used for exempt purpose of buying another homestead property, and if not used, they are property of the Estate. That is pretty extreme but is a risk. Maybe you can look up the program materials on this exact point. Not sure how that would apply in a Chapter 13 where there is no Estate administered by the Trustee.
Jason
Jason Wallach
jwallach@gladstonemichel.com
On Mar 13, 2014, at 7:56 PM, Vernon L. Ellicott, Esq. wrote:
>
> So if the debtor sells the house and pays off some postpetition debt and no longer has the proceeds after 6 months, he could still be ordered to turn over the proceeds?
>
>
>
> Vernon L. Ellicott, Esq.
>
> Certified Family Law Specialist
>
> California State Bar Board of Legal Specialization
>
> A Bankruptcy and Family Law Firm
>
> Law Offices of Vernon L. Ellicott
>
> 325 E. Hillcrest Dr., Suite 150
>
> Thousand Oaks, CA 91360-7799
>
> (805) 446-6262 Phone
>
> (661) 222-2922 Phone
>
> (805) 446-6264 Fax
>
>
>
>
>
> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>
>
>
> A bad day on the bike is better than a good day on the golf course!
>
>
>
Jason Wallach
> Sent: Thursday, March 13, 2014 5:12 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Motion to Sell in Ch 13 after House Appreciation
>
>
>
>
>
> Even assuming you can amend, if this is a 5 year plan, will debtor be able to reinvest the exempt proceeds into another homestead property within six months? If not, debtor loses the exemption. I hear this is an increasing problem in Chapter 7s (I think there is case law and even a CDCBAA program on this) but the same rule applies in 13.
>
> Jason
>
> Jason Wallach
>
> jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Mar 13, 2014, at 12:01 PM, Stella Havkin wrote:
>
>
>
>
>
>
>
>
> Only if you have enough exemptions.
>
> Sent from my Stella Havkin's IPhone
>
>
> On Mar 13, 2014, at 11:59 AM, wrote:
>
>
>
>
>
>
>
> I tried to send this before so I apologize if it comes through twice.
>
>
>
> Confirmed Chapter 13 in 2010. House upside down, only one mortgage, filed using 703's.
>
>
>
> Now, client wants to sell house and will get less than $75K. I know the motion process. Question is: can I now amend Schedules A, B, C, and D to reflect the current value of the house and protect the equity from the sale?
>
>
>
> Thanks.
>
>
> Vernon L. Ellicott, Esq.
> Certified Family Law Specialist
> California State Bar Board of Legal Specialization
> A Bankruptcy and Family Law Firm
> Law Offices of Vernon L. Ellicott
> 325 E. Hillcrest Drive, Suite 150
> Thousand Oaks, CA 91360-7799
> (805) 446-6262 Phone
> (661) 222-2922 Phone
> (805) 446-6264 Fax
>
>
> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>
>
>
> A bad day on the bike is better than a good day on the golf course!
>
>
>
>
>
>
>
>
>
>
>
>
charsetndows-1252
Subject to what Sam said about Dockery's office, in Chapter 7's Trustees (or at least one) has successfully gotten an order sequestering the sale proceeds, so that they are only used for exempt purpose of buying another homestead property, and if not used, they are property of the Estate. That is pretty extreme but is a risk. Maybe you can look up the program materials on this exact point. Not sure how that would apply in a Chapter 13 where there is no Estate administered by the Trustee.Jason
Jason Wallach
The post was migrated from Yahoo.
So if the debtor sells the house and pays off some postpetition debt and no longer has the proceeds after 6 months, he could still be ordered to turn over the proceeds?
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
California State Bar Board of Legal Specialization
A Bankruptcy and Family Law Firm
Law Offices of Vernon L. Ellicott
325 E. Hillcrest Dr., Suite 150
Thousand Oaks, CA 91360-7799
(805) 446-6262 Phone
(661) 222-2922 Phone
(805) 446-6264 Fax
This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
A bad day on the bike is better than a good day on the golf course!
The post was migrated from Yahoo.
Also, make certain that the Debtor will have enough "credit" (don't lol) to purchase a primary residence within 180 Days. Or he can pay cash but probably out of the area perhaps. Just be careful that the trustee doesn't ask for their fees as well, seen it happen a few times even with short sales.
Sent from my iPhone
Bradley J. Yourist
Yourist Law Corporation, APC
11111 Santa Monica Boulevard, Suite 100
Los Angeles, CA 90025
Tel: 310-575-1175
Fax: 310-943-2650
The post was migrated from Yahoo.
charsetndows-1252
Oops, Mitnick said that first.
Jason
Jason Wallach
jwallach@gladstonemichel.com
On Mar 13, 2014, at 5:12 PM, Jason Wallach wrote:
> Even assuming you can amend, if this is a 5 year plan, will debtor be able to reinvest the exempt proceeds into another homestead property within six months? If not, debtor loses the exemption. I hear this is an increasing problem in Chapter 7s (I think there is case law and even a CDCBAA program on this) but the same rule applies in 13.
>
> Jason
> Jason Wallach
> jwallach@gladstonemichel.com
>
>
>
> On Mar 13, 2014, at 12:01 PM, Stella Havkin wrote:
>
>>
>>
>> Only if you have enough exemptions.
>>
>> Sent from my Stella Havkin's IPhone
>>
>> On Mar 13, 2014, at 11:59 AM, wrote:
>>
>>>
>>>
>>>
>>>
>>> I tried to send this before so I apologize if it comes through twice.
>>>
>>>
>>>
>>> Confirmed Chapter 13 in 2010. House upside down, only one mortgage, filed using 703's.
>>>
>>>
>>>
>>> Now, client wants to sell house and will get less than $75K. I know the motion process. Question is: can I now amend Schedules A, B, C, and D to reflect the current value of the house and protect the equity from the sale?
>>>
>>>
>>>
>>> Thanks.
>>>
>>>
>>> Vernon L. Ellicott, Esq.
>>> Certified Family Law Specialist
>>> California State Bar Board of Legal Specialization
>>> A Bankruptcy and Family Law Firm
>>> Law Offices of Vernon L. Ellicott
>>> 325 E. Hillcrest Drive, Suite 150
>>> Thousand Oaks, CA 91360-7799
>>> (805) 446-6262 Phone
>>> (661) 222-2922 Phone
>>> (805) 446-6264 Fax
>>>
>>>
>>> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>>>
>>>
>>>
>>> A bad day on the bike is better than a good day on the golf course!
>>>
>>>
>>>
>>>
>>
>
>
>
charsetndows-1252
Oops, Mitnick said that first.Jason
Jason Wallach
The post was migrated from Yahoo.
charsetndows-1252
Even assuming you can amend, if this is a 5 year plan, will debtor be able to reinvest the exempt proceeds into another homestead property within six months? If not, debtor loses the exemption. I hear this is an increasing problem in Chapter 7s (I think there is case law and even a CDCBAA program on this) but the same rule applies in 13.
Jason
Jason Wallach
jwallach@gladstonemichel.com
On Mar 13, 2014, at 12:01 PM, Stella Havkin wrote:
>
> Only if you have enough exemptions.
>
> Sent from my Stella Havkin's IPhone
>
> On Mar 13, 2014, at 11:59 AM, wrote:
>
>>
>>
>>
>>
>> I tried to send this before so I apologize if it comes through twice.
>>
>>
>>
>> Confirmed Chapter 13 in 2010. House upside down, only one mortgage, filed using 703's.
>>
>>
>>
>> Now, client wants to sell house and will get less than $75K. I know the motion process. Question is: can I now amend Schedules A, B, C, and D to reflect the current value of the house and protect the equity from the sale?
>>
>>
>>
>> Thanks.
>>
>>
>> Vernon L. Ellicott, Esq.
>> Certified Family Law Specialist
>> California State Bar Board of Legal Specialization
>> A Bankruptcy and Family Law Firm
>> Law Offices of Vernon L. Ellicott
>> 325 E. Hillcrest Drive, Suite 150
>> Thousand Oaks, CA 91360-7799
>> (805) 446-6262 Phone
>> (661) 222-2922 Phone
>> (805) 446-6264 Fax
>>
>>
>> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>>
>>
>>
>> A bad day on the bike is better than a good day on the golf course!
>>
>>
>>
>>
>
>
charsetndows-1252
Even assuming you can amend, if this is a 5 year plan, will debtor be able to reinvest the exempt proceeds into another homestead property within six months? If not, debtor loses the exemption. I hear this is an increasing problem in Chapter 7s (I think there is case law and even a CDCBAA program on this) but the same rule applies in 13.Jason
Jason Wallach
The post was migrated from Yahoo.
Be careful about the possible need to roll the proceeds into a new residence within 180 days to maintain the exemption as to the proceeds.
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
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To: cdcbaa
Sent: Thu, Mar 13, 2014 12:08 pm
Subject: RE: [cdcbaa] Motion to Sell in Ch 13 after House Appreciation
Thanks, Stella. Yes, if I were to file today using 704s, the client could exempt the entire equity.
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
California State Bar Board of Legal Specialization
A Bankruptcy and Family Law Firm
Law Offices of Vernon L. Ellicott
325 E. Hillcrest Drive, Suite 150
Thousand Oaks, CA 91360-7799
(805) 446-6262 Phone
(661) 222-2922 Phone
(805) 446-6264 Fax
This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
A bad day on the bike is better than a good day on the golf course!
The post was migrated from Yahoo.
Only if you have enough exemptions.
Sent from my Stella Havkin's IPhone
> On Mar 13, 2014, at 11:59 AM, wrote:
>
>
> I tried to send this before so I apologize if it comes through twice.
>
>
>
> Confirmed Chapter 13 in 2010. House upside down, only one mortgage, filed using 703's.
>
>
>
> Now, client wants to sell house and will get less than $75K. I know the motion process. Question is: can I now amend Schedules A, B, C, and D to reflect the current value of the house and protect the equity from the sale?
>
>
>
> Thanks.
>
>
> Vernon L. Ellicott, Esq.
> Certified Family Law Specialist
> California State Bar Board of Legal Specialization
> A Bankruptcy and Family Law Firm
> Law Offices of Vernon L. Ellicott
> 325 E. Hillcrest Drive, Suite 150
> Thousand Oaks, CA 91360-7799
> (805) 446-6262 Phone
> (661) 222-2922 Phone
> (805) 446-6264 Fax
>
>
> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>
>
>
> A bad day on the bike is better than a good day on the golf course!
>
>
>
>
The post was migrated from Yahoo.