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Exemptions for Debtor in a Personal Business Chapter 7
yes
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jun 23, 2014, at 12:01 PM, "'Vernon L. Ellicott, Esq.' vle@vlelaw.com [cdcbaa]" wrote:
>
> PC is self-employed with substantial business debt far exceeding his personal debt. Qualifies for ch 7 business BK on means test based on being a business BK.
>
>
>
> Question: PC has equity in house over $175,000 (client over 65) and other property I cant exempt under consumer ch 7. Is debtor filing business ch 7 at risk of losing non-exempt personal property? (I have researched the issue and cant find the answer.)
>
>
>
> Appreciate comments.
>
>
>
> Vernon L. Ellicott, Esq.
>
> Certified Family Law Specialist
>
> California State Bar Board of Legal Specialization
>
> A Bankruptcy and Family Law Firm
>
> Law Offices of Vernon L. Ellicott
>
> 325 E. Hillcrest Drive, Suite 150
>
> Thousand Oaks, CA 91360-7799
>
> (805) 446-6262 Phone
>
> (661) 222-2922 Phone
>
> (805) 446-6264 Fax
>
>
>
>
>
> This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
>
>
>
> A bad day on the bike is better than a good day on the golf course!
>
>
>
>
>
>
The post was migrated from Yahoo.
If the business is a corporation you can file a Ch7 for the corporation and not include debtor's personal assets in the bankruptcy estate but usually debtors have personal guarantees on corp debt so the creditors can still pursue debtor personally. If debtor can afford it, consider a Ch13 to protect the assets.
[Shannon Picture]
[Shannon A Doyle]
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The post was migrated from Yahoo.
Yes
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
s.com>
To: cdcbaa
Sent: Mon, Jun 23, 2014 12:01 pm
Subject: [cdcbaa] Exemptions for Debtor in a Personal Business Chapter 7
PC is self-employed with substantial business debt far exceeding his personal debt. Qualifies for ch 7 business BK on means test based on being a business BK.
Question: PC has equity in house over $175,000 (client over 65) and other property I cant exempt under consumer ch 7. Is debtor filing business ch 7 at risk of losing non-exempt personal property? (I have researched the issue and cant find the answer.)
Appreciate comments.
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
California State Bar Board of Legal Specialization
A Bankruptcy and Family Law Firm
Law Offices of Vernon L. Ellicott
325 E. Hillcrest Drive, Suite 150
Thousand Oaks, CA 91360-7799
(805) 446-6262 Phone
(661) 222-2922 Phone
(805) 446-6264 Fax
This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
A bad day on the bike is better than a good day on the golf course!
Yes
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.
The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
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-----Original Message-----
oups.com>
To: cdcbaa <cdcbaa@yahoogroups.com>
Sent: Mon, Jun 23, 2014 12:01 pm
Subject: [cdcbaa] Exemptions for Debtor in a Personal Business Chapter 7
PC is self-employed with substantial business debt far exceeding his personal debt. Qualifies for ch 7 business BK on means test based on being a business BK.
Question: PC has equity in house over $175,000 (client over 65) and other property I cant exempt under consumer ch 7. Is debtor filing business ch 7 at risk
of losing non-exempt personal property? (I have researched the issue and cant find the answer.)
Appreciate comments.
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
California State Bar Board of Legal Specialization
A Bankruptcy and Family Law Firm
Law Offices of Vernon L. Ellicott
325 E. Hillcrest Drive, Suite 150
Thousand Oaks, CA 91360-7799
(805) 446-6262 Phone
(661) 222-2922 Phone
(805) 446-6264 Fax
This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT
that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached
to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without
reading them or saving them in any way. Thank you.
A bad day on the bike is better than a good day on the golf course!
The post was migrated from Yahoo.
PC is self-employed with substantial business debt far exceeding his personal debt. Qualifies for ch 7 business BK on means test based on being a business BK.
Question: PC has equity in house over $175,000 (client over 65) and other property I can't exempt under consumer ch 7. Is debtor filing business ch 7 at risk of losing non-exempt personal property? (I have researched the issue and can't find the answer.)
Appreciate comments.
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
California State Bar Board of Legal Specialization
A Bankruptcy and Family Law Firm
Law Offices of Vernon L. Ellicott
325 E. Hillcrest Drive, Suite 150
Thousand Oaks, CA 91360-7799
(805) 446-6262 Phone
(661) 222-2922 Phone
(805) 446-6264 Fax
This e-mail transmission and any documents, files, or previous e-mail messages attached to it, may contain confidential information from the LAW OFFICES OF VERNON L. ELLICOTT that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you received this transmission in error, please immediately notify us by reply e-mail, or by telephone at (805) 446-6262, and destroy the original transmission and its attachments and all copies of any kind, without reading them or saving them in any way. Thank you.
A bad day on the bike is better than a good day on the golf course!
PC is self-employed with substantial business debt far exceeding his personal debt. Qualifies for ch 7 business BK on means test based on being a business BK.
The post was migrated from Yahoo.