Ch7 Liquidation analysis
Posted: Thu Jul 18, 2019 10:19 am
I have an elderly client who holds a 1/3 joint tenancy with her daughter and
son in law. Her 1/3 share of the equity is $41,674.00. FMV 515,000;
mortgage 388,714. Homestead is an easy fix, however she has about $30,000
in nonexempt cash accounts. Without the homestead; my liquidation analysis
uses 5% for cost of sale and I base the trustee compensation on the sale
price minus the debtor's equity. I arrive at a cost of sale plus fees of
about $50,000. This should preclude the trustee from selling my client's
home. Does anyone disagree?
Larry Webb
California Board of Legal Specialization
Certified Specialist in Bankruptcy Law
The post was migrated from Yahoo.