Central District Consumer Bankruptcy Attorney's Association

take two.
The wife's trade is management.
dennis
> Prospective debtors are looking at a Chapter 7 case.
> They will need to use
> the 704 exemptions due to the equity in their
> residence, One of the Debtors
> is self-employed and runs his own trucking business.
> He receives a 1099 for
> his one "client". W assists with the billing,
> scheduling and administration
> of the business, but does none of the driving. Are
> the debtors entitled to
> the 704 tools of the trade exemption for one spouse
> or both ?
>
> Any input would be appreciated.
>
>
>
>
>
>
>
>
>
> **************Ideas to please picky eaters. Watch
> video on AOL Living.
>

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Prospective debtors are looking at a Chapter 7 case. They will need to use
the 704 exemptions due to the equity in their residence, One of the Debtors
is self-employed and runs his own trucking business. He receives a 1099 for
his one "client". W assists with the billing, scheduling and administration
of the business, but does none of the driving. Are the debtors entitled to
the 704 tools of the trade exemption for one spouse or both ?

Any input would be appreciated.
**************Ideas to please picky eaters. Watch video on AOL Living.

The post was migrated from Yahoo.

Vern,
It is my belief that the Chapter 7 Trustee can demand turnover of the $85K.
Undivided marital property settlements are property of the bankruptcy estate
of the debtor-spouse. H might have to renegotiate a new marital property
agreement after the debtor-spouse's Chapter 7 case is closed. I'm not
really "up" on Family Law/Bankruptcy issues so I hope that someone else will
comment on my comments.
Ty Takechi
>Reply-To: cdcbaa@yahoogroups.com
>To: cdcbaa@yahoogroups.com
>Subject: [cdcbaa] Exemption issue
>Date: Thu, 03 Mar 2005 21:28:01 -0000
>
>
>
>A friend of mine is handling a divorce. H & W separate, sell house
>and have $85K in client trust account with court order not to
>disburse money without another court order (or presumably agreement
>between the parties). House sold less than one year ago.
>
>Now, W files BK and chapter 7 T'ee asks divorce attorney to turn
>over the $85K. W may not have used $75K exemption. Aside from
>issue of court order preventing him from disbursing funds, if W has
>not used $75K, what can H do to protect the funds. All of the $85K
>may go to H upon property division or for offsets.
>
>Vernon L. Ellicott, Esq.
>Certified Family Law Specialist
>The State Bar of California Board of Legal Specialization
>Law Offices of Vernon L. Ellicott
>920 Hampshire Road, Suite 25
>Westlake Village, CA 91361
>(805)446-6262 Phone
>(805)446-6264 Fax
>
>
>
>
>
>
>

The post was migrated from Yahoo.

A friend of mine is handling a divorce. H & W separate, sell house
and have $85K in client trust account with court order not to
disburse money without another court order (or presumably agreement
between the parties). House sold less than one year ago.
Now, W files BK and chapter 7 T'ee asks divorce attorney to turn
over the $85K. W may not have used $75K exemption. Aside from
issue of court order preventing him from disbursing funds, if W has
not used $75K, what can H do to protect the funds. All of the $85K
may go to H upon property division or for offsets.
Vernon L. Ellicott, Esq.
Certified Family Law Specialist
The State Bar of California Board of Legal Specialization
Law Offices of Vernon L. Ellicott
920 Hampshire Road, Suite 25
Westlake Village, CA 91361
(805)446-6262 Phone
(805)446-6264 Fax

The post was migrated from Yahoo.