Central District Consumer Bankruptcy Attorney's Association

The only relevant value is what the property will fetch on the open market. The trustee will be permitted to retain a broker and list the property. If your clients are like most of mine, they are probably extremely concerned about this turn of events. I would strongly advise them to convert to a 13. Your valuation has a much better chance of holding up in a 13 - and since they are presumably under median or negative disposable income, you can propose of 36 month plan for under 200/month. This way they get out of the bind for less than $7200 and you can earn additional fees for saving them. Also, if you try to call the Chapter 7 trustee's bluff and wait too long, the case may discharge and you could lose the option to convert.
>
> Dear Listserv
>
> I have a situation which I have not encountered before and need assistance.
>
> My clients filed chapter 7, listed their residence's value at $290K with a first mortgage of $310K, I filed under 703. The trustee has informed me that he believes the property to be worth $350K and has filed his report re possible distribution.
>
> My clients are getting their property appraised this week which I informed the trustee and offered to provide the appraisal upon receipt. He has informed me that his position is, when debtor challenge his valuation, is to list the property for sale with a broker and see what happens.
>
> If I amend to 704, I can protect the residence but cannot exempt his vehicles. Based on my liquidation analysis, their exposure is approx $15K, plus trustee's fees, etc. I am trying to avoid having to convert to a 13.
>
> Can I challenge the trustee's valuation? It seems that he's just going off the internet values. If so, I would appreciate any guidance possible, I'm at a loss.
>
> As always, thank you for your comments.
>
> Silvia
>

The post was migrated from Yahoo.

Perhaps the debtors can settle with the Trustee for the non-exempt cars.
Trustees will usually accept a reasonable amount. I had a Trustee agree
to a one year payment plan (Cisneros). Also a 401(k) can be a good
resource for this problem. Better than losing their home.
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 have a client whose Simi Valley property went up 30% since the first of
this year.
Best regards
Larry Webb
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

The post was migrated from Yahoo.

Play chicken with the trustee. Let him list it for sale. If he gets an
offer at $350,000, he would net $12,000 after costs of sale (I always
assume these at 8 percent, and I think most trustees do as well). Amend
your exemptions to protect the house and lose the cars, or convert to a 13,
or have the debtor scrape together $10,000 from a relative to buy back the
house. If he doesn't get the offer, of course, he abandons the house back
to the debtor.
John D. Faucher
Faucher & Associates
*818/889-8080*
On Tue, May 14, 2013 at 9:06 AM, sbombalier wrote:
> **
>
>
> Dear Listserv
>
> I have a situation which I have not encountered before and need assistance.
>
> My clients filed chapter 7, listed their residence's value at $290K with a
> first mortgage of $310K, I filed under 703. The trustee has informed me
> that he believes the property to be worth $350K and has filed his report re
> possible distribution.
>
> My clients are getting their property appraised this week which I informed
> the trustee and offered to provide the appraisal upon receipt. He has
> informed me that his position is, when debtor challenge his valuation, is
> to list the property for sale with a broker and see what happens.
>
> If I amend to 704, I can protect the residence but cannot exempt his
> vehicles. Based on my liquidation analysis, their exposure is approx $15K,
> plus trustee's fees, etc. I am trying to avoid having to convert to a 13.
>
> Can I challenge the trustee's valuation? It seems that he's just going off
> the internet values. If so, I would appreciate any guidance possible, I'm
> at a loss.
>
> As always, thank you for your comments.
>
> Silvia
>
>
>
Play chicken with the trustee. et $12,000 after costs of sale (I always assume these at 8 percent, and I think most trustees do as well). Amend your exemptions to protect the house and lose the cars, or convert to a 13, or have the debtor scrape together $10,000 from a relative to buy back the house. If he doesn't get the offer, of course, he abandons the house back to the debtor.
John D. Faucher
Faucher & Associates818/889-8080
On Tue, May 14, 2013 at 9:06 AM, sbombalier <bombalier@aol.com> wrote:
Dear Listserv
I have a situation which I have not encountered before and need assistance.
My clients filed chapter 7, listed their residence's value at $290K with a first mortgage of $310K, I filed under 703. The trustee has informed me that he believes the property to be worth $350K and has filed his report re possible distribution.
My clients are getting their property appraised this week which I informed the trustee and offered to provide the appraisal upon receipt. He has informed me that his position is, when debtor challenge his valuation, is to list the property for sale with a broker and see what happens.
If I amend to 704, I can protect the residence but cannot exempt his vehicles. Based on my liquidation analysis, their exposure is approx $15K, plus trustee's fees, etc. I am trying to avoid having to convert to a 13.

The post was migrated from Yahoo.

Dear Listserv
I have a situation which I have not encountered before and need assistance.
My clients filed chapter 7, listed their residence's value at $290K with a first mortgage of $310K, I filed under 703. The trustee has informed me that he believes the property to be worth $350K and has filed his report re possible distribution.
My clients are getting their property appraised this week which I informed the trustee and offered to provide the appraisal upon receipt. He has informed me that his position is, when debtor challenge his valuation, is to list the property for sale with a broker and see what happens.
If I amend to 704, I can protect the residence but cannot exempt his vehicles. Based on my liquidation analysis, their exposure is approx $15K, plus trustee's fees, etc. I am trying to avoid having to convert to a 13.
Can I challenge the trustee's valuation? It seems that he's just going off the internet values. If so, I would appreciate any guidance possible, I'm at a loss.
As always, thank you for your comments.
Silvia

The post was migrated from Yahoo.