Central District Consumer Bankruptcy Attorney's Association

NICHOLAS,
Please note the home is not the subject of a 547 Preference in my experience because it is a secured obligation with no other creditors in its class, certainly no unsecured creditors.
I will try to find some 9th Circuit authority. Note that 547 [5 ] requires "that enablessuch creditor to receive more than such creditorwould receive if-
(A) the case were a case under chapter 7 of this title;
Sal
________________________________
To: "cdcbaa@yahoogroups.com"
Sent: Mon, July 5, 2010 1:56:27 PM
Subject: RE: [cdcbaa] Funding 401K
Be careful. Larger than normal house payments can constitute preferences that are avoidable under 11 U.S.C. 547(b). If you make larger than normal house payments be sure to wait the 90 after the checks clear before filing.
Nicholas Gebelt, Ph.D., J.D.
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2deb t.com
Web: www.goodbye2debt. com
Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at
562.777.9159 or e-mail info@goodbye2debt. com and destroy the original message and all copies.
Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.
From:cdcbaa@yahoogroups. com [mailto:cdcbaa@ yahoogroups. com] On Behalf Of Salvatore Sciortino
Sent: Saturday, July 03, 2010 9:54 AM
To: cdcbaa@yahoogroups. com
Subject: Re: [cdcbaa] Funding 401K
Larry,
Does the client jave a house?
If so I have suggested theat the client make future house payments with much of the windfall and
pay into his / her retirement out of future earnings monthly.
Sal Sciortino
________________________________

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charset="UTF-8"
How do you qualify PC under MT with a $20k bump in his income? Seems youbution couldnt be on the eve of any filing.
Gerald McNally
MCNALLY & ASSOCIATES
517 E. Wilson Ave. #104
Glendale, CA 91206
818.507.5100

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Unless the debt is undersecured, payment is probably not a preference.
Unless the debt is undersecured, payment is probably not a
preference.



The post was migrated from Yahoo.

Larry,
Does the client jave a house?
If so I have suggested theat the client make future house payments with much of the windfall and
pay into his / her retirement out of future earnings monthly.
Sal Sciortino
________________________________
To: cdcbaa@yahoogroups.com
Sent: Fri, July 2, 2010 5:42:59 PM
Subject: Re: [cdcbaa] Funding 401K
Pre
Sent from my Verizon Wireless BlackBerry
________________________________

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Dear Larry:
I would say it is a 727(a)(2) question.
The purposeful conversion of nonexempt assets to exempt assets on the eveof bankruptcy is not fraudulent per se.
with emphasis on the per se.
Both an IRA and a 401(K) have to be funded from earned income.
Disclaimer
Although the above response is believed to be accurate, it should not be
relied upon as any type of legal advice. It is intended to educate the
reader and a more definite answer should be based on a consultation with a lawyer. No attorney client relation is formed with me without a writtencontract.
Good Luck starts with a strategy and a plan.
Robert J. Suhajda, MS,CPA
Attorney
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Former financial auditor and controller. Admitted to US Tax Court, IncomeTax, Bankruptcy, IRS representation, Fiduciary income tax returns, Estate
and Gift tax returns
In a message dated 7/2/2010 3:03:41 P.M. Pacific Daylight Time,
larry@webbklaw.com writes:
This is a follow up question to an earlier thread.
Client won 20,000 in the lottery and wants to put the proceeds, about
15,000 in their 401K. I believe this is an appropriate exemption under
522(d)(12) however I dont see anything about timing. I believe the IRC
408(p)(2)(E) allows them each to contribute $11,500 this year.
What am I missing?
Larry Webb
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Larry@webbklaw. com
Law Offices of Larry Webb
Camarillo Ca 93010
P 805.987.1400
F 805.987.2866
C 805.750.2150
Dear Larry:

I would say it is a 727(a)(2) question.

The
purposeful conversion of nonexempt assets to exempt assets on the eve of
bankruptcy is not fraudulent per se.
with
emphasis on the per se.

Both an IRA and a 401(K) have to be funded from earned
income.

Disclaimer
Although the above response is
believed to be accurate, it should not be relied upon as any type of legaladvice. It is intended to educate
the reader and a more definite answer should be based on a consultation with a
lawyer. No attorney client relation is formed with me without
a written contract.

Good Luck starts with a
strategy and a plan.

Robert J. Suhajda,
MS,CPA
Attorney
17721
Norwalk Blvd. #43
Artesia, CA
90701
562-924-8922

Former financial auditor and
controller. Admitted to US Tax Court, Income Tax, Bankruptcy, IRS
representation, Fiduciary income
tax returns, Estate and Gift tax returns



In a message dated 7/2/2010 3:03:41 P.M. Pacific Daylight Time,
larry@webbklaw.com writes:




This is a follow up question to an earlier
thread.

Client won 20,000 in the lottery and wants to put the
proceeds, about 15,000 in their 401K. I believe this is an
appropriate exemption under 522(d)(12) however I dont see anything
about timing. I believe the IRC 408(p)(2)(E)
allows them each to contribute $11,500 this year.

What am I missing?


Larry
Webb
State Bar of California
229344
Central District
California
"A
Debt Relief Agency"

Larry@webbklaw.
com
Law
Offices of Larry Webb
Camarillo Ca
93010

P
805.987.1400
F
805.987.2866
C
805.750.2150


The post was migrated from Yahoo.

I mean contribution

The post was migrated from Yahoo.

Dear Jonathan,
My understanding is that 401(k)s are to be funded using wages and any employer contribution. See http://www.irs.gov/taxtopics/tc424.html. Any tax mavens out there disagree?
Lottery winnings are not wages, so I don't think you can use them to fund a 401(k). However, it might be worth opening an IRA and putting the maximum amount allowed for the year.
I hope this helps.
Nick
Nicholas Gebelt, Ph.D., J.D.
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com
Web: www.goodbye2debt.com
Confidentiality Note: This e-mail is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential, or otherwise protected from disclosure. Dissemination, distribution, or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please notify us immediately at
562.777.9159 or e-mail info@goodbye2debt.com and destroy the original message and all copies.
Representation Note: If you have not signed a contract of representation, the Law Offices of Nicholas Gebelt do not represent you, and this email does not contain any legal advice for you.

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He could not fund it directly, but the lottery winnings should free up
some of his wages for a 401K distribution.

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Is it pre or post filing contribution?
My Card
Jonathan D. Leventhal, Esq.
This email and any attachments thereto may contain private, confidential,
and privileged material for the sole use of the intended recipient. Any
review, copying, or distribution of this email (or any attachments thereto)
by others is strictly prohibited. If you are not the intended recipient,
please contact the sender immediately and permanently delete the original
and any copies of this email and any attachments thereto.

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This is a follow up question to an earlier thread.
Client won 20,000 in the lottery and wants to put the proceeds, about
15,000 in their 401K. I believe this is an appropriate exemption under
522(d)(12) however I don't see anything about timing. I believe the IRC
408(p)(2)(E) allows them each to contribute $11,500 this year.
What am I missing?
Larry Webb
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Larry@webbklaw. com
Law Offices of Larry Webb
Camarillo Ca 93010
P 805.987.1400
F 805.987.2866
C 805.750.2150
This is a follow up question to an earlier thread.

Client won 20,000 in the lottery and wants to put the
proceeds, about 15,000 in their 401K. I believe this is an
appropriate exemption under 522(d)(12) however I don’t see anything
about timing. I believe the IRC 408(p)(2)(E) allows
them each to contribute $11,500 this year.

What am I missing?


Larry
Webb
State
Bar of California 229344
Central
District California
"A
Debt Relief Agency"

Larry@webbklaw.
com
Law
Offices of Larry Webb
Camarillo
Ca 93010

P
805.987.1400
F
805.987.2866
C
805.750.2150


The post was migrated from Yahoo.