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:
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> 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.
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>
>
> 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.
>
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>
>
>
>
> --
> 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
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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.