Central District Consumer Bankruptcy Attorney's Association

Depends on cost of sale and trustee.

Oh, and the actual value of the home, because the trustee may have a very
different opinion as to the home's value. Just because your potential client
says there's $17k of equity, under no circumstances accept that as a fact.
How many appraisals has he/she done? What other homes are for sale on their
block, at what listing price, and languishing without an offer for how long?
Or, as to the value they suh-wear their home is worth, put slightly more
delicately, ARE THEY WILLING TO BET THEIR HOUSE? If so, make sure you
document the risk, because a trustee will likely do more due diligence than
this lead did.

Bottom line: potential clients typically have no idea what their house is
worth before visiting a bk lawyer since they're focused more on their debts,
why spend money on an appraisal before making a consultation about debts,
and Aunt Sally filed bankruptcy and kept her house. And if they do have an
idea of their home value, they're remembering what it was back in 2010 and
fail to consider the 30% appreciation some parts of L.A. have seen. But if
you've seen the appraisals and the facts are the house has 17k of exposed
equity, it depends. But be careful.

$17k of nonexempt equity? Assumes facts not in evidence.

Hale

_____

The post was migrated from Yahoo.

I'll let others comment on Trustee tends.
I wanted to mention two things. First, $17k equity on a $1 million property
is different analysis than on a $100k property. Cost of sale being the main
reason. The other issue is that you've probably underestimated the value of
the property by 30k. Trustees have a good nose for that kind of stuff.
Sincerely,
*Michael Avanesian, Esq. *AVANESIAN LAW FIRM
101 N. Brand Blvd., PH 1920
Glendale, California 91203
Tel: 818.276.2477 Fax: 818.208.4550
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
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.
On Mon, Feb 9, 2015 at 1:58 PM, Michael Manning mike@manninglawoffice.com
[cdcbaa] wrote:
>
>
> Hello List-mates
>
>
>
> I have a potential Ch 7 client with approximately $17k in nonexempt equity
> in his home. Can you provide me with any insight regarding how the
> trustees here in the central district would handle this?
>
>
>
> Thanks!
>
> Mike
>
>
>
>
>
>
>
> * Mike Manning*
>
>
>
> 4667 MacArthur Blvd., Suite 150 | Newport Beach, California 92660
>
> o 949.200-8757 ext 1009 | f 866.843.8308
>
>
>
> mike@manninglawoffice.com
>
> manninglawoffice.com
>
>
>
> *Important Consumer Discolsure*
>
>
>
> The Law Offices of Joseph R. Manning, Jr., APC believe in adhering to the
> highest ethical standards in the practice of law. Consequently, this law
> office voluntarily provides potential clients with consumer protection
> disclosures: Please email me for a copy of these disclosures.
>
>
>
> The information contained in this electronic transmission is attorney
> privileged and confidential information intended only for the recipient(s)
> named above. If you are not the intended recipient dissemination,
> distribution or copying is strictly prohibited. If you received this
> communication in error please notify the sender via telephone and delete
> this transmission. Thank you.
>
>
>
>
>
I'll let others comment on Trustee tends.I wanted to mention two things. First, $17k equity on a $1 million property is different analysis than on a $100k property. Cost of sale being the main reason. The other issue is that you've probably underestimated the value of the property by 30k. Trustees have a good nose for that kind of stuff.Sincerely,Michael Avanesian, Esq.AVANESIAN
LAW FIRM101
N. Brand Blvd., PH 1920Glendale,
California 91203Tel:
818.276.2477 Fax: 818.208.4550Confidentiality:This electronic transmission and its contents are legally privileged and confidential information and intended solely for the use of the addressee. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, copying or other use of this message and its contents is strictly prohibited. If you have received this transmission in error, please reply to us immediately and delete this message from your directory.IRS Circular 230 Disclosure:To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, 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.
On Mon, Feb 9, 2015 at 1:58 PM, Michael Manning mike@manninglawoffice.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Hello List-mates
I have a potential Ch 7 client with approximately $17k in nonexempt equity in his home. Can you provide me with any insight regarding how the trustees here in the central district would handle this?
Thanks!
Mike
Mike Manning
The post was migrated from Yahoo.

Reply-To: Michael Manning
X-Original-Return-Path: Michael Manning
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
Hello List-mates
I have a potential Ch 7 client with approximately $17k in nonexempt equity in his home. Can you provide me with any insight regarding how the trustees here in the central district would handle this?
Thanks!
Mike
Mike Manning
4667 MacArthur Blvd., Suite 150 | Newport Beach, California 92660
o 949.200-8757 ext 1009 | f 866.843.8308
mike@manninglawoffice.com
manninglawoffice.com
Important Consumer Discolsure
The Law Offices of Joseph R. Manning, Jr., APC believe in adhering to the highest ethical standards in the practice of law. Consequently, this law office voluntarily provides potential clients with consumer protection disclosures: Please email me for a copy of these disclosures.
The information contained in this electronic transmission is attorney privileged and confidential information intended only for the recipient(s) named above. If you are not the intended recipient dissemination, distribution or copying is strictly prohibited. If you received this communication in error please notify the sender via telephone and delete this transmission. Thank you.
Hello List-mates

I have a potential Ch 7 client with approximately $17k in nonexempt equity in his home. Can you provide me with any insight regarding how the trustees here in the central district would handle this?

Thanks!
Mike

Mike Manning

The post was migrated from Yahoo.