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:
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> 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?
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> Vernon L. Ellicott, Esq.
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> Certified Family Law Specialist
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> California State Bar Board of Legal Specialization
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> A Bankruptcy and Family Law Firm
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> Law Offices of Vernon L. Ellicott
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> 325 E. Hillcrest Dr., Suite 150
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> Thousand Oaks, CA 91360-7799
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> (805) 446-6262 Phone
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> (661) 222-2922 Phone
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> (805) 446-6264 Fax
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> 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.
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> A bad day on the bike is better than a good day on the golf course!
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>
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
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> 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.
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> Jason
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> Jason Wallach
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jwallach@gladstonemichel.com
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> On Mar 13, 2014, at 12:01 PM, Stella Havkin wrote:
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> Only if you have enough exemptions.
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> Sent from my Stella Havkin's IPhone
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> On Mar 13, 2014, at 11:59 AM, wrote:
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> I tried to send this before so I apologize if it comes through twice.
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> Confirmed Chapter 13 in 2010. House upside down, only one mortgage, filed using 703's.
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> 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?
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> Thanks.
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> 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.
>
>
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> A bad day on the bike is better than a good day on the golf course!
>
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>
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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.