.jpg)
90 day wait ... 11USC547(b)(4)(B)
Does lawyer have a lien on the proceeds? If the lawyer has a properly
perfected lien, the lawyer may not be susceptible to a preference attack
because he would receive the same from a Trustee.
Giovanni Orantes, Esq.*
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 2920
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
**Certified Bankruptcy Specialist, State Bar of California, Board of Legal
Specialization*
*Board Certified - Business Bankruptcy Law - American Board of Certification
*Board Certified - Consumer Bankruptcy Law - American Board of Certification
Commercial Litigation
Estate Planning
Outside General Counsel
WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
Does lawyer have a lien on the proceeds? If the lawyer has a properly perfected lien, the lawyer may not be susceptible to a preference attack because he would receive the same from a Trustee.
The post was migrated from Yahoo.
Attorney very likely was a secured creditor having a lien on the recovery proceeds.
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)
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENTOF THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE
NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THISMESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
In a message dated 3/31/2015 3:07:03 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Hi Listmates:
I read 11USC547(b)(4)(B) (below) to mean that a debtor
in receipt of a large (approx. $100K) personal injury settlement
who files 95 days after his portion (approx. $50K) of those funds clears
his bank account, will NOT face a challenge based on "preference" for the portion of the settlement that went to payment of lawyer (non-insider)
contingency fees and payments for costs prior to trial.
Would the Trustee look to when the lawyer paid out the costs (depos, etc.) - Debtor's interest was over when fees/costs were distributed to lawyer
over 90 days ago even if lawyer paid med expenses 40 days ago?
I do not see that it is "property" of the estate under 541 (lawyer's
portion paid out over 90 days ago), the settlement is signed, it's not a legal
or equitable interest anymore for Debtor.
Debtor will use wild card and personal injury exemption to exempt.
Please advise on any missing pot-holes so I do not drop into one.
11USC547(b)(4)(B)
(b) Except as provided in subsections (c) and (i) of this section, the
trustee may avoid any transfer of an interest of the debtor in property(1) to or for the benefit of a creditor;
(2) for or on account of an antecedent debt owed by the debtor before suchtransfer was made;
(3) made while the debtor was insolvent;
(4) made
(A) on or within 90 days before the date of the filing of the petition; or
(B) between ninety days and one year before the date of the filing of thepetition, if such creditor at the time of such transfer was an insider; and
Thank you!
Sandy
Sandra Nutt, Attorney at Law
5910 Van Nuys Boulevard
Van Nuys, CA 91401
Tel: (818) 988-8878
Sandy@SandraNuttAttorneyatLaw.com
Attorney very likely was a secured creditor having a lien on the recovery
proceeds.
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)NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY
THE INTENDED RECIPIENT OF THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED
TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE,
DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED.
PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE
THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
In a message dated 3/31/2015 3:07:03 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Hi
Listmates:
I
read 11USC547(b)(4)(B) (below) to mean that a debtor
in
receipt of a large (approx. $100K) personal injury settlement
who
files 95 days after his portion (approx. $50K) of those funds clears his
bank account, will NOT face a challenge based on "preference" for the
portion of the settlement that went to payment of lawyer (non-insider)
contingency fees and payments for costs prior to trial.
Would
the Trustee look to when the lawyer paid out the costs (depos, etc.)
- Debtor's interest was over when fees/costs were distributed to
lawyer over 90 days ago even if lawyer paid med expenses 40 days ago?
I
do not see that it is "property" of the estate under 541 (lawyer's portion
paid out over 90 days ago), the settlement is signed, it's not a legal or equitable interest anymore for Debtor.
Debtor will
use wild card and personal injury exemption to exempt.
Please
advise on any missing pot-holes so I do not drop into one.
11USC547(b)(4)(B)
(b) Except
as provided in subsections (c) and (i) of this section, the trustee may avoid
any transfer of an interest of the debtor in property
(1) to or for the benefit of a creditor;
(2) for or on account of an antecedent debt owed by the
debtor before such transfer was made;
(3) made while the debtor was insolvent;
(4) made
(A) on or within 90 days before the date of the filing
of the petition; or
(B) between ninety days and one year before the date of
the filing of the petition, if such creditor at the time of such transfer was
an insider; and
Thank you!
Sandy
Sandra Nutt, Attorney at Law
5910 Van Nuys Boulevard
Van Nuys, CA 91401
Tel: (818) 988-8878
Sandy@SandraNuttAttorneyatLaw.com
The post was migrated from Yahoo.