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Debtor's kid: Child Actor assets
Hale: sorry, don't remember case name, starts with D. 9th cir says 544 overrules the 541 provision re property held for another person. Hardest decision in 9th cir..
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On May 10, 2010, at 4:12 PM, "Hale Andrew Antico" wrote:
Dusting off an old one, new fact pattern: a car is held in parent's name "as custodian for" child, and then sold. Cash then put in bank in child's name only. Great.
10 months later, last July, cash from child's account used to buy a car, but now in Debtor-Parent's name, and is in that name only. Equity in car cannot be covered by Debtor-Parent's exemptions.
Did the purchase last July in parent's name but clearly traceable back to child's money transmute it to the parent's property, subject to liquidation in parent's bankruptcy? Or is it still "property of another"?
ale Andrew Antico
Sent: Monday, August 31, 2009 4:25 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Debtor's kid: Child Actor assets
Anyone have any experience with... debtor filing Ch7 bankruptcy, but child actor son has assets. Some assets in children's name with parent (as guardian), some under the (Jackie) Coogan Laws.
None of this should rightly be debtor's assets for a Chapter 7 liquidation. Or does it depend on the judge and/or trustee, who may think that debtor has 50% (or 100%) access to some accounts, and thus we's takes our chances?
Hale: sorry, don't remember case name, starts with D. 9th cir says 544 overrules the 541 provision re property held for another person. Hardest decision in 9th cir..Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On May 10, 2010, at 4:12 PM, "Hale Andrew Antico" <bk.lawyer@gmail.com> wrote:
Dusting off an old one
The post was migrated from Yahoo.
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Dusting off an old one, new fact pattern: a car is held in parent's name "as
custodian for" child, and then sold. Cash then put in bank in child's name
only. Great.
10 months later, last July, cash from child's account used to buy a car, but
now in Debtor-Parent's name, and is in that name only. Equity in car cannot
be covered by Debtor-Parent's exemptions.
Did the purchase last July in parent's name but clearly traceable back to
child's money transmute it to the parent's property, subject to liquidation
in parent's bankruptcy? Or is it still "property of another"?
_____
Hale Andrew Antico
Sent: Monday, August 31, 2009 4:25 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Debtor's kid: Child Actor assets
Anyone have any experience with... debtor filing Ch7 bankruptcy, but child
actor son has assets. Some assets in children's name with parent (as
guardian), some under the (Jackie) Coogan Laws.
None of this should rightly be debtor's assets for a Chapter 7 liquidation.
Or does it depend on the judge and/or trustee, who may think that debtor has
50% (or 100%) access to some accounts, and thus we's takes our chances?
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Dusting off an old one, new
fact pattern: a car is held in parent's name "as custodian for" child, and then
sold. Cash then put in bank in child's name only.
The post was migrated from Yahoo.