Central District Consumer Bankruptcy Attorney's Association

Sorry, to both you and David Tilem for leaving out that essential fact.
Mom's house is free and clear

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Steve,
An attempt to be helpful as a newbie here...I had a marginally analogous problem recently. I got a supplemental waiver signed and that scared off the debtor.
Trustee will look at the usual stuff tax treatment of the property, tracing of funds to make payments, use of residence, etc. How much equity is there in the house?
>
> List mates:
>
> I suspect there is a thread on this somewhere, but I have searched for
> it and not found it.
>
> PC has been a joint tenant with mother in mother's house in Northern
> California since she was 17 years old 20 years ago. It was done in lieu
> of estate planning.
>
> PC never put a penny in the house. The PC has her own house down here.
>
> Has anyone ever had a problem with this in Chapter 7? Do you list it in
> "Property held for Another" in the Statement of Fin. Affairs, and in the
> inheritance part of schedule "B" or just in "A?"
>
> Any thoughts would be appreciated.
>
> Thank you. Steve
>

The post was migrated from Yahoo.

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This is a common problem although the duration of child's interest is
unusual. The problem is a conflict between Section 544(a)(3) and 541(d).
There is no clear cut solution. Of course I suppose I should have asked
whether there is any equity in the property to be concerned about? If not,
then who cares, as long as you list it somewhere. If there is equity, then
you have to worry about the two statutes referenced above. Good luck with
your research and make sure the client is aware of the uncertainty, i.e. you
have written to him/her about it and gotten client instruction to proceed
notwithstanding the risk.
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: Wednesday, June 16, 2010 2:40 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] PC has joint tenancy with mother's house
List mates:
I suspect there is a thread on this somewhere, but I have searched for
it and not found it.
PC has been a joint tenant with mother in mother's house in Northern
California since she was 17 years old 20 years ago. It was done in lieu
of estate planning.
PC never put a penny in the house. The PC has her own house down here.
Has anyone ever had a problem with this in Chapter 7? Do you list it in
"Property held for Another" in the Statement of Fin. Affairs, and in the
inheritance part of schedule "B" or just in "A?"
Any thoughts would be appreciated.
Thank you. Steve
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Message
This is a common problem
although the duration of child's interest is unusual. The problem is a
conflict between Section 544(a)(3) and 541(d). There is no clear cutsolution. Of course I suppose I should have asked whether there is any
equity in the property to be concerned about? If not, then who cares, as
long as you list it somewhere. If there is equity, then you have to worry
about the two statutes referenced above. Good luck with your research and
make sure the client is aware of the uncertainty, i.e. you have written tohim/her about it and gotten client instruction to proceed notwithstanding the
risk.


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

List mates:
I suspect there is a thread on this somewhere, but I have searched for
it and not found it.
PC has been a joint tenant with mother in mother's house in Northern
California since she was 17 years old 20 years ago. It was done in lieu
of estate planning.
PC never put a penny in the house. The PC has her own house down here.
Has anyone ever had a problem with this in Chapter 7? Do you list it in
"Property held for Another" in the Statement of Fin. Affairs, and in the
inheritance part of schedule "B" or just in "A?"
Any thoughts would be appreciated.
Thank you. Steve

The post was migrated from Yahoo.