Central District Consumer Bankruptcy Attorney's Association

It is the client's choice. Explain the risks and have client make the choice. Client can choose 703 or 704.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 26, 2010, at 11:26 AM, R Grace Rodriguez wrote:
Hi Everyone:
I have a question for a client who needs to file Chapter 13 bankruptcy to cure arrears on their mortgage payments. They stopped paying mortgage payments when bank told them they needed to be three months behind in order to qualify for loan modification. But what no one told them at the bank was that they stood little chance of getting a loan modification when there was $200,000 in equity.
I'm filing a Chapter 13 so they can get caught up on the arrears. This will be a 100% plan (debtor has practically no credit card debt) Do I have to use the Section 704 exemptions to protect equity in the home? Or Can I use 703 exemptions to give him wild card since he is paying 100% he doesn't need to use homestead exemption? by the way he is going to be 65 in May, but foreclosure taking place before he is 65.
Any thoughts on which set of exemptions?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
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It is the client's choice. Explain the risks and have client make the choice. Client can choose 703 or 704.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Jan 26, 2010, at 11:26 AM, R Grace Rodriguez <rgracelaw@gmail.com> wrote:

Hi Everyone:I have a question for a client who needs to file Chapter 13 bankruptcy to cure arrears on their mortgage payments. They stopped paying mortgage payments when bank told them they needed to be three months behind in order to qualify for loan modification. But what no one told them at the bank was that they stood little chance of getting a loan modification when there was $200,000 in equity.
I'm filing a Chapter 13 so they can get caught up on the arrears. This will be a 100% plan (debtor has practically no credit card debt) Do I have to use the Section 704 exemptions to protect equity in the home? Or Can I use 703 exemptions to give him wild card since he is paying 100% he doesn't need to use homestead exemption? by the way he is going to be 65 in May, but foreclosure taking place before he is 65.
Any thoughts on which set of exemptions? -- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.

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R Grace:
Explain the exempts and make the client pick. If the client picks, and you confirm it in a letter, hard for a client to later sue for malpractice.
dennis

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If it is a 100% and feasible plan it does not matter that much as you
would not be looking at liquidation of any assets if the plan payments
pay all creditors in full. Otherwise the $75,000 homestead exemption
under the 704's is a heak of a lot more than the wild card exemption
under the 703's.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Tue 26/01/10 11:26 AM , R Grace Rodriguez rgracelaw@gmail.com
sent:
Hi Everyone:
I have a question for a client who needs to file Chapter 13
bankruptcy to cure arrears on their mortgage payments. They stopped
paying mortgage payments when bank told them they needed to be three
months behind in order to qualify for loan modification. But what no
one told them at the bank was that they stood little chance of getting
a loan modification when there was $200,000 in equity.
I'm filing a Chapter 13 so they can get caught up on the arrears.
This will be a 100% plan (debtor has practically no credit card debt)
Do I have to use the Section 704 exemptions to protect equity in the
home? Or Can I use 703 exemptions to give him wild card since he is
paying 100% he doesn't need to use homestead exemption? by the way he
is going to be 65 in May, but foreclosure taking place before he is
65.
Any thoughts on which set of exemptions?
--
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail
notice for ex parte Applications via voicemail or by email. You must
comply with California Law and give notice to a person in my office
during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual
named. If you are not the intended recipient you should not
disseminate, distribute, store, print, copy or deliver this message.
Please notify the sender immediately by e-mail if you have received
this e-mail by mistake and delete this e-mail from your system.
Links:
[1] mailto:?subjectTax Refund - Exemption
[2] mailto:cdcbaa@yahoogroups.com?subjectTax Refund - Exemption
[3]

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Hi Everyone:
I have a question for a client who needs to file Chapter 13 bankruptcy to
cure arrears on their mortgage payments. They stopped paying mortgage
payments when bank told them they needed to be three months behind in order
to qualify for loan modification. But what no one told them at the bank was
that they stood little chance of getting a loan modification when there was
$200,000 in equity.
I'm filing a Chapter 13 so they can get caught up on the arrears. This will
be a 100% plan (debtor has practically no credit card debt) Do I have to
use the Section 704 exemptions to protect equity in the home? Or Can I use
703 exemptions to give him wild card since he is paying 100% he doesn't
need to use homestead exemption? by the way he is going to be 65 in May,
but foreclosure taking place before he is 65.
Any thoughts on which set of exemptions?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice
for ex parte Applications via voicemail or by email. You must comply with
California Law and give notice to a person in my office during regular
business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual named. If
you are not the intended recipient you should not disseminate, distribute,
store, print, copy or deliver this message. Please notify the sender
immediately by e-mail if you have received this e-mail by mistake and delete
this e-mail from your system.
Hi Everyone:I have a question for a client who needs to file Chapter 13 bankruptcy to cure arrears on their mortgage payments. They stopped paying mortgage payments when bank told them they needed to be three months behind in order to qualify for loan modification. But what no one told them at the bank was that they stood little chance of getting a loan modification when there was $200,000 in equity.
I'm filing a Chapter 13 so they can get caught up on the arrears.me? Or Can I use 703 exemptions to give him wild card since he is paying 100% he doesn't need to use homestead exemption? by the way he is going to be 65 in May, but foreclosure taking place before he is 65.
Any thoughts on which set of exemptions? -- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.

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