Form 22A and car not in debtor's name
Posted: Sat May 16, 2015 11:18 am
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
>
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>
>> 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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