Central District Consumer Bankruptcy Attorney's Association

Jon was right, no snow, and just as bad, the plane is in the shop.

Sent from my iPhone
On Jan 8, 2012, at 1:21 PM, vicki temkin wrote:
> Dennis,
> and more importantly - why are you answering Daniela on a Saturday? and why am I writing this on a Sunday.
>
> Vicki L. Temkin
> Law Office of Vicki L. Temkin
> 15021 Ventura Blvd., Ste. 753
> Sherman Oaks, Ca 91403
> Ph: (818) 501-4658 / Fx: (818) 501-0903
> www.vtemkinlaw.com
>
> To: "cdcbaa@yahoogroups.com"
> Sent: Saturday, January 7, 2012 5:53 PM
> Subject: Re: [cdcbaa] Should we disclose this 2007 transfer to PC's exwife?
>
>
> Ufta statute 4 years. Not an issue. Don't list. Some trustees ask at 341a if any xfer w/in 5 years. If asked, disclose. I would have a copy of the deed in my hand at 341a. I would not file till I saw the deed was over 4 years old.
>
> Daniela, love ya, but what are you doing posting this on a Saturday?
>
> Sent from my iPhone
>
> On Jan 7, 2012, at 5:19 PM, Daniela Romero wrote:
>
>>
>> Client moves out of community home in 2007 (417k mortgage and fmv at time about 400k)
>> they come to mutual agreement that wife and kids will remain in home and in lieu of paying support, wife will refinance property in her name;
>> divorce finalized in 4/2009 by default judgment and no mention of property division in judgment;
>> PC now has 500k in unsecured debt and wants to file chapter 7;
>> Currently zillow lists property at between 500k - 800k (PC believes wife owes somewhere around 400k on property)
>> SOFA only requires 2 years disclosure of property transfers.
>>
>> Should we list the 2007 transfer?
>>
>> Sincerely,
>>
>>
>> Daniela P. Romero
>> Law Office of Daniela P. Romero, APLC
>> 1015 North Lake Ave., Ste. 212
>> Pasadena, CA 91104
>> Tel: (626) 817-2611
>> Fax: (626) 296-6991
>> email: dromerolaw@gmail.com
>> web: www.pasadenabankruptcylaw.com
>> ________________________________________________________________________
The post was migrated from Yahoo.

Dennis,
and more importantly - why are you answering Daniela on a Saturday? and why am I writing this on a Sunday.
Vicki L. Temkin
Law Office of Vicki L. Temkin
15021 Ventura Blvd., Ste. 753
Sherman Oaks, Ca 91403
Ph:(818) 501-4658 /Fx:(818) 501-0903
www.vtemkinlaw.com
>________________________________
>To: "cdcbaa@yahoogroups.com"
>Sent: Saturday, January 7, 2012 5:53 PM
>Subject: Re: [cdcbaa] Should we disclose this 2007 transfer to PC's exwife?
>
>
>
>Ufta statute 4 years. Not an issue. Don't list. Some trustees ask at 341a if any xfer w/in 5 years. If asked, disclose. I would have a copy of the deed in my hand at 341a. I would not file till I saw the deed was over 4 years old.
>
>
>Daniela, love ya, but what are you doing posting this on a Saturday?
>
>Sent from my iPhone
>
>On Jan 7, 2012, at 5:19 PM, Daniela Romero wrote:
>
>
>
>>Client moves out of community home in 2007 (417k mortgage and fmv at time about 400k)
>>they come to mutual agreement that wife and kids will remain in home and in lieu of paying support, wife will refinance property in her name;
>>divorce finalized in 4/2009 by default judgment and no mention of property division in judgment;
>>PC now has 500k in unsecured debt and wants to file chapter 7;
>>Currently zillow lists property at between 500k - 800k (PC believes wife owes somewhere around 400k on property)
>>SOFA only requires 2 years disclosure of property transfers.
>>
>>
>>Should we list the 2007 transfer?
>>
>>
>>Sincerely,
>>
>>
>>Daniela P. RomeroLaw Office of Daniela P. Romero, APLC
>>1015 North Lake Ave., Ste. 212
>>Pasadena, CA 91104
>>Tel: (626) 817-2611
>>Fax: (626) 296-6991
>>email: dromerolaw@gmail.com
>>web: www.pasadenabankruptcylaw.com

The post was migrated from Yahoo.

Thanks, everyone! He is bringing the deed in on Monday.
@Patrick--good question regarding the property value. It is based on his
belief of value at the time that he moved out.
Sincerely,
*
Daniela P. Romero*
*Law Office of Daniela P. Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611*
*Fax: (626) 296-6991*
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com*

The post was migrated from Yahoo.

Daniela:
Did the house actually get transferred? Have you seen the deed? It is
always worth checking.
If you have any questions or concerns please contact me.
Pat
Patrick T. Green
Attorney at Law
1010 E. Union St. Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
Email: pat@fitzgreenlaw.com

The post was migrated from Yahoo.

How would a house that was worth 400k in 2007 be worth 500-800k in 2012?
Prices have only gone down during that period.

The post was migrated from Yahoo.

Ufta statute 4 years. Not an issue. Don't list. Some trustees ask at 341a if any xfer w/in 5 years. If asked, disclose. I would have a copy of the deed in my hand at 341a. I would not file till I saw the deed was over 4 years old.
Daniela, love ya, but what are you doing posting this on a Saturday?
Sent from my iPhone
On Jan 7, 2012, at 5:19 PM, Daniela Romero wrote:
> Client moves out of community home in 2007 (417k mortgage and fmv at time about 400k)
>
> they come to mutual agreement that wife and kids will remain in home and in lieu of paying support, wife will refinance property in her name;
> divorce finalized in 4/2009 by default judgment and no mention of property division in judgment;
> PC now has 500k in unsecured debt and wants to file chapter 7;
> Currently zillow lists property at between 500k - 800k (PC believes wife owes somewhere around 400k on property)
> SOFA only requires 2 years disclosure of property transfers.
>
> Should we list the 2007 transfer?
>
> Sincerely,
>
>
> Daniela P. Romero
>
> Law Office of Daniela P. Romero, APLC
> 1015 North Lake Ave., Ste. 212
> Pasadena, CA 91104
> Tel: (626) 817-2611
> Fax: (626) 296-6991
> email: dromerolaw@gmail.com
> web: www.pasadenabankruptcylaw.com
> _________________________________________________________________________
The post was migrated from Yahoo.

Dear Daniela,
Whether or not you list the transfer in the Statement of Financial Affairs, you can be sure that at the 341 the trustee will ask: "Have you transferred anything of value greater than $XX during the last FOUR years." As you know, trustees ask this question because the look back period in the Uniform Fraudulent Transfer Act is four years, with additional time if the transfer couldn't have been readily discovered.
You could wait until four years after the transfer was recorded (I assume it'll be just a few months, since the transfer was in 2007) to file and hope that the trustee doesn't say five years instead of four - I have had some ask about real estate transfers during the five prepetition years.
You might also want to have an appraisal done to be sure of the value. I recommend
John Rydell
A+ (Plus) Appraisals
562.425.0564
It seems odd that the value has risen from $400,000 in 2007, at the height of the bubble, to $500,000 - $800,000 now. There are, of course, some neighborhoods that have risen, but that seems a bit much. Also check to see if ex-wife did the refi. If so, then there might be no equity to worry about.
Good luck,
Nick
Nicholas Gebelt, Ph.D., J.D.
Certified Bankruptcy Specialist
[cid:image001.jpg@01CCCD63.A338D950]
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com; ngebelt@gebeltlaw.com
Web: www.goodbye2debt.com
Blog: www.southerncaliforniabankruptcylawblog.com/
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at 562.777.9159 or e-mail info@gebeltlaw.com and destroy the original message and all copies.
Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.
IRS Circular 230 Disclosure: In order to comply with the requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

The post was migrated from Yahoo.

Client moves out of community home in 2007 (417k mortgage and fmv at time
about 400k)
they come to mutual agreement that wife and kids will remain in home and in
lieu of paying support, wife will refinance property in her name;
divorce finalized in 4/2009 by default judgment and no mention of property
division in judgment;
PC now has 500k in unsecured debt and wants to file chapter 7;
Currently zillow lists property at between 500k - 800k (PC believes wife
owes somewhere around 400k on property)
SOFA only requires 2 years disclosure of property transfers.
Should we list the 2007 transfer?
Sincerely,
*
Daniela P. Romero*
*Law Office of Daniela P. Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611*
*Fax: (626) 296-6991*
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com*

The post was migrated from Yahoo.