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If chapter 7 Trustee abandons property, is that property estate property in the Chapter 13?

Posted: Wed Oct 29, 2014 1:14 pm
by Yahoo Bot

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I havent researched and I am just thinking out loud here but I suspect that it is property of the chapter 13 estate (ecause what isnt property of chapter 13 estate since it is so inclusive. Even though it may be property of the estate, I dont think that it automatically follows that it has to be contributed in a chapter 13 plan to creditors. Do you meet the hypothetical chapter 7 liquidation analysis for ch 13 plan confirmation? Arguably yes at least with respect to this asset, since this asset was abandoned by the Chapter 7 trustee and wouldnt have been available to Chapter 7 creditors. If you meet that test, then are the proceeds disposable income available to pay creditors under best efforts? I dont know the answer here but I think arguments can be made. If the proceeds are designed to replace past earnings, then maybe they need to be turned over. If designed to provide future earnings, maybe some of proceeds need to be turned over (maybe prorated somehow). If these are some other damages, maybe a more specific analysis needs to be done.
Frank X. Ruggier
Attorney at Law
15760 Ventura Blvd., Suite 880
Encino, CA 91436
Tel: (818) 796-3529

The post was migrated from Yahoo.

If chapter 7 Trustee abandons property, is that property estate property in the Chapter 13?

Posted: Wed Oct 29, 2014 12:57 pm
by Yahoo Bot

1306 provides that property of the Chapter 13 estate includes all 541 property as of the petition date as well as all 541 property acquired after the petition date.
This particular asset isn't passing from the estate to the debtor through an exemption, so I believe that it must be contributed to the plan.
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 Wednesday, October 29, 2014 10:54 AM, "Holly Roark hollyroark22@gmail.com [cdcbaa]" wrote:
Formally abandoned by Chapter 7 Trustee because he did not want to deal with this lawsuit and the SOL was running to file the complaint, so he abandoned, and I filed the complaint in state court. The lawsuit has merit. Ch 13 Tee's position is that the proceeds of the lawsuit have to go through the Chapter 13 BK per 1306.
Holly Roark
Certified Bankruptcy Specialist*
and Sports Lawyer
holly@roarklawoffices.com **primary email address**
http://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
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
On Wed, Oct 29, 2014 at 10:46 AM, 'Patrick Green' pat@fitzgreenlaw.com [cdcbaa] wrote:
>
>Holly:
>
>Abandoned under 554 or just Rpt of No Distribution?
>
>If you have any questions or concerns, please contact me.
>
>Pat
>
>Patrick T. Green
>Attorney at Law
>Fitzgerald & Green, Attorneys at Law
>1010 E. Union St. Suite 206
>Pasadena, CA 91106
>Tel: (626) 449-8433
>Fax: (626) 449-0565
>pat@fitzgreenlaw.com
>
>
>From:cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
>Sent: Wednesday, October 29, 2014 5:16 AM
>To: Strictly Bankruptcy Issues; cdcbaa
>Subject: [cdcbaa] If chapter 7 Trustee abandons property, is that property estate property in the Chapter 13?
>
>
>Debtor has a lawsuit asset which the chapter 7 Trustee abandoned. Case was converted to chapter 13. Chapter 13 Trustee wants lawsuit asset recovery to be paid through the Plan. Is this asset property of the Chapter 13 estate after having been abandoned by the Chapter 7 Trustee?
>I understand that postpetition income is property of the estate, but does the "income" from this abandoned asset count?
>
>
>
>
>
>Holly Roark
>Certified Bankruptcy Specialist*
>and Sports Lawyer
>holly@roarklawoffices.com **primary email address**
>http://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
>
>**For a quicker response, email me at holly@roarklawoffices.com.
>I only use gmail for my listservs, and am likely to miss private emails
>directed to my gmail account.**
>

The post was migrated from Yahoo.

If chapter 7 Trustee abandons property, is that property estate property in the Chapter 13?

Posted: Wed Oct 29, 2014 10:46 am
by Yahoo Bot

charset="UTF-8"
Holly:
Abandoned under 554 or just Rpt of No Distribution?
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green
Attorney at Law
Fitzgerald & Green, Attorneys at Law
1010 E. Union St. Suite 206
Pasadena, CA 91106
Tel: (626) 449-8433
Fax: (626) 449-0565
pat@fitzgreenlaw.com

The post was migrated from Yahoo.