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Nonexempt Property?
Dennis,
Thanks very much for the reply! In order of reply:
(1) H & W do not live in property but use property mailing address on Taxes, W2, and Pay Stubs...I will look into utilities.
(2) W gets a 1098 but she does not take mortgage interest deduction in joint return.
(3) Thanks for the correction on nonexempt. I will update my MS Word spell check as well.
Appreciate the help,
>
> Robert:
>
> Statute of limits for fraudulent conveyance is 4 years for visible transfers and 7 years for hidden transfers. The 14 year old deed is way beyond the statute.
> see cc 3439.09
> Have the H & W been living in the property, taking tax deductions, or otherwise treating the property as community? May be a difficult case for the trustee to try to set aside 14 year old deed. Can the guys who have represented trustees pipe in? Larry?
>
> Wife cannot take a 704 exemption on the home if not living there, small set of exceptions and you have cited none.
>
> BTW "non" is a prefix, and cannot stand alone, should be nonexempt.
>
> dennis
>
> --- On Sun, 5/16/10, Robert wrote:
>
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> Subject: [cdcbaa] Non Exempt Property
> To: cdcbaa@yahoogroups.com
> Date: Sunday, May 16, 2010, 7:30 PM
>
>
>
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> Husband qualifies for Chapter 7. Husband and Wife rent in Riverside County with several children.
>
> Wife owns home in Long Beach. Wife has been only person on title for 14 yearsprior to that husband signed over his interest to wife alone. Wife's sister makes payments on home.
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> Home is worth anywhere from $258K to $200K depending upon whether you ask Debtor, Zillow or cyberhouse.
>
> $89K is owed on house (first).
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> My problems are:
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> (1) I do not think I can use 704.730(a)(2) and exempt 100K because Wife does not live in house.
> (2) Even if I could use exemption, not all of equity will be exempt (at least 11K is unprotected...if not more)
> (3) I cannot find good legal or procedural grounds to make the argument home is not community property and need not be included in petition because husband is no longer on title and has not been for many years. (i.e., transmutation)...last thing I want is to have something FOUND and have debtor perjure.
>
> Any thoughts helping a newbie at this?
>
The post was migrated from Yahoo.
Robert:
Statute of limits for fraudulent conveyance is 4 years for visible transfers and 7 years for hidden transfers. The 14 year old deed is way beyond the statute.
see cc 3439.09
Have the H & W been living in the property, taking tax deductions, or otherwise treating the property as community? May be a difficult case for the trustee to try to set aside 14 year old deed. Can the guys who have represented trustees pipe in? Larry?
Wife cannot take a 704 exemption on the home if not living there, small set of exceptions and you have cited none.
BTW "non" is a prefix, and cannot stand alone, should be nonexempt.
dennis
The post was migrated from Yahoo.