Transfer/Exemption issue (revisited)
Posted: Sat Apr 30, 2011 2:12 pm
after
Peter M. Lively, JD, MBA
The Personal Financial Law Center* Culver City & Costa Mesa * 800-307-DEBT
________________________________
To: cdcbaa@yahoogroups.com
Sent: Sat, April 30, 2011 12:28:44 AM
Subject: RE: [cdcbaa] Re: Transfer/Exemption issue (revisited)
Is it 100K equity after or before cost of sale?
From:cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of
t_mannis
Sent: Friday, April 29, 2011 6:03 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Re: Transfer/Exemption issue (revisited)
Thank you thank you. Demonstrating why just one post can be so worth the yearly
dues....
Ironically, this lady had come in months ago, and I told her it wouldn't fly
because I couldn't exempt it. When she called again, I was thinking hmm, I know
there was a reason it wouldn't work before, but I can't seem to find it. It's
because this time I was looking for the definition of family unit in Section
101; I had forgotten that it is defined in 704.710, which is where I found it
last time, and thats why I had (correctly) told her before it wouldn't fly.Thank you for the Dore cite, it brought me back to the right section, and no, as
a family unit, this doesn't have a prayer. Again, many thanks, Larry.
>
> You will have a hard time qualifying the daughter as a family unit. See "Dore"
>which discusses the term.
> Sent via BlackBerry by AT&T
>
> -----Original Message-----
> Sender: cdcbaa@yahoogroups.com
> Date: Fri, 29 Apr 2011 23:05:11
> To:
> Reply-To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Transfer/Exemption issue (revisited)
>
> I know this has come and gone on this board a couple times, so I apologize in
>advance for any redundancy....
>
> Potential Chap 7 client...prior to calling me, she is ill-advised by
>non-attorney to transfer 90% ownership of her home, which has $100,000K of>equity, to her daughter, which she does last November. Assuming that prior to
>filing, daughter transfers her interest back to mom, thereby bringing everything
>back into the bankruptcy estate, my understanding was always no harm, no foul,
>and I can now claim my exemption without a problem. I also seem to recall>reading the same on this board. Any reason to believe that is not the case?
>
> Part Two
>
> Both Debtor and daughter have lived there continuously and obviously still do.
>Daughter is 25, and is not claimed as a dependent. I need the full $100,000
>exemption... Is the fact that daughter is not a dependent an issue with regard
>to claiming the $100,000? I don't believe so, as Section 704.730 does not>specify dependents, but rather merely states "member of family unit." Section
>101 does not define "family unit" but I would think daughter who has lived there
>certainly would qualify. Yes, no, maybe?
>
> Todd Mannis, Esq.
> Calabasas, CA
>
after
Peter M. Lively, JD, MBA
The Personal Financial Law Center * Culver City & Costa Mesa * 800-307-DEBT
From: Steven B. Lever <sblever@leverlaw.com>To: cdcbaa@yahoogroups.comSent: Sat, April 30, 2011 12:28:44 AMSubject: RE: [cdcbaa] Re: Transfer/Exemption issue (revisited)
Is it 100K equity after or before cost of sale?
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of t_mannisSent: Friday, April 29, 2011 6:03 PMTo: cdcbaa@yahoogroups.comSubject: [cdcbaa] Re: Transfer/Exemption issue (revisited)
Thank you thank you. Demonstrating why just one post can be so worth the yearly dues....Ironically, this lady had come in months ago, and I told her it wouldn't fly because I couldn't exempt it. When she called again, I was thinking hmm, I know there was a reason it wouldn't work before, but I can't seem to find it. It's because this time I was looking for the definition of family unit in Section 101; I had forgotten that it is defined in 704.710, which is where I found it last time, and thats why I had (correctly) told her before it wouldn't fly. Thank you for the Dore cite, it brought me back to the right section, and no, as a family unit, this doesn't have a prayer. Again, many thanks, Larry.--- In cdcbaa@yahoogroups.com, larry@... wrote:>> You will have a hard time qualifying the daughter as a family
unit. See "Dore" which discusses the term.> Sent via BlackBerry by s" <toddlaw@...>> Sender: cdcbaa@yahoogroups.com> Date: Fri, 29 Apr 2011 23:05:11 > To: <cdcbaa@yahoogroups.com>> Reply-To: cdcbaa@yahoogroups.com> Subject: [cdcbaa] Transfer/Exemption issue (revisited)> > I know this has come and gone on this board a couple times, so I apologize in advance for any redundancy....>
> Potential Chap 7 client...prior to calling me, she is ill-advised by non-attorney to transfer 90% ownership of her home, which has $100,000K of equity, to her daughter, which she does last November. Assuming that prior to filing, daughter transfers her interest back to mom, thereby bringing everything back into the bankruptcy estate, my understanding was always no harm, no foul, and I can now claim my exemption without a problem. I also seem to recall reading the same on this board. Any reason to believe that is not the case?> > Part Two> > Both Debtor and daughter have lived there continuously and obviously still do. Daughter is 25, and is not claimed as a dependent. I need the full $100,000 exemption... Is the fact that daughter is not a dependent an issue with regard to claiming the $100,000? I don't believe so, as Section 704.730 does not specify dependents, but rather merely states "member of family unit."
Section 101 does not define "family unit" but I would think daughter who has lived there certainly would qualify. Yes, no, maybe?> > Todd Mannis, Esq.> Calabasas, CA>
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