.jpg)
Form 22A and car not in debtor's name
Mike is answering the question correctly, but really, it just comes down to, "Does the debtor have and equitable interest?" If the debtor does have an equitable interest, it is property and must be listed on schedule B.
Here, if the debtor is paying for the car, the debtor does have an equitable interest.
D
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On May 16, 2015, at 9:27 AM, Michael Avanesian michael@avanesianlaw.com [cdcbaa] wrote:
>
> I refrained from answering the first question because I don't know those complicated rules about how to fill out the means test. Do you put in the car if you don't have a car, what if 2 others live with you "heads in beds," etc..
>
> But when it comes to Schedules B and D, I don't understand why this car wouldn't be listed. What's title got to do with it?
>
> For example, my client paid the initial deposit for a $250,000 Lamborghini. Since his credit was bad, title is in his cousin's name. He then made most of the monthly payments; there is about $10,000 left on the balance of the loan.
>
> Should this car be listed in Schedule B? There is probably 200k in equity here. I would list it!
>
> My analysis is simple. If my client and his cousin got into an argument, would I be able to successfully bring an action to quiet title? Yes, title is not dispositive.
>
>
> Sincerely,
>
> Michael Avanesian, Esq.
> Simon Resnik Hayes, LLP
> 15233 Ventura Blvd., Suite 250
> Sherman Oaks, CA 91403
> Tel: 818.783.6251 | Cel: 818.817.1725
>
> 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 Sat, May 16, 2015 at 7:36 AM, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>>
>> Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then probably not, but I just want it to be clear to trustee there's a security interest.
>>
>>
>>
>>> On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com [cdcbaa] wrote:
>>>
>>> Yes for operating expense.
>>>
>>> Theoretically yes for ownership expense. 707(b)(2)(iii)(I) is limited to contractually due amounts, but 707(b)(2)(iii)(II) provides for "any additional payments to secured creditors necessary for the debtor ... to maintain possession of the debtor's ... motor vehicle .. that serves as collateral for secured debts."
>>>
>>> If the contractually obligated borrower helped the debtor purchase the vehicle and the debtor makes the payments, then the debtor is equitable owner of the vehicle. Debtor's payments to the secured creditor are necessary for the debtor to maintain possession.
>>>
>>> I am not familiar with case law on this issue.
>>>
>>>
>>> Peter M. Lively, J.D., M.B.A.
>>> Law Office of Peter M. Lively * Personal Financial Law Center I
>>> 11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
>>> Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310) 391-2462
>>>
>>>
>>>
>>> On Thursday, May 14, 2015 6:14 AM, "Holly Roark hollyroark22@gmail.com [cdcbaa]" wrote:
>>>
>>>
>>>
>>> Car and car loan are not in debtor's name but debtor is paying the loan and drives the car. Can debtor at least take the operating expense on Form 22A (CH 7)? Can debtor take the ownership expense?
>>>
>>> --
>>> Holly Roark
>>> Certified Bankruptcy Specialist*
>>> and Sports Lawyer
>>> holly@roarklawoffices.com **primary email address**
>>> www.roarklawoffices.com
>>> Central District of California - Consumer Bankruptcy Attorney
>>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>>> T (310) 553-2600; F (310) 553-2601
>>> *By State Bar of California Board of Legal Specialization
>>> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>>
>>
>> --
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> and Sports Lawyer
>> holly@roarklawoffices.com **primary email address**
>> www.roarklawoffices.com
>> Central District of California - Consumer Bankruptcy Attorney
>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>> T (310) 553-2600; F (310) 553-2601
>> *By State Bar of California Board of Legal Specialization
>> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>
>
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The post was migrated from Yahoo.
If you don't list the loan, or the lease, you will have a tough time taking the deduction. This is why I try to write a lease.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On May 16, 2015, at 7:36 AM, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>
> Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then probably not, but I just want it to be clear to trustee there's a security interest.
>
>> On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com [cdcbaa] wrote:
>>
>> Yes for operating expense.
>>
>> Theoretically yes for ownership expense. 707(b)(2)(iii)(I) is limited to contractually due amounts, but 707(b)(2)(iii)(II) provides for "any additional payments to secured creditors necessary for the debtor ... to maintain possession of the debtor's ... motor vehicle .. that serves as collateral for secured debts."
>>
>> If the contractually obligated borrower helped the debtor purchase the vehicle and the debtor makes the payments, then the debtor is equitable owner of the vehicle. Debtor's payments to the secured creditor are necessary for the debtor to maintain possession.
>>
>> I am not familiar with case law on this issue.
>>
>>
>> Peter M. Lively, J.D., M.B.A.
>> Law Office of Peter M. Lively * Personal Financial Law Center I
>> 11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
>> Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310) 391-2462
>>
>>
>>
>> On Thursday, May 14, 2015 6:14 AM, "Holly Roark hollyroark22@gmail.com [cdcbaa]" wrote:
>>
>>
>>
>> Car and car loan are not in debtor's name but debtor is paying the loan and drives the car. Can debtor at least take the operating expense on Form 22A (CH 7)? Can debtor take the ownership expense?
>>
>> --
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> and Sports Lawyer
>> holly@roarklawoffices.com **primary email address**
>> www.roarklawoffices.com
>> Central District of California - Consumer Bankruptcy Attorney
>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>> T (310) 553-2600; F (310) 553-2601
>> *By State Bar of California Board of Legal Specialization
>> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> and Sports Lawyer
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
> *By State Bar of California Board of Legal Specialization
> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>
>
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On May 16, 2015, at 7:36 AM, Holly Roark hollyroark22@gmail.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then probably not, but I just want it to be clear to trustee there's a security interest. On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.
I refrained from answering the first question because I don't know those
complicated rules about how to fill out the means test. Do you put in the
car if you don't have a car, what if 2 others live with you "heads in
beds," etc..
But when it comes to Schedules B and D, I don't understand why this car
wouldn't be listed. What's title got to do with it?
For example, my client paid the initial deposit for a $250,000 Lamborghini.
Since his credit was bad, title is in his cousin's name. He then made most
of the monthly payments; there is about $10,000 left on the balance of the
loan.
Should this car be listed in Schedule B? There is probably 200k in equity
here. I would list it!
My analysis is simple. If my client and his cousin got into an argument,
would I be able to successfully bring an action to quiet title? Yes, title
is not dispositive.
Sincerely,
*Michael Avanesian, Esq. *
Simon Resnik Hayes, LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Tel: 818.783.6251 | Cel: 818.817.1725
*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 Sat, May 16, 2015 at 7:36 AM, Holly Roark hollyroark22@gmail.com
[cdcbaa] wrote:
>
>
> Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then
> probably not, but I just want it to be clear to trustee there's a security
> interest.
>
>
> On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com
> [cdcbaa] wrote:
>
>>
>>
>> Yes for operating expense.
>>
>> Theoretically yes for ownership expense. 707(b)(2)(iii)(I) is limited to
>> contractually due amounts, but 707(b)(2)(iii)(II) provides for "any
>> additional payments to secured creditors necessary for the debtor ... to
>> maintain possession of the debtor's ... motor vehicle .. that serves as
>> collateral for secured debts."
>>
>> If the contractually obligated borrower helped the debtor purchase the
>> vehicle and the debtor makes the payments, then the debtor is equitable
>> owner of the vehicle. Debtor's payments to the secured creditor are
>> necessary for the debtor to maintain possession.
>>
>> I am not familiar with case law on this issue.
>>
>>
>> Peter M. Lively, J.D., M.B.A.
>> Law Office of Peter M. Lively * Personal Financial Law Center I
>> 11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
>> Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310)
>> 391-2462
>>
>>
>>
>> On Thursday, May 14, 2015 6:14 AM, "Holly Roark hollyroark22@gmail.com
>> [cdcbaa]" wrote:
>>
>>
>>
>> Car and car loan are not in debtor's name but debtor is paying the loan
>> and drives the car. Can debtor at least take the operating expense on Form
>> 22A (CH 7)? Can debtor take the ownership expense?
>>
>> --
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> *and Sports Lawyer*
>> holly@roarklawoffices.com **primary email address**
>> www.roarklawoffices.com
>> Central District of California - Consumer Bankruptcy Attorney
>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>> T (310) 553-2600; F (310) 553-2601
>> *By State Bar of California Board of Legal Specialization
>> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
>> 922-5100
>>
>>
>>
>>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
> 922-5100
>
>
>
>
I refrained from answering the first question because I don't know those complicated rules about how to fill out the means test. Do you put in the car if you don't have a car, what if 2 others live with you "heads in beds," etc..But when i
The post was migrated from Yahoo.
Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then
probably not, but I just want it to be clear to trustee there's a security
interest.
On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com
[cdcbaa] wrote:
>
>
> Yes for operating expense.
>
> Theoretically yes for ownership expense. 707(b)(2)(iii)(I) is limited to
> contractually due amounts, but 707(b)(2)(iii)(II) provides for "any
> additional payments to secured creditors necessary for the debtor ... to
> maintain possession of the debtor's ... motor vehicle .. that serves as
> collateral for secured debts."
>
> If the contractually obligated borrower helped the debtor purchase the
> vehicle and the debtor makes the payments, then the debtor is equitable
> owner of the vehicle. Debtor's payments to the secured creditor are
> necessary for the debtor to maintain possession.
>
> I am not familiar with case law on this issue.
>
>
> Peter M. Lively, J.D., M.B.A.
> Law Office of Peter M. Lively * Personal Financial Law Center I
> 11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
> Telephone: (310) 391-2400 * Toll Free: (800) 307-3328 * Fax: (310)
> 391-2462
>
>
>
> On Thursday, May 14, 2015 6:14 AM, "Holly Roark hollyroark22@gmail.com
> [cdcbaa]" cdcbaa@yahoogroups.com
> > wrote:
>
>
>
> Car and car loan are not in debtor's name but debtor is paying the loan
> and drives the car. Can debtor at least take the operating expense on Form
> 22A (CH 7)? Can debtor take the ownership expense?
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com
> **primary
> email address**
> www.roarklawoffices.com
> Central District of California - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
> *By State Bar of California Board of Legal Specialization
> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
> 922-5100
>
>
>
>
>
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
922-5100
Does anyone list the loan on D or elsewhere? If debtor isn't on loan, then probably not, but I just want it to be clear to trustee there's a security interest.On Thursday, May 14, 2015, 'Peter M. Lively' petermlively2000@yahoo.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
The post was migrated from Yahoo.
Holly:
When I run into this, I write a lease from the car owner to the debtor, have them both sign. Then I just treat the car like it is leased.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On May 14, 2015, at 6:13 AM, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>
> Car and car loan are not in debtor's name but debtor is paying the loan and drives the car. Can debtor at least take the operating expense on Form 22A (CH 7)? Can debtor take the ownership expense?
>
> --
>
> Holly Roark
> Certified Bankruptcy Specialist*
> and Sports Lawyer
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
> *By State Bar of California Board of Legal Specialization
> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>
>
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boundaryple-Mail-E5055AB2-1947-4D48-890D-F9195A10BC59
The post was migrated from Yahoo.
Yes for operating expense.
Theoretically yesfor ownership expense. 707(b)(2)(iii)(I) is limited to contractually due amounts, but 707(b)(2)(iii)(II)provides for "any additional payments to secured creditors necessary for the debtor ... to maintain possession of the debtor's ... motor vehicle .. that serves as collateral for secured debts."
If the contractually obligated borrower helped the debtor purchase the vehicle and the debtor makesthe payments, then the debtor is equitable ownerof the vehicle.Debtor's payments to the secured creditor are necessary for the debtor to maintain possession.
I am not familiar with case law on this issue.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Thursday, May 14, 2015 6:14 AM, "Holly Roark hollyroark22@gmail.com [cdcbaa]" wrote:
Car and car loan are not in debtor's name but debtor is paying the loan and drives the car. Can debtor at least take the operating expense on Form 22A (CH 7)? Can debtor take the ownership expense?
Holly RoarkCertified Bankruptcy Specialist*
and Sports Lawyer
holly@roarklawoffices.com**primary email address**www.roarklawoffices.comCentral District of California - Consumer Bankruptcy Attorney1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601*By State Bar of California Board of LegalSpecialization**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
The post was migrated from Yahoo.
Car and car loan are not in debtor's name but debtor is paying the loan and
drives the car. Can debtor at least take the operating expense on Form 22A
(CH 7)? Can debtor take the ownership expense?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
922-5100
Car and car loan are not in debtor's name but debtor is paying the loan and drives the car. Can debtor at least take the operating expense on Form 22A (CH 7)? Can debtor take the ownership expense?-- Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
The post was migrated from Yahoo.