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Money in the bank preconversion
For what it is worth, I always thought that Code Section 348 controls this situation. As I am sure you know, it provides that property of the estate in the converted case "consists of property of the estate, as of the date of filing of the petition, that remains under the possession or control of the debtor on the date of conversion". So if the Debtor spent the money in the account for some legitimate purpose while in the 13, it would appear that the Chapter 7 trustee would not be able to recover it.
>
> You didn't miss it. I should have put it in there. But if you assumed
> that I'd already used up all my exemption amount, you were correct.
>
>
>
> I also checked and only $600 of unsecured debt was paid in the 13, so I
> guess I have to dismiss the case and refile it. It's too bad, because I
> learned that the $27,000 of cash he had in the account was just borrowed
> money from a friend that he returned postpetition, thinking he may have
> to use it for payoff of his mortgage.
>
>
>
> I didn't care about the lack of exemption because it was a 100% plan.
>
>
>
> Of R Grace Rodriguez
> Sent: Saturday, August 25, 2012 4:19 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Money in the bank preconversion
>
>
>
>
>
> Did I miss the part where you said it wasn't exempted in the Chapter 13
> and that's why upon conversion the Trustee can ask for the funds?
>
> On Thu, Aug 23, 2012 at 3:38 PM, Steven B. Lever
> wrote:
>
>
>
> I am converting a 13 to a 7 and there was about $7,500 in the bank a
> year ago when it was a 13. The money is long gone.
>
>
>
> I know theoretically the Chapter 7 Trustee can ask for the funds, but do
> they actually? Is it better to just dismiss and refile to save that
> $7,500?
>
>
>
> Steve
>
>
>
> Law Offices of Steven B. Lever
>
> >
>
> > Steven B. Lever
>
> >( Tel. (562) 436-5456 ext. 1
>
> >( Fax (562) 485-6886
>
> >* sblever@...
>
> > www.leverlaw.com
>
>
>
>
>
>
>
>
>
>
>
> --
> R. Grace Rodriguez, Esq.
> OFF: (818) 734-7223
> CEL: (818) 554-9922
>
> NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail
> notice for ex parte Applications via voicemail or by email. You must
> comply with California Law and give notice to a person in my office
> during regular business hours.
>
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> confidential information and is intended only for the individual named.
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The post was migrated from Yahoo.
You didn't miss it. I should have put it in there. But if you assumed
that I'd already used up all my exemption amount, you were correct.
I also checked and only $600 of unsecured debt was paid in the 13, so I
guess I have to dismiss the case and refile it. It's too bad, because I
learned that the $27,000 of cash he had in the account was just borrowed
money from a friend that he returned postpetition, thinking he may have
to use it for payoff of his mortgage.
I didn't care about the lack of exemption because it was a 100% plan.
The post was migrated from Yahoo.
Did I miss the part where you said it wasn't exempted in the Chapter 13 and
that's why upon conversion the Trustee can ask for the funds?
On Thu, Aug 23, 2012 at 3:38 PM, Steven B. Lever wrote:
> **
>
>
> I am converting a 13 to a 7 and there was about $7,500 in the bank a year
> ago when it was a 13. The money is long gone. ****
>
> ** **
>
> I know theoretically the Chapter 7 Trustee can ask for the funds, but do
> they actually? Is it better to just dismiss and refile to save that $7,500?
> ****
>
> ** **
>
> Steve ****
>
> ** **
>
> Law Offices of Steven B. Lever****
>
> >** **
>
> > Steven B. Lever****
>
> >( Tel. (562) 436-5456 ext. 1****
>
> >( Fax (562) 485-6886****
>
> >* sblever@leverlaw.com****
>
> > www.leverlaw.com****
>
> ** **
>
> ** **
>
>
>
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (818) 554-9922
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice
for ex parte Applications via voicemail or by email. You must comply with
California Law and give notice to a person in my office during regular
business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual named. If
you are not the intended recipient you should not disseminate, distribute,
store, print, copy or deliver this message. Please notify the sender
immediately by e-mail if you have received this e-mail by mistake and
delete this e-mail from your system.
Did I miss the part where you said it wasn't exempted in the Chapter 13 and that's why upon conversion the Trustee can ask for the funds?On Thu, Aug 23, 2012 at 3:38 PM, Steven B. Lever <sblever@leverlaw.com> wrote:
I am converting a 13 to a 7 and there was about $7,500 in the bank a year ago when it was a 13. The money is long gone.
Steve
The post was migrated from Yahoo.
Assuming it is not exempt, if he paid at least $7500 to the unsecured
creditors in his Ch13 should not be an issue. Otherwise, yes I have had
a Ch7 trustee ask for as little as $3500 so you may want to refile.
Shannon A. Doyle
Attorney at Law
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791-1600
Tel: (626) 646-2555
Fax: (626) 332-8644
www.blclaw.com
The post was migrated from Yahoo.
I am converting a 13 to a 7 and there was about $7,500 in the bank a
year ago when it was a 13. The money is long gone.
I know theoretically the Chapter 7 Trustee can ask for the funds, but do
they actually? Is it better to just dismiss and refile to save that
$7,500?
Steve
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456 ext. 1
>( Fax (562) 485-6886
>* sblever@leverlaw.com
> www.leverlaw.com
The post was migrated from Yahoo.