Central District Consumer Bankruptcy Attorney's Association

I exempt an underwater house or car for $1., the value of the debtor's
right to use the asset. That way, no issue with 722 or 522(f).
Gerald McNally
McNally Bus Card Smaller
Gerald McNally
McNally & Associates, P.C.
517 East Wilson Ave., Ste 104
Glendale, CA 91206
818.507.5100
Fax: 818.507.5001
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If you are going to seek redemption of the vehicle you need expempt
some dollar figure. I am aware that at least Chief Judge Carroll
requires the vehicle to be exempted before granting any redemption
motion.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
On Tue, 12 Jun 2012 13:09:47 -0500, "Link W. Schrader" wrote:
Only exempt equity interests of the debtor(s). If there is no equity,
there is nothing to exempt. Be sure to exempt future interests (i.e.
tax refunds, escrow funds, etc.). There are several good books that
offer more guidance.
Link Schrader, Attorney
Law Office of Link W. Schrader
.
Behalf Of christiancooperlaw
Sent: Tuesday, June 12, 2012 11:03 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Exempting a Vehicle with No Equity
Is it necessary to exempt a vehicle (or other asset) in Chapter 7
if there is no equity (for example, if it is encumbered by a loan for
more than the car is worth)?
I believe I read that in order to redeem property of the estate, at
least one judge requires exempting the asset even if there is no
equity. Or, might there be other reasons to exempt such an asset?
Thanks,
Christian Cooper
start="5xforelohm8s@webmail.mysuperpageshosting.com"
charsetF-8
p{margin: 0;padding: 0;}If you are going to seek redemption of
the vehicle you need expempt some dollar figure. I am aware that
at least Chief Judge Carroll requires the vehicle to be exempted before granting
any redemption motion.
Mark T. JesseeLaw Offices of Mark T. Jessee"A Debt Relief
Agency"50 W. Hillcrest Drive, Suite 200Thousand Oaks, CA 91360(805)
497-5868 (805) 497-5864 (Facsimile)
On Tue, 12 Jun 2012 13:09:47 -0500, "Link W. Schrader"
<lschrader@schrader-law.com> wrote:

The post was migrated from Yahoo.

Only exempt equity interests of the debtor(s). If there is no equity, there is nothing to exempt. Be sure to exempt future interests (i.e. tax refunds, escrow funds, etc.). There are several good books that offer more guidance.
Link Schrader, Attorney
Law Office of Link W. Schrader
.

The post was migrated from Yahoo.

Is it necessary to exempt a vehicle (or other asset) in Chapter 7 if there is no equity (for example, if it is encumbered by a loan for more than the car is worth)?
I believe I read that in order to redeem property of the estate, at least one judge requires exempting the asset even if there is no equity. Or, might there be other reasons to exempt such an asset?
Thanks,
Christian Cooper

The post was migrated from Yahoo.