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X-eGroups-Edited-By: easky1
I was sure, and did that, and it worked out fine. I updated the
Trustee with an on-line valuation from Zillow.com and they candidly
told me they would not have an interest in RP. The wildcard took care
of all else.
>
> If you are sure of the RP value, amend A, C and take the wildcard.
Do it
> NOW before the Trustee relies on the fact that you have not claimed an
> exemption for the 2nd car. Only problems could be: (1) you are
wrong about
> value of RP or (2) the Trustee has already relied on lack of
exemption and
> incurred costs to sell 2nd car; or (3) you reopen period for
objections to
> exemptions.
>
>
The post was migrated from Yahoo.
Ch 7 Responding to Decline in Home Value
yes, you can amend unless someone has relied to their detriment on the
original filing.
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.
Mark JM
Sent: Monday, February 02, 2009 12:31 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Ch 7 Responding to Decline in Home Value
Did you take a homestead exemption previously? I don't think you can amend
A for a change in value unless the value on the date the petition was filed
was inaccurate (in which case, you better be able to explain why...). If
you took the homestead exemption previously and don't need it now, you could
amend Schedule "C" and reallocate your client's exemptions without a
problem, but I would probably wait until the Trustee decides what he's going
to do, then amend if necessary (after calling the Trustee and advising that
if you amend, there won't be anything for him to realize from sale).
*************************
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.
The post was migrated from Yahoo.
If you are sure of the RP value, amend A, C and take the wildcard. Do it
NOW before the Trustee relies on the fact that you have not claimed an
exemption for the 2nd car. Only problems could be: (1) you are wrong about
value of RP or (2) the Trustee has already relied on lack of exemption and
incurred costs to sell 2nd car; or (3) you reopen period for objections to
exemptions.
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.
The post was migrated from Yahoo.
Did you take a homestead exemption previously? I don't think you can amend
A for a change in value unless the value on the date the petition was filed
was inaccurate (in which case, you better be able to explain why...). If
you took the homestead exemption previously and don't need it now, you could
amend Schedule "C" and reallocate your client's exemptions without a
problem, but I would probably wait until the Trustee decides what he's going
to do, then amend if necessary (after calling the Trustee and advising that
if you amend, there won't be anything for him to realize from sale).
*************************
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
The post was migrated from Yahoo.