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Transfer of Deed from Entity to Individual
Take a look at the cases you will find if you search "new debtor syndrome"
Judge Ordin was the first to sanction lawyers for putting an asset into a new debtor to avoid having to subject all of the other assets of the old debtor to the jurisdiction of the bankruptcy court.
Ordin complained that the new debtor had no relationship with the old creditors and a the old creditors should not be subject to reorganizing obligations with this made up new debtor.
You state that the individual, to whom you are going to transfer the property is a guarantor of the debt. As a result, the individual has contractual privity with the lender, already, and you should be able to avoid being sanctioned under the new debtor syndrome line of cases.
But, read the cases, it is not always that easy to avoid sanctions.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Feb 3, 2015, at 1:06 PM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
> Dissolving it is a good idea. He wants to do that anyway. Or cancel I think is the term used up in Sacramento at the SOS. I would then still need to do a deed.
>
>
>
> Anti-deficiency since hes filing a bankruptcy I think would not be an issue.
>
>
>
> Thank you again Gary and Jason.
>
>
>
> Steve
>
>
>
> Sent: Tuesday, February 03, 2015 12:32 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> Garys idea works too. The irony of the prior attorneys advice about the layer of protection, is that it also takes away anti-deficiency protection that debtor would have had if he just borrowed the money as owner. Dont know if that is an issue.
>
> Jason
>
> Jason Wallach
>
> jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 12:14 PM, 'Gary R. Wallace' garyrwallace@ymail.com [cdcbaa] wrote:
>
>
>
>
>
>
> In that event, how about dissolving the LLC pre-filing and, as part of the dissolution, distributing the property (and title thereto), to the debtor?
>
>
>
> Gary R. Wallace
>
> Law Office of Gary R. Wallace
>
> 4551 Glencoe Avenue, Suite 300
>
> Marina del Rey, CA 90292
>
> Email: garyrwallace@ymail.com
>
> Office: (310) 775-8719
>
>
>
ps.com>
> To: cdcbaa@yahoogroups.com
> Sent: Tuesday, February 3, 2015 12:00 PM
> Subject: RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The entity is just an empty vessel with no creditors or assets other than the real property. It was to build a layer of defense in his asset structure on the advice of a prior attorney. Thank you Jason.
>
>
>
>
>
> Sent: Tuesday, February 03, 2015 11:53 AM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The bad faith question turns, I think exclusively, on whether the LLC has any unsecured creditors, or any other assets. If not, and if client is the sole owner, I dont see the problem. So, is it a fraud on creditors of the LLC? Thats where the analysis would start.
>
> If he is the sole owner of the LLC, and you check the right box on the top of the deed, there should be no property tax reassessment consequences.
>
> Jason Wallach
>
> jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
>
>
>
>
> I have a client who owns a commercial property where he also lives, and owns it in the name of an LLC. He personally guaranteed the debt. He has other personal debt I want to discharge and want to file only one bankruptcy.
>
>
>
> Is it bad faith to transfer the property to him and then file the case?
>
>
>
> Are there any other issues, tax or otherwise I should consider before transferring the property into him as an individual?
>
>
>
> 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
>
> >
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
From:
The post was migrated from Yahoo.
It's definitely better to do it before filing for bk as opposed to
attempting to substantively consolidate afterwards because the judge can
deny consolidation. If your client only wants to discharge his personal
liability, what's the purpose behind dissolution of the entity?
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
On Tue, Feb 3, 2015 at 4:17 PM, webblaw@earthlink.net [cdcbaa] wrote:
>
>
> Steve,
>
>
>
> The transfer from an LLC to the individual is a change in ownership that
> will trigger reassessment, and transfer fees. Why does he want to transfer
> the property?
>
>
>
>
>
> Best regards
>
> Larry Webb
>
>
>
> [image: blslogo]
>
> California Board of Legal Specialization
>
> Certified Specialist in Bankruptcy Law
>
>
>
> State Bar of California 229344
>
> Central District California
>
> "A Debt Relief Agency"
>
> Check out my Blog
>
>
>
>
>
> Larry@webbklaw. com
>
> Law Offices of Larry Webb
>
> 484 Mobil Ste 43
>
> Camarillo Ca 93010
>
>
>
> P 805.987.1400
>
> F 805.987.2866
>
> C 805.750.2150
>
>
>
> Law Office Larry Webb Bankruptcy Attorney
> The following notice is required by the United States Supreme Court's
> interpretation of *11 U.S.C. 101(12A): The Law Offices of Larry Webb is a
> Bankruptcy Attorney Debt* Relief Agency as defined by 11 U.S.C. 101(12A)
> of the Bankruptcy Code. We help people file for relief under the Bankruptcy
> code. Bankruptcy is a Federal Court Proceeding that supersedes State Court
> Civil Litigation
>
>
>
>
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Tuesday, February 3, 2015 1:06 PM
> *To:* cdcbaa@yahoogroups.com
>
> *Subject:* RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> Dissolving it is a good idea. He wants to do that anyway. Or cancel I
> think is the term used up in Sacramento at the SOS. I would then still
> need to do a deed.
>
>
>
> Anti-deficiency since hes filing a bankruptcy I think would not be an
> issue.
>
>
>
> Thank you again Gary and Jason.
>
>
>
> Steve
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, February 03, 2015 12:32 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> Garys idea works too. The irony of the prior attorneys advice about the
> layer of protection, is that it also takes away anti-deficiency protection
> that debtor would have had if he just borrowed the money as owner. Don> know if that is an issue.
>
> Jason
>
> Jason Wallach
>
> jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 12:14 PM, 'Gary R. Wallace' garyrwallace@ymail.com
> [cdcbaa] wrote:
>
>
>
>
>
>
> In that event, how about dissolving the LLC pre-filing and, as part of the
> dissolution, distributing the property (and title thereto), to the debtor?
>
>
>
> Gary R. Wallace
>
> Law Office of Gary R. Wallace
>
> 4551 Glencoe Avenue, Suite 300
>
> Marina del Rey, CA 90292
>
> Email: garyrwallace@ymail.com
>
> Office: (310) 775-8719
>
>
> ------------------------------
>
> *From:* "'Steven B. Lever' sblever@leverlaw.com [cdcbaa]" cdcbaa@yahoogroups.com>
> *To:* cdcbaa@yahoogroups.com
> *Sent:* Tuesday, February 3, 2015 12:00 PM
> *Subject:* RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The entity is just an empty vessel with no creditors or assets other than
> the real property. It was to build a layer of defense in his asset
> structure on the advice of a prior attorney. Thank you Jason.
>
>
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com
> ]
> *Sent:* Tuesday, February 03, 2015 11:53 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
>
>
>
> The bad faith question turns, I think exclusively, on whether the LLC has
> any unsecured creditors, or any other assets. If not, and if client is the
> sole owner, I dont see the problem. So, is it a fraud on creditors of the
> LLC? Thats where the analysis would start.
>
> If he is the sole owner of the LLC, and you check the right box on the top
> of the deed, there should be no property tax reassessment consequences.
>
> Jason Wallach
>
> jwallach@gladstonemichel.com
>
>
>
>
>
>
>
> On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa]
> wrote:
>
>
>
>
>
> I have a client who owns a commercial property where he also lives, and
> owns it in the name of an LLC. He personally guaranteed the debt. He has
> other personal debt I want to discharge and want to file only one
> bankruptcy.
>
>
>
> Is it bad faith to transfer the property to him and then file the case?
>
>
>
> Are there any other issues, tax or otherwise I should consider before
> transferring the property into him as an individual?
>
>
>
> 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
>
> >
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
It's definitely better to do it before filing for bk as opposed to attempting to substantively consolidate afterwards because the judge can deny consolidation. If your client only wants to discharge his personal liability, what's the purpose behind dissolution of the entity?"gmail_signature">Sincerely,Michael Avanesian, Esq.AVANESIAN
LAW FIRM101
N. Brand Blvd., PH 1920Glendale,
California 91203Tel:
818.276.2477 Fax: 818.208.4550
On Tue, Feb 3, 2015 at 4:17 PM, webblaw@earthlink.net [cdcbaa]
The post was migrated from Yahoo.
Steve,
The transfer from an LLC to the individual is a change in ownership that
will trigger reassessment, and transfer fees. Why does he want to transfer
the property?
Best regards
Larry Webb
California Board of Legal Specialization
Certified Specialist in Bankruptcy Law
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Check out my Blog
Larry@webbklaw. com
Law Offices of Larry Webb
484 Mobil Ste 43
Camarillo Ca 93010
P 805.987.1400
F 805.987.2866
C 805.750.2150
Law Office Larry Webb Bankruptcy Attorney
The following notice is required by the United States Supreme Court's
interpretation of 11 U.S.C. 101(12A): The Law Offices of Larry Webb is a
Bankruptcy Attorney Debt Relief Agency as defined by 11 U.S.C. 101(12A) of
the Bankruptcy Code. We help people file for relief under the Bankruptcy
code. Bankruptcy is a Federal Court Proceeding that supersedes State Court
Civil Litigation
The post was migrated from Yahoo.
Dissolving it is a good idea. He wants to do that anyway. Or "cancel"
I think is the term used up in Sacramento at the SOS. I would then
still need to do a deed.
Anti-deficiency since he's filing a bankruptcy I think would not be an
issue.
Thank you again Gary and Jason.
Steve
The post was migrated from Yahoo.
charsetndows-1252
Garys idea works too. The irony of the prior attorneys advice about the layer of protection, is that it also takes away anti-deficiency protection that debtor would have had if he just borrowed the money as owner. DonJason
Jason Wallach
jwallach@gladstonemichel.com
On Feb 3, 2015, at 12:14 PM, 'Gary R. Wallace' garyrwallace@ymail.com [cdcbaa] wrote:
>
> In that event, how about dissolving the LLC pre-filing and, as part of the dissolution, distributing the property (and title thereto), to the debtor?
>
> Gary R. Wallace
> Law Office of Gary R. Wallace
> 4551 Glencoe Avenue, Suite 300
> Marina del Rey, CA 90292
> Email: garyrwallace@ymail.com
> Office: (310) 775-8719
>
ps.com>
> To: cdcbaa@yahoogroups.com
> Sent: Tuesday, February 3, 2015 12:00 PM
> Subject: RE: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
> The entity is just an empty vessel with no creditors or assets other than the real property. It was to build a layer of defense in his asset structure on the advice of a prior attorney. Thank you Jason.
>
>
>
> Sent: Tuesday, February 03, 2015 11:53 AM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Transfer of Deed from Entity to Individual
>
>
> The bad faith question turns, I think exclusively, on whether the LLC has any unsecured creditors, or any other assets. If not, and if client is the sole owner, I dont see the problem. So, is it a fraud on creditors of the LLC? Thats where the analysis would start.
> If he is the sole owner of the LLC, and you check the right box on the top of the deed, there should be no property tax reassessment consequences.
> Jason Wallach
> jwallach@gladstonemichel.com
>
>
>
> On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
>
>
> I have a client who owns a commercial property where he also lives, and owns it in the name of an LLC. He personally guaranteed the debt. He has other personal debt I want to discharge and want to file only one bankruptcy.
>
> Is it bad faith to transfer the property to him and then file the case?
>
> Are there any other issues, tax or otherwise I should consider before transferring the property into him as an individual?
>
> 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
> >
>
>
>
>
>
>
>
charsetndows-1252
Garys idea works too. The irony of the prior attorneys advice about the layer of protection, is that it also takes away anti-deficiency protection that debtor would have had if he just borrowed the money as owner. Dont know if that is an issue.Jason
Jason Wallachjwallach@gladstonemichel.com
On Feb 3, 2015, at 12:14 PM, 'Gary R. Wallace' garyrwallace@ymail.com [cdcbaa] <In that event, how about dissolving the LLC pre-filing and, as part of the dissolution, distributing the property (and title thereto), to the debtor? Gary R. WallaceLaw Office of Gary R. Wallace4551 Glencoe Avenue, Suite 300Marina del Rey, CA 90292Email: garyrwallace@ymail.comOffice: (310) 775-8719From: "'Steven B. Lever' sblever@leverlaw.com [cdcbaa]" <cdcbaa@yahoogroups.com>To: cdcbaa@yahoogroups.com Sent: Tuesday, February 3, 2015 12:00 PMSubject: RE: [cdcbaa] Transfer of Deed from Entity to Individual The entity is just an empty vessel with no creditors or assets other than the real property. It was to build a layer of defense in his asset structure on the advice of a prior attorney. Thank you Jason. From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] Sent: Tuesday, February 03, 2015 11:53 AMTo: cdcbaa@yahoogroups.comSubject: Re: [cdcbaa] Transfer of Deed from Entity to Individual The bad faith question turns, I think exclusively, on whether the LLC has any unsecured creditors, or any other assets. If not, and if client is the sole owner, I dont see the problem. So, is it a fraud on creditors of the LLC? Thats where the analysis would start.If he is the sole owner of the LLC, and you check the right box on the top of the deed, there should be no property tax reassessment consequences.Jason Wallachjwallach@gladstonemichel.com On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:I have a client who owns a commercial property where he also lives, and owns it in the name of an LLC. He personally guaranteed the debt. He has other personal debt I want to discharge and want to file only one bankruptcy. Is it bad faith to transfer the property to him and then file the case? Are there any other issues, tax or otherwise I should consider before transferring the property into him as an individual? Steve Law Offices of Steven B. Lever> > Steven B. Lever>( Tel. (562) 436-5456 ext. 1>( Fax (562) 485-6886>* sblever@leverlaw.com>
The post was migrated from Yahoo.
In that event, how about dissolving the LLC pre-filing and, as part of the dissolution, distributing the property (and title thereto), to the debtor?e 300Marina del Rey, CA 90292Email: garyrwallace@ymail.comOffice: (310) 775-8719
groups.com>
To: cdcbaa@yahoogroups.com
Sent: Tuesday, February 3, 2015 12:00 PM
Subject: RE: [cdcbaa] Transfer of Deed from Entity to Individual
er than the real property. It was to build a layer of defense in his asset structure on the advice of a prior attorney. Thank you Jason.
The post was migrated from Yahoo.
charsetndows-1252
The bad faith question turns, I think exclusively, on whether the LLC has any unsecured creditors, or any other assets. If not, and if client is the sole owner, I dont see the problem. So, is it a fraud on creditors of the LLC? Thats where the analysis would start.
If he is the sole owner of the LLC, and you check the right box on the top of the deed, there should be no property tax reassessment consequences.
Jason Wallach
jwallach@gladstonemichel.com
On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
> I have a client who owns a commercial property where he also lives, and owns it in the name of an LLC. He personally guaranteed the debt. He has other personal debt I want to discharge and want to file only one bankruptcy.
>
>
>
> Is it bad faith to transfer the property to him and then file the case?
>
>
>
> Are there any other issues, tax or otherwise I should consider before transferring the property into him as an individual?
>
>
>
> 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
>
> >
>
>
>
>
>
charsetndows-1252
The bad faith question turns, I think exclusively, on whether the LLC has any unsecured creditors, or any other assets. If not, and if client is the sole owner, I donp;Thats where the analysis would start.If he is the sole owner of the LLC, and you check the right box on the top of the deed, there should be no property tax reassessment consequences.
Jason Wallachjwallach@gladstonemichel.com
On Feb 3, 2015, at 10:51 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote: Are there any other issues, tax or otherwise I should consider before transferring the property into him as an individual? Steve Law Offices of Steven B. Lever
The post was migrated from Yahoo.
I think you need to port the numbers to a new carrier before you reject the contract and cancel the account.
Sent from my iPad
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I have a client who owns a commercial property where he also lives, and
owns it in the name of an LLC. He personally guaranteed the debt. He
has other personal debt I want to discharge and want to file only one
bankruptcy.
Is it bad faith to transfer the property to him and then file the case?
Are there any other issues, tax or otherwise I should consider before
transferring the property into him as an individual?
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.