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TGIF !!! Exemption "distribution" (?) on Real Property
The better question is this.......has anybody's client ever gotten a check for the full exemption amount when the trustee sells? Personally I have never seen it.
Margaret Norman
111 N. Sepulveda Blvd. 3355
Manhattan Beach, Ca. 90266
The post was migrated from Yahoo.
This is very interesting! I had never thought about this plan but I can see
it would be good for some clients!
Is there a sale date already set by lender? Is client trying to sell house
on the market? Doing the math, and presuming even $350K instead of $400K, a
sale would be better and then spend some money and then file Chapter 7
later, but of course there may be contributing factors pushing for an
earlier sale.
1489 E. Colorado Blvd. #207
Pasadena, CA 91106
(626) 507-8090
"Bankruptcy, Michael, is nature's do-over. It's a fresh start, a clean
slate."
"Like the witness protection program!"
"Exactly."
On Fri, Feb 5, 2010 at 11:43 AM, Robert Vitt wrote:
>
>
>
>
> Listmates;
>
>
>
>
>
> Clients owns real property worth 400K, lien amount is $225.00 Client is 8
> months behind on payments and wants to file Chapter 7. If client does
> not file, lender will foreclose and presumably sell for loan amount to get
> property sold quick. Client seemingly gets little, if any equity.
> However, if client files Chapter 7, client wants to claim $75,000 homestead
> exemption.
>
>
>
> Assuming Trustee wants to sell property, and does so with distribution to
> creditors, does client get $75,000 check for exemption amount? Trying to
> analogize by Vehicle exemptions here.
>
>
>
>
>
>
> --
> Robert S. Vitt
> VITT LAW FIRM
>
> 3200 E. Guasti Road Ste 100
> Ontario, CA 91761
> 909.275.7594 Office
> 909.275.7621 Facsimile
> www.bankrutpcy-ie.com
> www.vittlawfirm.com
>
> Any tax advice contained in the body of this e-mail was not intended or
> written to be used, and cannot be used, by the recipient for the purpose of
> avoiding penalties that may be imposed under the Internal Revenue Code or
> applicable state or local tax law provisions.
>
> Privileged And Confidential Communication.
> This electronic transmission, and any documents attached hereto, (a) are
> protected by the Electronic Communications Privacy Act (18 USC
> 2510-2521), (b) may contain confidential and/or legally privileged
> information, and (c) are for the sole use of the intended recipient named
> above. If you have received this electronic message in error, please notify
> the sender and delete the electronic message. Any disclosure, copying,
> distribution, or use of the contents of the information received in error is
> strictly prohibited.
>
>
>
This is very interesting! I had never thought about this plan but I can see it would be good for some clients!Is there a sale date already set by lender? Is client trying to sell house on the market? Doing the math, and presuming even $350K instead of $400K, a sale would be better and then spend some money and then file Chapter 7 later, but of course there may be contributing factors pushing for an earlier sale.
-- Amy Clark Kleinpeter1489 E. Colorado Blvd. #207Pasadena, CA 91106(626) 507-8090"Bankruptcy, Mic
The post was migrated from Yahoo.
Sometimes it takes a little time for the process to work, but yes. Client
will, eventually, get a check.
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.
Robert Vitt
Sent: Friday, February 05, 2010 11:43 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] TGIF !!! Exemption "distribution" (?) on Real Property
Listmates;
Clients owns real property worth 400K, lien amount is $225.00 Client is 8
months behind on payments and wants to file Chapter 7. If client does not
file, lender will foreclose and presumably sell for loan amount to get
property sold quick. Client seemingly gets little, if any equity. However,
if client files Chapter 7, client wants to claim $75,000 homestead
exemption.
Assuming Trustee wants to sell property, and does so with distribution to
creditors, does client get $75,000 check for exemption amount? Trying to
analogize by Vehicle exemptions here.
Robert S. Vitt
VITT LAW FIRM
3200 E. Guasti Road Ste 100
Ontario, CA 91761
909.275.7594 Office
909.275.7621 Facsimile
www.bankrutpcy- ie.com
www.vittlawfirm. com
Any tax advice contained in the body of this e-mail was not intended or
written to be used, and cannot be used, by the recipient for the purpose of
avoiding penalties that may be imposed under the Internal Revenue Code or
applicable state or local tax law provisions.
Privileged And Confidential Communication.
This electronic transmission, and any documents attached hereto, (a) are
protected by the Electronic Communications Privacy Act (18 USC
2510-2521), (b) may contain confidential and/or legally privileged
information, and (c) are for the sole use of the intended recipient named
above. If you have received this electronic message in error, please notify
the sender and delete the electronic message. Any disclosure, copying,
distribution, or use of the contents of the information received in error is
strictly prohibited.
Message
Sometimes it takes a little
time for the process to work, but yes. Client will, eventually, get acheck.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Listmates;
Clients owns real property worth 400K, lien amount is $225.00 Client is 8
months behind on payments and wants to file Chapter 7. If client does not
file, lender will foreclose and presumably sell for loan amount to get
property sold quick. Client seemingly gets little, if any equity. However,
if client files Chapter 7, client wants to claim $75,000 homestead
exemption.
Assuming Trustee wants to sell property, and does so with distribution to
creditors, does client get $75,000 check for exemption amount? Trying to
analogize by Vehicle exemptions here.
Robert S. Vitt
VITT LAW FIRM
3200 E. Guasti Road Ste 100
Ontario, CA 91761
909.275.7594 Office
909.275.7621 Facsimile
www.bankrutpcy-ie.com
www.vittlawfirm.com
Any tax advice contained in the body of this e-mail was not intended or
written to be used, and cannot be used, by the recipient for the purpose of
avoiding penalties that may be imposed under the Internal Revenue Code or
applicable state or local tax law provisions.
Privileged And Confidential Communication.
This electronic transmission, and any documents attached hereto, (a) are
protected by the Electronic Communications Privacy Act (18 USC
2510-2521), (b) may contain confidential and/or legally privileged
information, and (c) are for the sole use of the intended recipient named
above. If you have received this electronic message in error, please notify
the sender and delete the electronic message. Any disclosure, copying,
distribution, or use of the contents of the information received in error is
strictly prohibited.
Listmates;
Clients owns real property worth 400K, lien amount is $225.00 Client is 8 months behind on payments and wants to file Chapter 7. If client does not file, lender will foreclose and presumably sell for loan amount to get property sold quick.
The post was migrated from Yahoo.