Central District Consumer Bankruptcy Attorney's Association

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Isn't that a decision to be made by your client and his cpa?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Steven B Lever
Sent: Tuesday, May 12, 2009 9:57 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Caught with a non-exempt asset
I filed a Chapter 13 case December 31st last year that converted to a
Chapter 7 after my Debtor took a huge pay cut when his organization
downsized, making the 13 infeasible preconfirmation.
He didnt know that he would get a huge tax refund of about $10,000 for 2008
when we filed. There is less than $3,000 of wildcard exemption left to
protect it.
Most of the rest of the wildcard was used for a common stock.
My question is: Would it be better to exempt the tax refund and leave the
stock exposed, and rather than liquidate the non-exempt stock to give it to
the Trustee in kind (share certificates) so that perhaps my client can avoid
a taxable event, and the Trustee will have to take the tax liability on the
capital gains for the estate?
Anyone have any ideas or experience on this one?
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456
>( Fax (562) 684-0202
>* sblever@leverlaw.com
> www.leverlaw.com
> ******************************************************
> This Internet e-mail contains confidential information
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> be privileged under applicable law. Do not read, copy
> or disseminate it if you are not the addressee. If you
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Message
Isn't that a decision to be
made by your client and his cpa?


David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.

I filed a Chapter 13 case December 31st last year that converted to a
Chapter 7 after my Debtor took a huge pay cut when his organization
downsized, making the 13 infeasible preconfirmation.
He didn't know that he would get a huge tax refund of about $10,000 for 2008
when we filed. There is less than $3,000 of wildcard exemption left to
protect it.
Most of the rest of the wildcard was used for a common stock.
My question is: Would it be better to exempt the tax refund and leave the
stock exposed, and rather than liquidate the non-exempt stock to give it to
the Trustee in kind (share certificates) so that perhaps my client can avoid
a taxable event, and the Trustee will have to take the tax liability on the
capital gains for the estate?
Anyone have any ideas or experience on this one?
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456
>( Fax (562) 684-0202
>* sblever@leverlaw.com
> www.leverlaw.com
> ******************************************************
> This Internet e-mail contains confidential information
> which is intended only for the addressee and which may
> be privileged under applicable law. Do not read, copy
> or disseminate it if you are not the addressee. If you
> have received this message in error, please notify the
> sender immediately and delete it. Thank you.
> ******************************************************

The post was migrated from Yahoo.