Since you talk about their inability to reinstate the loan even if the
trustee abandons the property, I must ask the obvious question: have they
already decided to give up their house and do not wish to explore whether
they would like to retain their house under a Chapter 13 plan?
Giovanni Orantes, Esq.
On Wed, Feb 3, 2010 at 6:08 PM, Matthew Gary Evans wrote:
>
>
> Why must they claim a portion of the home equity under the wildcard
> exemption to save the refund?
>
>
>
> ____________________________________
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email:
matthew@matthewgaryevanslaw.com
>
>
www.matthewgaryevanslaw.com
>
>
www.matthewgaryevanslaw.net/Bankruptcy
>
> please visit my blog at matthewevanslaw.wordpress.com
>
>
>
> Member: California State Bar, American Bar Association, Consumer Attorneys
> Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
> Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
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> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com] *On Behalf
> Of *Mark J. Markus
>
> *Sent:* Wednesday, February 03, 2010 4:43 PM
> *To:*
cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Claiming tax refund as exempt
>
>
>
>
>
> Not only can they do it, they must if they want to protect the refund. Of
> course, under the facts as you present them, if this is a Chapter 7 case,
> they would likely lose the house.
>
> *************************
>
> 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/)
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> ________________________________________________
>
> 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.
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> 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 5:14 AM, Matthew Gary Evans wrote:
>
> Clients have a house with about $80k equity and expect to receive a tax
> refund of $11,000. They have decided to claim the 703 exemptions. Can they
> claim the full $11k refund under 703.1409(b)(5) wildcard exmeption and use
> the remaining $10k or so available under the wildcard for a portion of the
> home equity?
>
>
>
> ____________________________________
>
> Law Office of Matthew Gary Evans
>
> Matthew Gary Evans, Esq.
>
> 16 North Marengo Avenue, Room 219
>
> Pasadena, California 91101
>
> Tel.: (626) 405-9448
>
> Fax: (626) 768-7565
>
> Cell: (213) 842-6645
>
> Email:
matthew@matthewgaryevanslaw.com
>
>
www.matthewgaryevanslaw.com
>
>
www.matthewgaryevanslaw.net/Bankruptcy
>
> please visit my blog at matthewevanslaw.wordpress.com
>
>
>
> Member: California State Bar, American Bar Association, Consumer Attorneys
> Association of Los Angeles, Central District Consumer Bankruptcy Attorneys
> Association, National Association of Consumer Bankruptcy Attorneys, Pasadena
> Chamber of Commerce
>
> NOTICE: This message is intended only for the individual named. If you are
> not the named addressee please do not disseminate, print, or copy this
> e-mail. Please notify the sender immediately by reply e-mail if you have
> received this e-mail by mistake and delete this e-mail from your system.
> Thank you.
>
>
>
>
>
Giovanni Orantes, Esq.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Phone: (888) 619-8222 x101
Fax: (877) 789-5776
e-mail:
go@gobklaw.com
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WE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
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the Internal Revenue Service, we inform you that any U.S. tax advice
contained in this communication (including any attachments) is not intended
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 herein.
Since you talk about their inability to reinstate the loan even if the trustee abandons the property, I must ask the obvious question: have they already decided to give up their house and do not wish to explore whether they would like to retain their house under a Chapter 13 plan?
Giovanni Orantes, Esq.On Wed, Feb 3, 2010 at 6:08 PM, Matthew Gary Evans <
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