real estate agent means test
Posted: Tue Feb 10, 2009 4:08 pm
Thanks for the info. He has a house which is in arrears so the $15K
will go to pay past due payments.
Marge Norman
On Mon, 9 Feb 2009 10:49:17 -0800
"David A. Tilem" wrote:
> And don't forget to schedule commission as if it was an account
>receiveable
> - on Schedule B. Do not include the amount of the commission on
>Schedule I
> or the means test UNTIL IT IS ACTUALLY RECEIVED.
>
>
> 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.
> Business bankruptcy specialist cert. by Amer. Bd. of
>Certification
> -----Original Message-----
>Behalf Of
> Dennis McGoldrick
> Sent: Monday, February 09, 2009 9:48 AM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] real estate agent means test
>
>
>
>
>
> Margaret:
>
> if house with equity and need 704's, hold off*.
>
> if no house and can use the 703's, exempt the contingent commission.
>
> Be sure to advise client 703's are under constitutional attack, and
>have
> them sign something acknowledging if a case is decided on/before the
>60 days
> to object to exemptions runs (and/or activist trustee files an
>objection to
> keep the asset alive), the debtor may lose the commisson anyway.
> Debtor's
> decision to take or not take this risk.
>
>
> dennis
>
> *keep in mind under Fitzsimons, if there is more work to be done
> postpetition to close the escrow, the value of the commission which
>is
> property of the estate will be proportioned. It is hard to "time" a
> realtors petition, but if four more months go by and no other escrow
>is
> closed, the $15000 won't make them fail the means test, anyway.
> Also, you
> can file in the month the commission is received and not count it in
>the
> means test. If the debtor is behind on house payments, has a 401k
>loan to
> repay, etc., the $15k can quickly be consumed. Make sure any checks
>the
> debtors send out clear before the case is filed, on audit the
>auditors
> demand to see bank statements and claim a filing where the debtor's
>tell you
> the balance on their checkbook register is a material mistatement,
>if there
> were funds in the bank (regardless of there being subject to
>outstanding
> checks).
>
> dennis
>
> --- On Fri, 2/6/09, Margaret Norman wrote:
>
>
> Subject: [cdcbaa] real estate agent means test
> To: cdcbaa@yahoogroups.com
> Date: Friday, February 6, 2009, 2:54 PM
>
>
> .
>
> d12/stime34153082/nc125321/nc248642/nc322131>
>
>
>
>
Margaret Norman, Attorney
111 N. Sepulveda Blvd. #355
Manhattan Beach, Ca. 90266
310-376-7873
Fax-310-798-9846
WWW:Margeslaw.com
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