Strange Trustee "request"
Posted: Thu Apr 22, 2004 11:35 am
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?
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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.