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Strange Trustee "request"
The Santa Barbara trustees often "demand" you amend the C back to conform to the lower "B" values, but don't do it. Judge Riblet will nail you if you come in on, say a motion to avoid a lien, and hold you to the scheduled exemption EVEN IF there was plenty of excess exemptionyou could have taken. I used to put in my C at the end "all property wherever located, to the extent not fully exempted under any other section above, although none known" and then use up the balance of the wild card. The trustees there go nuts over this, but you have to do it when you have a judge that will not allow you to amend your C later. On the other hand, Judge Greenwald has always let me amend the C at anytime the case is open, up to the full amount the debtor would have been entitled to, which I think is the law. Chris G.----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Wednesday, April 21, 2004 10:27 PM
Subject: Re: [cdcbaa] Strange Trustee "request"
It is my opinion that
....a trustee simply has no authority to tell you what value a client must place on an asset
....a client has the right to estimate the value of assets
....the information provided on the schedules is equlavalent to the debtor's testimony
....the debtor swears to its accuracy, not you and certainly not the trustee
....the trustee can't tell the debtor how to testify
....or what the debtor's estimate must be
....you might just ignore him/her and see what he/she does.
A trustee cannot ORDER you to do anything
...he/she can only REQUEST you perform a certain act
...and, as you know, you are to cooperate with him/her.
John O. Adams
"Mark J. Markus" wrote:
I just had a Ch. 7 trustee ask (read, demand) that I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties at $7,000. Obviously, this is an estimate. There were some wildcard exemption amounts left over so I took a $15,000 exemption on this particular asset (might as well use them, is my motto). Now the Trustee wants it amended so that the Schedule "B" value equals the Schedule "C" exemption amount. If this patently ridiculous, or am I missing something? What usually happens is that the Trustee finds that the asset in question is worth more than is scheduled and then threatens to liquidate it unless we file an amendment INCREASING the exemption amount. Can't seem to win in this business.
Thoughts?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.com/
************************************************
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The Santa Barbara trustees often "demand" you amend
the C back to conform to the lower "B" values, but don't do it. Judge Riblet
will nail you if you come in on, say a motion to avoid a lien, and hold you to
the scheduled exemption EVEN IF there was plenty of excess exemptionyou could
have taken. I used to put in my C at the end "all property wherever located, to
the extent not fully exempted under any other section above, although noneknown" and then use up the balance of the wild card. The trustees there go nuts
over this, but you have to do it when you have a judge that will not allow you
to amend your C later. On the other hand, Judge Greenwald has always let meamend the C at anytime the case is open, up to the full amount the debtor would
have been entitled to, which I think is the law. Chris G.-----Original Message -----
From:
John
Adams
To: cdcbaa@yahoogroups.com
Sent: Wednesday, April 21, 2004 10:27
PM
Subject: Re: [cdcbaa] Strange Trustee
"request"
It is my opinion that
....a trustee simply has no authority to tell you what value a client
must place on an asset
....a client has the right to estimate the value of assets
....the information provided on the schedules is equlavalent to the
debtor's testimony
....the debtor swears to its accuracy, not you and certainly not the trustee
....the trustee can't tell the debtor how to testify
....or what the debtor's estimate must be
....you might just ignore him/her and see what he/she does.
A trustee cannot ORDER you to do anything
...he/she can only REQUEST you perform a certain act
...and, as you know, you are to cooperate with him/her.
John O. Adams
"Mark J. Markus" <bklawr@bklaw.com> wrote:
I just had a Ch. 7 trustee ask (read, demand)
that I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties
at $7,000. Obviously, this is an estimate. There were some wildcard exemption amounts left over so I took a $15,000 exemption on this
particular asset (might as well use them, is my motto). Now the
Trustee wants it amended so that the Schedule "B" value equals the Schedule
"C" exemption amount. If this patently ridiculous, or am I missing something? What usually happens is that the
Trustee finds that the asset in question is worth more than is scheduled and
then threatens to liquidate it unless we file an amendment INCREASING the
exemption amount. Can't seem to win in this
business.
The post was migrated from Yahoo.
It is my opinion that
....a trustee simply has no authority to tell you what value a client must place on an asset
....a client has the right to estimate the value of assets
....the information provided on the schedules is equlavalent to the debtor's testimony
....the debtor swears to its accuracy, not you and certainly not the trustee
....the trustee can't tell the debtor how to testify
....or what the debtor's estimate must be
....you might just ignore him/her and see what he/she does.
A trustee cannot ORDER you to do anything
...he/she can only REQUEST you perform a certain act
...and, as you know, you are to cooperate with him/her.
John O. Adams
"Mark J. Markus" wrote:
I just had a Ch. 7 trustee ask (read, demand) that I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties at $7,000. Obviously, this is an estimate. There were some wildcard exemption amounts left over so I took a $15,000 exemption on this particular asset (might as well use them, is my motto). Now the Trustee wants it amended so that the Schedule "B" value equals the Schedule "C" exemption amount. If this patently ridiculous, or am I missing something? What usually happens is that the Trustee finds that the asset in question is worth more than is scheduled and then threatens to liquidate it unless we file an amendment INCREASING the exemption amount. Can't seem to win in this business.
Thoughts?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.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 (818)
509-1173 or e-mail us at bklawr@bklaw.com and destroy the
original message and all copies.
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To visit your group on the web, go to:
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Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
It is my opinion that
....a trustee simply has no authority to tell you what value a client must place on an asset
....a client has the right to estimate the value of assets
....the information provided on the schedules is equlavalent to the debtor's testimony
....the debtor swears to its accuracy, not you and certainly not the trustee
....the trustee can't tell the debtor how to testify
....or what the debtor's estimate must be
....you might just ignore him/her and see what he/she does.
A trustee cannot ORDER you to do anything
...he/she can only REQUEST you perform a certain act
...and, as you know, you are to cooperate with him/her.
John O. Adams
"Mark J. Markus" <bklawr@bklaw.com> wrote:
I just had a Ch. 7 trustee ask (read, demand) that I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties at $7,000. Obviously, this is an estimate. There were some wildcard exemption amounts left over so I took a $15,000 exemption on this particular asset (might as well use them, is my motto). Now the Trustee wants it amended so that the Schedule "B" value equals the Schedule "C" exemption amount. If this patently ridiculous, or am I missing something? What usually happens is that the Trustee finds that the asset in question is worth more than is scheduled and then threatens to liquidate it unless we file an amendment INCREASING the exemption amount. Can't seem to win in this business.
Thoughts?***********************************************Mark J. MarkusLaw Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA 91604-2652(818)509-1173(818)509-1460 (fax)e-mail: bklawr@bklaw.comweb: http://www.bklaw.com/****************** ... dentiality Note: This e-mail is intended only for the person orentity 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 anyoneother than the intended recipient, or an employee or agent responsible fordelivering the message to the intended recipient, is prohibited. If youhave received this e-mail in error, please notify us immediately at (818)509-1173 or
e-mail us at bklawr@bklaw.com and destroy the original message and all copies.
The post was migrated from Yahoo.
1. Tell the trustee that this is your client, not his/hers.
2. Is the Trustee offering legal advice?
3. As the Trustee to abandon the asset and then you will gladly
reallocate the exemption.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem
500 N. Brand Blvd., #460, Glendale, CA 91203
Tel: 818-507-6000 Fax: 818-507-6800
* Personal & small business bankruptcy specialist cert. by State Bar of
CA Bd of Legal Specialization.
Sent: Wednesday, April 21, 2004 5:19 PM
To: cdcbaa@yahoogroups.com
Cc: BK Roundtable; BK roundtable..Yaho
Subject: [cdcbaa] Strange Trustee "request"
I just had a Ch. 7 trustee ask (read, demand) that I amend Schedule C
under the following scenario:
Debtor valued some rights to receive royalties at $7,000. Obviously,
this is an estimate. There were some wildcard exemption amounts left
over so I took a $15,000 exemption on this particular asset (might as
well use them, is my motto). Now the Trustee wants it amended so that
the Schedule "B" value equals the Schedule "C" exemption amount. If
this patently ridiculous, or am I missing something? What usually
happens is that the Trustee finds that the asset in question is worth
more than is scheduled and then threatens to liquidate it unless we file
an amendment INCREASING the exemption amount. Can't seem to win in
this business.
Thoughts?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.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
(818)
509-1173 or e-mail us at bklawr@bklaw.com and destroy the
original message and all copies.
_____
Yahoo! Groups Links
* To visit your group on the web, go to:
http://groups.yahoo.com/group/cdcbaa/
* To unsubscribe from this group, send an email to:
cdcbaa-unsubscribe@yahoogroups.com
The post was migrated from Yahoo.
I just had a Ch. 7 trustee ask (read, demand) that I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties at $7,000. Obviously, this is an estimate. There were some wildcard exemption amounts left over so I took a $15,000 exemption on this particular asset (might as well use them, is my motto). Now the Trustee wants it amended so that the Schedule "B" value equals the Schedule "C" exemption amount. If this patently ridiculous, or am I missing something? What usually happens is that the Trustee finds that the asset in question is worth more than is scheduled and then threatens to liquidate it unless we file an amendment INCREASING the exemption amount. Can't seem to win in this business.
Thoughts?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.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 (818)
509-1173 or e-mail us at bklawr@bklaw.com and destroy the
original message and all copies.
I just had a Ch. 7 trustee ask (read, demand) that
I amend Schedule C under the following scenario:
Debtor valued some rights to receive royalties at
$7,000. Obviously, this is an estimate. There were some wildcard
exemption amounts left over so I took a $15,000 exemption on this particular
asset (might as well use them, is my motto). Now the Trustee wants
it amended so that the Schedule "B" value equals the Schedule "C" exemptionamount. If this patently ridiculous, or am I missing
something? What usually happens is that the Trusteefinds that the asset in question is worth more than is scheduled and then
threatens to liquidate it unless we file an amendment INCREASING the exemption
amount. Can't seem to win in this business.
The post was migrated from Yahoo.