Asset of the Estate? What Value?
Posted: Tue Mar 15, 2011 1:52 pm
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Ty:
These are limited facts. You should read the agreement or make sure you
fully understand the deal. What if client quits his job but offers the
balance of the $18,000. Does he get the truck? What if client dies and his
estate tenders the $18,000? What happens if employer fires him? There are
just too many unknowns.
Based on the limited facts, yes he would appear to have an equitable
interest. I would compute that interest by creating a fraction where the
numerator is the amount left to pay on the $18,000 and the denominator is
the fmv of the vehicle at the current time.
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.
Tyson
Sent: Tuesday, March 15, 2011 1:46 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Asset of the Estate? What Value?
Hi Everyone,
PC works for major transportation company. $300 is taken out of his check on
a monthly basis for the truck he uses. As part of his employment contract,
if he makes 60 months of payments ($18,000 total) they will give him title
to the truck which is presently worth $100k.
Title is solely held by transportation company.
Does PC have any ownership interest in this truck? If yes, what is the value
to him?
Thanks,
Ty Takeuchi
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Message
Ty:
These are limitedfacts. You should read the agreement or make sure you fully understand the
deal. What if client quits his job but offers the balance of the
$18,000. Does he get the truck? What if client dies and his estate
tenders the $18,000? What happens if employer fires him? There are
just too many unknowns.
Based on the limited facts,
yes he would appear to have an equitable interest.
I would compute
that interest by creating a fraction where the numerator is the amount left to
pay on the $18,000 and the denominator is the fmv of the vehicle at the current
time.
David A.
Tilem
Certified Bankruptcy
Specialist*
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