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Too many assets/expenses?
charset="windows-1251"
Harm in trying?
Prepare clients for possible consequences of conversion/dismissal.
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.
Mark JM
Sent: Wednesday, March 26, 2008 2:05 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Too many assets/expenses?
I have a H&W getting ready to file a Ch. 7. They have high income, but a
lot of expenses, including a lot of secured debt---which includes 2 cars, a
house, a motorhome, and a boat. So, they will pass the means test, barely.
I&J is what has me worried. If they eliminated the boat and motorhome, they
would have a surplus of about $1,000 per month. They want to keep them, and
will state their intent to retain, but these don't seem like "necessary"
expenses to me.....
How likely is the Trustee or USTO to object under 707a or 707b under this
scenario? Should I not even try for a Ch. 7?
______________________
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
___________
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.
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 (or
in any attachment).
charset="windows-1251"
Message
Harm in
trying?
Prepare clients for
possible consequences of conversion/dismissal.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
It depends on where the case is filed, how much credit card debt, and how recently they bought the boat and motor home.
James R. Selth
Weintraub & Selth, APC
12424 Wilshire Blvd., Suite 1120
Los Angeles, CA 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF
THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY
US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
To:
Sent: 3/26/2008 3:04PM
Subject: [cdcbaa] Too many assets/expenses?
>> I have a H&W getting ready to file a Ch. 7. They have high income, but a lot of
>> expenses, including a lot of secured debt---which includes 2 cars, a house, a
>> motorhome, and a boat. So, they will pass the means test, barely.
>>
>> I&J is what has me worried. If they eliminated the boat and motorhome, they would
>> have a surplus of about $1,000 per month. They want to keep them, and will state their
>> intent to retain, but these don't seem like "necessary" expenses to me.....
>>
>> How likely is the Trustee or USTO to object under 707a or 707b under this scenario?
>> Should I not even try for a Ch. 7?
>>
>> ______________________
>> 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
>> ___________
>> 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.
>> 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 (or in any attachment).
>>
It depends on where the case is filed, how much credit card debt, and how recently they bought the boat and motor home.
James R. Selth
Weintraub & Selth, APC
12424 Wilshire Blvd., Suite 1120
Los Angeles, CA 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF
THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY
US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
--- Original Message---
To:
Sent: 3/26/2008 3:04PM
Subject: [cdcbaa] Too many assets/expenses?
>> I have a H&W getting ready to file a Ch. 7. They have high income, but a lot of
>> expenses, including a lot of secured debt---which includes 2 cars, a house, a
>> motorhome, and a boat. So, they will pass the means test, barely.
>>
>> I&J is what has me worried. If they eliminated the boat and motorhome, they would
>> have a surplus of about $1,000 per month. They want to keep them, and will state their
>> intent to retain, but these don't seem like "necessary" expenses to me.....
>>
>> How likely is the Trustee or USTO to object under 707a or 707b under this scenario?
>> Should I not even try for a Ch. 7?
>>
>> ______________________
>> 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
>> ___________
>> 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.
>> 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 (or in any attachment).
>>
The post was migrated from Yahoo.
I have a H&W getting ready to file a Ch. 7. They have high income, but a lot of expenses, including a lot of secured debt---which includes 2 cars, a house, a motorhome, and a boat. So, they will pass the means test, barely.
I&J is what has me worried. If they eliminated the boat and motorhome, they would have a surplus of about $1,000 per month. They want to keep them, and will state their intent to retain, but these don't seem like "necessary" expenses to me.....
How likely is the Trustee or USTO to object under 707a or 707b under this scenario? Should I not even try for a Ch. 7?
______________________
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
___________
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.
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 (or in any attachment).
I have a H&W getting ready to file a Ch.
7. They have high income, but a lot of expenses, including a lot of
secured debt---which includes 2 cars, a house, a motorhome, and a boat.
So, they will pass the means test, barely.
I&J is what has me worried. If they
eliminated the boat and motorhome, they would have a surplus of about $1,000 per
month. They want to keep them, and will state their intent to retain, but
these don't seem like "necessary" expenses to me.....
How likely is the Trustee or USTO to object under
707a or 707b under this scenario? Should I not even try for a Ch.
7?
______________________Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is aQualified Federal Debt Relief Agency___________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 addresseeonly. If you are not the addressee, note that any disclosure, copy,
distribution or use of the contents of this message is prohibited.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 (or in any
attachment).
The post was migrated from Yahoo.