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Sale of appreciated residence in 13
Court approval is required.
On Feb 12, 2015 9:29 AM, "'Hale Andrew Antico' bk.lawyer@gmail.com
[cdcbaa]" wrote:
>
>
> Debtor files Chapter 13 in 2011, and residence had no equity at that
> time. Now in 2015, value of property has increased, and debtor wants to
> sell it.
>
> 1. Assuming equity is exempted, must he a) seek approval from court or
> trustee; b) notify court or trustee; or c) turnover any part of the
> proceeds to trustee?
>
> 2. Does your answer change if only some equity is exempted, leaving some
> unexempted?
>
> 3. Finally, there are arrearages on the first mortgage, and MRS has
> already been obtained. If a Notice of Default were filed, should the
> trustee then be notified of this development and the new equity?
>
> I know Chapter 13 is not liquidation, but the appreciation angle and "best
> efforts" threw me off. It's a 5% plan, so my I'm guessing all of this
> might change only change things in a liquidation analysis requiring him to
> pay the portion to satisfy that.
>
> Thanks in advance.
> Hale
>
>
> *Hale Andrew Antico**Attorney at law*
>
> (888) 54-BK LAW * (818) 908-2018
> *http://Los-Angeles-Bankruptcy.net*
>
> *Board of Directors, Central Dist Consumer Bankruptcy Attorneys' Assn.
> (CDCBAA) *
> *Board of Directors, Southern California Bankruptcy Inn of Court *
> *Member National Association of Consumer Bankruptcy Attorneys (NACBA)*
>
> *We are a federally designated Debt Relief Agency under the United States
> Bankruptcy Laws. *
> *We assist people with finding solutions to their debt problems,
> including, where appropriate, *
>
>
> *assisting them with the filing of petitions for relief under the United
> States Bankruptcy Code.*Email isn't secure, so it's not confidential. By
> communicating with me by email, you understand that it's not confidential.
>
> *This does not constitute an electronic signature.*
>
>
Court approval is required.
On Feb 12, 2015 9:29 AM, "'Hale Andrew Antico' bk.lawyer@gmail.com [cdcbaa]" <cdcbaa@yahoogroups.com> wrote:
Debtor files Chapter
13 in 2011, and residence had no equity at that time. Now in 2015, value ofproperty has increased, and debtor wants to sell it.
1. Assuming equity
is exempted, must he a) seek approval from court or trustee; b) notify court or
trustee; or c) turnover any part of the proceeds to trustee?
2. Does your answer
change if only some equity is exempted, leaving some
unexempted?
3. Finally, there
are arrearages on the first mortgage, and MRS has already been obtained.If a Notice of Default were filed, should the trustee then be notified of this
development and the new equity?
I know Chapter 13 is
not liquidation, but the appreciation angle and "best efforts" threw me
The post was migrated from Yahoo.
Debtor files Chapter 13 in 2011, and residence had no equity at that time.
Now in 2015, value of property has increased, and debtor wants to sell it.
1. Assuming equity is exempted, must he a) seek approval from court or
trustee; b) notify court or trustee; or c) turnover any part of the proceeds
to trustee?
2. Does your answer change if only some equity is exempted, leaving some
unexempted?
3. Finally, there are arrearages on the first mortgage, and MRS has already
been obtained. If a Notice of Default were filed, should the trustee then
be notified of this development and the new equity?
I know Chapter 13 is not liquidation, but the appreciation angle and "best
efforts" threw me off. It's a 5% plan, so my I'm guessing all of this might
change only change things in a liquidation analysis requiring him to pay the
portion to satisfy that.
Thanks in advance.
Hale
Hale Andrew Antico
Attorney at law
(888) 54-BK LAW * (818) 908-2018
http://Los-Angeles-Bankruptcy.net
Board of Directors, Central Dist Consumer Bankruptcy Attorneys' Assn.
(CDCBAA)
Board of Directors, Southern California Bankruptcy Inn of Court
Member National Association of Consumer Bankruptcy Attorneys (NACBA)
We are a federally designated Debt Relief Agency under the United States
Bankruptcy Laws.
We assist people with finding solutions to their debt problems, including,
where appropriate,
assisting them with the filing of petitions for relief under the United
States Bankruptcy Code.
Email isn't secure, so it's not confidential. By communicating with me by
email, you understand that it's not confidential.
This does not constitute an electronic signature.
Debtor files Chapter
13 in 2011, and residence had no equity at that time. Now in 2015, value ofproperty has increased, and debtor wants to sell it.
1. Assuming equity
is exempted, must he a) seek approval from court or trustee; b) notify court or
trustee; or c) turnover any part of the proceeds to trustee?
2. Does your answer
change if only some equity is exempted, leaving some
unexempted?
3. Finally, there
are arrearages on the first mortgage, and MRS has already been obtained.
If a Notice of Default were filed, should the trustee then be notified of this
development and the new equity?
I know Chapter 13 is
not liquidation, but the appreciation angle and "best efforts" threw me
off. It's a 5% plan, so my I'm guessing all of this might change onlychange things in a liquidation analysis requiring him to pay the portion tosatisfy that.
Thanks inadvance.
Hale
Hale
Andrew AnticoAttorney
at law (888) 54-BK LAW * (818)
908-2018
The post was migrated from Yahoo.