Scheduling bare legal title value
Posted: Wed Feb 03, 2010 5:12 pm
Sorry: Let me be more precise.
The two debtors listed the property on Schedule A indicating that the
debtors' interest was $0.00. I noted in the description that Debtors did
not use their funds to purchase or make payments on this property. I also
indicated that the debtors intended to surrender "DEBTORS' INTEREST ONLY."
So that it was clear that they were only giving up their own interests,
which was $0.
In one of the cases I listed the Debt on Schedule F because the debt was
unsecured with respect to the Debtor's assets. It was a tight squeeze
because they almost didn't fit into the unsecured debt limit.
The other one I listed the debt on Schedule D indicating that there was no
security interest attached and reiterated what I put on Schedule A (See
above).
Don't know if that was the right way to do it, but I got confirmed.
R.Grace.Rodriguez
(818) 734-7223
On Wed, Feb 3, 2010 at 4:48 PM, Mark J. Markus wrote:
>
>
> Thanks, Grace, but I gave two different options, so which one is exactly
> what you did?
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
> On 2/3/2010 1:39 PM, R Grace Rodriguez wrote:
>
> Mr. Markus:
>
> Thats exactly what I did on my last two bankruptcy cases that had this
> issue and Judge Mund accepted it and confirmed plan. Rojas was trustee.
>
> R. Grace Rodriguez
> (818) 734-7223
>
> On Wed, Feb 3, 2010 at 10:25 AM, Mark J. Markus wrote:
>
>>
>>
>> If one is taking the position that a real estate asset is held by a
>> debtor with only bare legal title (no equitable interest), would one
>> list the actual full fair market value of the property in the
>> appropriate column, or would the value of debtor's interest ostensibly
>> be zero?
>>
>> *************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173 (818)509-1460 (fax)
>> web: http://www.bklaw.com/
>> This Firm is a Qualified Federal Debt Relief Agency (see what this means
>> at
>> http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/
>> )
>> ________________________________________________
>> NOTICE: This Electronic Message contains information from the law office
>> of Mark J. Markus that may be privileged. The information is intended for
>> the use of the addressee only. If you are not the addressee, note that any
>> disclosure, copy, distribution or use of the contents of this message is
>> prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
>> the IRS, we inform you that any U.S. tax advice contained in this
>> communication (or in any attachment) is not intended or written to be used,
>> and cannot be used, for the purpose of (i) avoiding penalties under the
>> Internal Revenue Code or (ii) promoting, marketing or recommending to
>> another party any transaction or matter addressed in this communication.
>>
>>
>
>
> --
> 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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> 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.
>
>
>
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.
Sorry: Let me be more precise.The two debtors listed the property on Schedule A indicating that the debtors' interest was $0.00. I noted in the description that Debtors did not use their funds to purchase or make payments on this property. I also indicated that the debtors intended to surrender "DEBTORS' INTEREST ONLY." So that it was clear that they were only giving up their own interests, which was $0.
In one of the cases I listed the Debt on Schedule F because the debt was unsecured with respect to the Debtor's assets. It was a tight squeeze because they almost didn't fit into the unsecured debt limit.
The other one I listed the debt on Schedule D indicating that there was no security interest attached and reiterated what I put on Schedule A (See above). Don't know if that was the right way to do it, but I got confirmed.
R.Grace.Rodriguez(818) 734-7223 On Wed, Feb 3, 2010 at 4:48 PM, Mark J. Markus <bklawr@yahoo.com> wrote:
Thanks, Grace, but I gave two different options, so which one is
exactly what you did?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
On 2/3/2010 1:39 PM, R Grace Rodriguez wrote:
Mr. Markus:
Thats exactly what I did on my last two bankruptcy cases that had this
issue and Judge Mund accepted it and confirmed plan. Rojas was trustee.
R. Grace Rodriguez
(818) 734-7223
On Wed, Feb 3, 2010 at 10:25 AM, Mark J.
Markus <bklawr@yahoo.com> wrote:
If one is taking the position that a real estate asset is held
by a
debtor with only bare legal title (no equitable interest), would one
list the actual full fair market value of the property in the
appropriate column, or would the value of debtor's interest ostensibly
be zero?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of the
contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed
by the IRS, we inform you that any U.S. tax advice contained in this
communication (or in any attachment) is not intended or written to be
used, and cannot be used, for the purpose of (i) avoiding penalties
under the Internal Revenue Code or (ii) promoting, marketing or
recommending to another party any transaction or matter addressed in
this communication.
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.
-- 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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