.jpg)
Homestead exemption in Ch. 13 where property value increa=
Homestead exemption in ch. 13 where property value has increased. There is also the case of In re Burgie 239 BR 406 (9th Cir. BAP 1999) which held that post-petition appreciation goes to the debtor since it is not disposable income and therefore not aavailable to creditors. Pat Said. (818)789-0781 fax (818)789-5820patriciahsaid@yahoo.com
This electronic message contains information from the Law Office ofPatricia Said whichmay beprivileged and confidential.
The information is intended for the use of the addressee(s) only. If you are not an addressee, note that any disclosure, copying, distribution or use of the contents of this email is prohibited. If you receive this email in error, please contact the sender.
On Wednesday, January 28, 2015 4:34 PM, "Michael Avanesian michael@avanesianlaw.com [cdcbaa]" wrote:
Thanks Steven. The case you're thinking of is probably:In re Lynch, 363 BR 101 - Bankr. Appellate Panel, 9th Circuit 2007
I'm going to do some studying on the side for fun. I assume from what you've said that "income" under the BK code is not defined as income under the IRC. I would have thought if you had an asset that appreciated in value which you sold, it would be treated as income under 1322(a)(1).
Sincerely,
Michael Avanesian, Esq.
AVANESIANLAW FIRM
101N. Brand Blvd., PH 1920
Glendale,California 91203
Tel:818.276.2477 Fax: 818.208.4550
On Wed, Jan 28, 2015 at 11:18 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
Mark:If there is postpetition equity it is the Debtorn, but there is good case law out there, a BAP decision I believe by Bufford that is very persuasive that all postpetition equity belongs to the Debtolto:cdcbaa@yahoogroups.com]
Sent: Wednesday, January 28, 2015 10:46 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Homestead exemption in Ch. 13 where property value increases I just got asked an interesting question from a debtor.
Here are the basic facts:
Ch. 13 case filed. At time of filing, supposedly no equity in the property, so no exemptions taken.
4+ years later, debtor needs to sell his property to take advantage of a new job's relocation package offer.
Property now has possibly $150k equity.
Question:
Assuming debtor amends to take the property homestead exemption, is he entitled to keep that exemption amount no matter what, assuming there is a court-approved sale of the property, and then turn over the excess to the Trustee? I assume he is, but wasn't sure if maybe he was limited to the exemption on the value that existed on the petition date.
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written 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 in this communication.
The post was migrated from Yahoo.