[SPAM] - income from settlement/judgment? - Email found i=
Posted: Fri Oct 01, 2004 1:30 pm
One important thing... How much does the debtor owe, anyway? I was assuming in my reply that even if the $16,000 was counted as "income", it wouldn't pay a significant amount to unsecured creditors? Just a thought.
Sent: Friday, October 01, 2004 1:16 PM
To: 'cdcbaa@yahoogroups.com'
Cc: 'bklawr@bklaw.com'
Subject: RE: [SPAM] - [cdcbaa] income from settlement/judgment? - Email found in subject
Mark,
It looks like the $16,000 would be fully paid to debtor in a very short period of time (10-11 months?) so it wouldn't be sufficient to fund even a 36-month Chapter 13 Plan. I would simply list it on "B" and claim it as exempt ( I would, however, put a note next to the total amount saying "payable at $1500/mo" just so I am making a full disclosure of how it is being paid). That should be sufficient. I wouldn't list the income on I. That's my opinion.
Ray Bulaon
Sent: Friday, October 01, 2004 12:55 PM
To: cdcbaa@yahoogroups.com
Subject: [SPAM] - [cdcbaa] income from settlement/judgment? - Email found in subject
If a debtor has a receivable from a settlement of $16,000, which we fully exempt, and he is receiving monthly payment pursuant to that settlement agreement of $1,500, does that $1,500 have to be listed in Schedule "I" and factored into his monthly income, or does the receivable just need to be listed on Schedule "B"? On one hand, it seems like income, but on the other, I don't see why debtor should be penalized (via a 707b motion) just because the judgement debtor is paying him in installments on an exempt asset rather than paying him in a lump sum pre-petition.
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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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