It gets avoided only to the extent that it impairs the exemption.
Kenneth Jay Schwartz, Esq.
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, 12th Floor
Woodland Hills, California 91364-2203
Telephone: (818) 226-1205
Facsimile: (818) 226-1213
THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED ABOVE. THIS MESSAGE MAY BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN AGENT RESPONSIBLE FOR DELIVERING IT TO THE DESIGNATED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED THIS E-MAIL IN ERROR, AND THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR COPYING OF THIS MESSAGE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY. THANK YOU.
________________________________
To:
cdcbaa@yahoogroups.com
Sent: Saturday, May 9, 2009 11:48:44 AM
Subject: [cdcbaa] 522f Lien avoidance question
Its
been a couple years since Ive done one of these, but does a lien have to
fully impair an exemption to be avoided?
In
other words, if its impairing any part of the exemption does the lien
get FULLY avoided, or only to the extent its impairing the exemption?
Lets
use numbers (always a good idea):
House
value: $600,000
Mortgages:
$400,000
Involuntary
judicial lien: $150,000
Homestead
exemption: $75,000
Is
the lien fully avoidable, partially avoidable, or not avoidable at all?
Thanks,
************ ********* ****
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
Toll Free: 1-866-576-6275
web:
http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency (see what
this means at
http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition/)
____________ _________ _________ _________ _________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the addressee,
note that any disclosure, copy, distribution or use of the contents of this message
is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained in this
communication (or in any attachment) is not intended or written to be used, and
cannot be used, 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 in this communication.
It gets avoided only to the extent that it impairs the exemption.Kenneth Jay Schwartz, Esq.LAW OFFICE OF KENNETH JAY SCHWARTZ21031 Ventura Boulevard, 12th FloorWoodland Hills, California 91364-2203Telephone: (818) 226-1205Facsimile: (818) 226-1213THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED ABOVE. THIS MESSAGE MAY BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN AGENT RESPONSIBLE FOR DELIVERING IT TO THE DESIGNATED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED THIS E-MAIL IN ERROR, AND THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR
COPYING OF THIS MESSAGE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY. THANK YOU.From: Mark J. Markus <
bklawr@yahoo.com>To:
cdcbaa@yahoogroups.comSent: Saturday, May 9, 2009 11:48:44 AMSubject: [cdcbaa] 522f Lien avoidance question
Its
been a couple years since Ive done one of these, but does a lien have to
fully impair an exemption to be avoided?
In
other words, if its impairing any part of the exemption does the lien
get FULLY avoided, or only to the extent its impairing the exemption?
Lets
use numbers (always a good idea):
House
value: $600,000
Mortgages:
$400,000
Involuntary
judicial lien: $150,000
Homestead
exemption: $75,000
Is
the lien fully avoidable, partially avoidable, or not avoidable at all?
Thanks,
************ ********* ****
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
Toll Free: 1-866-576-6275
web:
http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency (see what
this means at
http://bklaw. com/bankruptcy- blog/2008/ 09/debt-relief- agencies- definition
The post was migrated from Yahoo.