In my example, the friend is not on the loan. He is only on title as a joint tenant. I am pulling my hair out trying to do the analysis because different people have different ideas about what is correct.
Holly Roark
holly@roarklawoffices.com
>
> aren't they both jointly and severally liable on the debt? If so, the
> answer is yes.
>
>
> 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.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
> Bert Kawahara
> Sent: Tuesday, February 23, 2010 1:53 PM
> To:
cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Re: Liquidation analysis question
>
>
>
>
>
> Does the trustee have the power to take a commission on the non-filing
> friend's half? If not, there is no non-exempt equity.
>
> --- On Mon, 2/22/10, clifford_bordeaux wrote:
>
>
>
>
> Subject: [cdcbaa] Re: Liquidation analysis question
> To:
cdcbaa@yahoogroups.com
> Date: Monday, February 22, 2010, 10:13 PM
>
>
>
> Don't forget Chapter 7 Trustee's fees per Section 330--in your example,
> maximum trustee's fees would be $29,500. Maximum Trustee fees per Section
> 330:
>
> 25% of first $5,000
> 10% of amount over $5,000 up to $50,000
> 5% of amount over $50,000 up to $1,000,000
> 3% of amount over $1,000,000
>
> To update your numbers:
> > Value: $525K
> > COS 8% ($42K)
> > Trustee fees ($29,500)
> > lien ($241K)
> > $212.5K Total
> > less ($106.25K) Nondebtor's 1/2 of the equity
> > $106.25K
> > less ($100K) homestead (joint filing)
> > $6.25K total for estate if liquidated.
>
> --- In cdcbaa@yahoogroups. com
> ,
> Sina Maghsoudi wrote:
> >
> > I think it depends on the type of lien: IRS, Judgment, mortgage...
> >
> > Also, at the last NACBA they told us: 1)In a Chapter 13 liquidation
> analysis you can make a 10%-20% deduction due to the distressed nature of
> the sale and 2) Deduct the capital gains tax, if any, the debtor would have
> to pay.
> >
> > I have a worksheet from NACBA for a Chapter 13 liquidation analysis if
> anyone wants it.
> >
> >
> > Sina
> >
> > --- On Sat, 2/20/10, Holly Roark wrote:
> >
> >
> > Subject: [cdcbaa] Liquidation analysis question
> > To: cdcbaa@yahoogroups.
> com
> > Date: Saturday, February 20, 2010, 5:16 PM
> >
> >
> > In doing the liquidation analysis, would the debtor only have to pay into
> the plan (at minimum) the remaining equity in a home AFTER deducting liens,
> cost of sale, homestead, and nondebtor's interest?
> >
> > For example, Debtor owns his home with another person (not his spouse):
> >
> > Value: $525K
> > COS 8% ($42K)
> > lien ($241K)
> > $242K Total
> > less ($121K) Nondebtor's 1/2 of the equity
> > $121K
> > less ($100K) homestead (joint filing)
> > $21K total for estate if liquidated.
> >
> > In this scenario, if Debtor does a Chapter 13, their minimum payment into
> the plan over time would be $21K?
> >
> > Is this the correct way to do the liquidation analysis?
> >
> > Thanks,
> >
> > Holly Roark
> > holly@
> >
> >
> >
> >
> > ------------ --------- --------- ------
> >
> > Yahoo! Groups Links
> >
>
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