I'm am a novice in Chapter 13 land but there are two reasons not to pursue
this course.
First, you don't want to litigate this issue because it'll kill any equity
you hoped to protect.
Second, there is a chapter 7 case: In re Jacobson, 676 F. 3d 1193 - Court
of Appeals, 9th Circuit 2012. I think the liquidation analysis changes once
the property becomes nonexempt. I am not saying it's a merit less argument,
I just think it's very complicated and probably not going to work.
Sincerely,
Michael Avanesian
Law Offices of David A. Tilem
www.tilemlaw.com
818-507-6000
On Thu, Jul 18, 2013 at 11:48 AM, Steven B. Lever wrote:
> **
>
>
> As long as he stays in 13 he should be OK. The exemptions are as of the
> day of the filing, and when a plan is confirmed the property revests in the
> Debtor. I dont see where this would change the liquidation analysis.
> Contrary views?****
>
> ** **
>
> Steven B. Lever ****
>
> ** **
>
> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com] *On Behalf
> Of *sambenevento
> *Sent:* Monday, July 01, 2013 4:24 PM
> *To:*
cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] sale of residence in chapter 13****
>
> ** **
>
> ****
>
> Client wants to sell residence out of his chapter 13. He will net less
> than the full homestead allowance. It is in his best interest to stay in
> the 13 to pay off priority taxes and discharge a large unsecured debt and
> his new I/J will support the existing plan payment. Two questions: First,
> will he be allowed to retain the proceeds of sale even though he is relying
> on the automatic (not recorded) homestead? Second, assuming that he can
> retain the proceeds, must he reinvest within 6 months (he is older and does
> not want to buy again)? Judge is NB. I used to know this stuff - but the CA
> homestead is quirky! Thanks for the input.****
>
> ****
>
>
>
I'm am a novice in Chapter 13 land but there are two reasons not to pursue this course.First, you don't want to litigate this issue because it'll kill any equity you hoped to protect.
Second, there is a chapter 7 case:In re Jacobson, 676 F. 3d 1193 - Court of Appeals, 9th Circuit 2012. I think the liquidation analysis changes once the property becomes nonexempt. I am not saying it's amerit lessargument, I just think it's very complicated and probably not going to work.
Sincerely, Michael AvanesianLaw Offices of David A. Tilemwww.tilemlaw.com
818-507-6000
On Thu, Jul 18, 2013 at 11:48 AM, Steven B. Lever <
sblever@leverlaw.com> wrote:
As long as he stays in 13 he should be OK. The exemptions are as of the day of the filing, and when a plan is confirmed the property revests in the Debtor. I dont see where this would change the liquidation analysis. Contrary views?
Steven B. Lever
From:
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com] On Behalf Of sambenevento
Sent: Monday, July 01, 2013 4:24 PMTo:
cdcbaa@yahoogroups.comSubject: [cdcbaa] sale of residence in chapter 13
Client wants to sell residence out of his chapter 13. He will net less than the full homestead allowance. It is in his best interest to stay in the 13 to pay off priority taxes and discharge a large unsecured debt and his new I/J will support the existing plan payment. Two questions: First, will he be allowed to retain the proceeds of sale even though he is relying on the automatic (not recorded) homestead? Second, assuming that he can retain the proceeds, must he reinvest within 6 months (he is older and does not want to buy again)? Judge is NB. I used to know this stuff - but the CA homestead is quirky! Thanks for the input.
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