.jpg)
How are "layaway" items treated in BK?
First, I am not sure exactly how this would play out particularly because a
lot has to do with the laws of the state you are in and the actual contract
entered into. The reason I say this is the contract might really be a
disguised sale. The details matter.
Generally speaking...
In a hypothetical world, say the ring is purchased for $10,000 and $5,000
has been paid on it. and that the cancellation fee is 20% or $2,000.
If TT cancels, the estate nets $3,000.
If TT assumes K and sells, maybe someone will pay $4,000 for a ring where
$5,000 has already been paid.
Say only $1,500 was paid on the ring. If cancellation fee is $2,000, then
TT will abandon property.
Sincerely,
*Michael Avanesian, Esq. *
Avanesian Law Firm
801 N. Brand Blvd., Suite #1130
Glendale, CA 91203
Tel: 818.276.2477 | Fax: 818.208.4550
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
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 herein.
On Fri, Mar 25, 2016 at 12:40 PM, Holly Roark hollyroark22@gmail.com
[cdcbaa] wrote:
>
>
> Will a chapter 7 trustee assume the contract and collect the payments over
> time? Say there are $15k left of payments over 3 years and are not exempt,
> what is a chapter 7 trustee likely to do with this? Sell the contract? It
> appears to be unsecured though it purports to have a second lien on a
> mobile home. (Who wants to buy a second lien on a mobile home?)
>
>
> On Friday, March 25, 2016, Michael Avanesian michael@avanesianlaw.com
> [cdcbaa] wrote:
>
>>
>>
>> Yes, it's an executory contract.
>>
>>
>> Sincerely,
>>
>> *Michael Avanesian, Esq. *
>> Avanesian Law Firm
>> 801 N. Brand Blvd., Suite #1130
>> Glendale, CA 91203
>> Tel: 818.276.2477 | Fax: 818.208.4550
>>
>> *Confidentiality**: *This electronic transmission and its contents are
>> legally privileged and confidential information and intended solely for the
>> use of the addressee. If the reader of this message is not the intended
>> recipient, you are hereby notified that any dissemination, distribution,
>> copying or other use of this message and its contents is strictly
>> prohibited. If you have received this transmission in error, please reply
>> to us immediately and delete this message from your directory.
>>
>> *IRS Circular 230 Disclosure:* To ensure compliance with requirements
>> imposed by the IRS, please be advised that any U.S. federal tax advice
>> contained in this communication (including any attachments) is not intended
>> or written to be used or relied upon, and cannot be used or relied upon,
>> 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 herein.
>>
>>
>> On Thu, Mar 24, 2016 at 6:02 PM, Holly Roark hollyroark22@gmail.com
>> [cdcbaa] wrote:
>>
>>>
>>>
>>> Debtors are purchasing their wedding rings on layaway. They are each
>>> filing a separate chapter 7 prior to the marriage. Only a couple hundred
>>> bucks (1/10th of total price) has been paid on the rings so far. Is this an
>>> executory contract?
>>>
>>> This is a chapter 7, (Idaho jurisdiction.) Is there anything I need to
>>> be concerned about here?
>>>
>>> Assume we have no exemptions. Because that's how Idaho rolls. (The wild
>>> card is $800 and it only applies to "tangible" property. E.g., cash in
>>> accounts is not tangible, and I'm about to find out whether cash on hand is
>>> tangible property or an intangible negotiable instrument for purposes of
>>> the exemption.)
>>>
>>> --
>>> Holly Roark
>>> Certified Bankruptcy Specialist*
>>> *and Sports Lawyer*
>>> holly@roarklawoffices.com **primary email address**
>>> www.roarklawoffices.com
>>> *Central District of California & District of Idaho* - Consumer
>>> Bankruptcy Attorney
>>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>>> T (310) 553-2600; F (310) 553-2601
>>>
>>> *By State Bar of California Board of Legal Specialization
>>>
>>>
>>>
>>>
>>>
>>>
>>> --
>>> Holly Roark
>>> Certified Bankruptcy Specialist*
>>> *and Sports Lawyer*
>>> holly@roarklawoffices.com **primary email address**
>>> www.roarklawoffices.com
>>> *Central District of California & District of Idaho* - Consumer
>>> Bankruptcy Attorney
>>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>>> T (310) 553-2600; F (310) 553-2601
>>>
>>> *By State Bar of California Board of Legal Specialization
>>>
>>>
>>>
>>>
>>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> *Central District of California & District of Idaho* - Consumer
> Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
>
>
>
>
First, I am not sure exactly how this would play out particularly because a lot has to do with the laws of the state you are in and the actual contract entered into. The reason I say this is the contract might really be a disguised sale. The details matter.Generally speaking...In a hypothetical world, say the ring is purchased for $10,000 and $5,000 has been paid on it. and that the cancellation fee is 20% or $2,000.If TT cancels, the estate nets $3,000.If TT assumes K and sells, maybe someone will pay $4,000 for a ring where $5,000 has already been paid.Say only $1,500 was paid on the ring. If cancellation fee is $2,000, then TT will abandon property.Sincerely,Michael Avanesian, Esq.Avanesian Law Firm801 N. Brand Blvd., Suite #1130Glendale, CA 91203Tel: 818.276.2477 | Fax:818.208.4550
The post was migrated from Yahoo.
Will a chapter 7 trustee assume the contract and collect the payments over
time? Say there are $15k left of payments over 3 years and are not exempt,
what is a chapter 7 trustee likely to do with this? Sell the contract? It
appears to be unsecured though it purports to have a second lien on a
mobile home. (Who wants to buy a second lien on a mobile home?)
On Friday, March 25, 2016, Michael Avanesian michael@avanesianlaw.com
[cdcbaa] wrote:
>
>
> Yes, it's an executory contract.
>
>
> Sincerely,
>
> *Michael Avanesian, Esq. *
> Avanesian Law Firm
> 801 N. Brand Blvd., Suite #1130
> Glendale, CA 91203
> Tel: 818.276.2477 | Fax: 818.208.4550
>
> *Confidentiality**: *This electronic transmission and its contents are
> legally privileged and confidential information and intended solely for the
> use of the addressee. If the reader of this message is not the intended
> recipient, you are hereby notified that any dissemination, distribution,
> copying or other use of this message and its contents is strictly
> prohibited. If you have received this transmission in error, please reply
> to us immediately and delete this message from your directory.
>
> *IRS Circular 230 Disclosure:* To ensure compliance with requirements
> imposed by the IRS, please be advised that any U.S. federal tax advice
> contained in this communication (including any attachments) is not intended
> or written to be used or relied upon, and cannot be used or relied upon,
> 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 herein.
>
>
> On Thu, Mar 24, 2016 at 6:02 PM, Holly Roark hollyroark22@gmail.com
> [cdcbaa] cdcbaa@yahoogroups.com
> > wrote:
>
>>
>>
>> Debtors are purchasing their wedding rings on layaway. They are each
>> filing a separate chapter 7 prior to the marriage. Only a couple hundred
>> bucks (1/10th of total price) has been paid on the rings so far. Is this an
>> executory contract?
>>
>> This is a chapter 7, (Idaho jurisdiction.) Is there anything I need to be
>> concerned about here?
>>
>> Assume we have no exemptions. Because that's how Idaho rolls. (The wild
>> card is $800 and it only applies to "tangible" property. E.g., cash in
>> accounts is not tangible, and I'm about to find out whether cash on hand is
>> tangible property or an intangible negotiable instrument for purposes of
>> the exemption.)
>>
>> --
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> *and Sports Lawyer*
>> holly@roarklawoffices.com **primary email address**
>> www.roarklawoffices.com
>> *Central District of California & District of Idaho* - Consumer
>> Bankruptcy Attorney
>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>> T (310) 553-2600; F (310) 553-2601
>>
>> *By State Bar of California Board of Legal Specialization
>>
>>
>>
>>
>>
>>
>> --
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> *and Sports Lawyer*
>> holly@roarklawoffices.com
>> **primary
>> email address**
>> www.roarklawoffices.com
>> *Central District of California & District of Idaho* - Consumer
>> Bankruptcy Attorney
>> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
>> T (310) 553-2600; F (310) 553-2601
>>
>> *By State Bar of California Board of Legal Specialization
>>
>>
>>
>>
>
>
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Will a chapter 7 trustee assume the contract and collect the payments over time? Say there are $15k left of payments over 3 years and are not exempt, what is a chapter 7 trustee likely to do with this? Sell the contract? It appears to be unsecured though it purports to have a second lien on a mobile home. (Who wants to buy a second lien on a mobile home?)On Friday, March 25, 2016, Michael Avanesian michael@avanesianlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Yes, it's an executory contract.
The post was migrated from Yahoo.
Yes, it's an executory contract.
Sincerely,
*Michael Avanesian, Esq. *
Avanesian Law Firm
801 N. Brand Blvd., Suite #1130
Glendale, CA 91203
Tel: 818.276.2477 | Fax: 818.208.4550
*Confidentiality**: *This electronic transmission and its contents are
legally privileged and confidential information and intended solely for the
use of the addressee. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution,
copying or other use of this message and its contents is strictly
prohibited. If you have received this transmission in error, please reply
to us immediately and delete this message from your directory.
*IRS Circular 230 Disclosure:* To ensure compliance with requirements
imposed by the IRS, please be advised that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended
or written to be used or relied upon, and cannot be used or relied upon,
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 herein.
On Thu, Mar 24, 2016 at 6:02 PM, Holly Roark hollyroark22@gmail.com
[cdcbaa] wrote:
>
>
> Debtors are purchasing their wedding rings on layaway. They are each
> filing a separate chapter 7 prior to the marriage. Only a couple hundred
> bucks (1/10th of total price) has been paid on the rings so far. Is this an
> executory contract?
>
> This is a chapter 7, (Idaho jurisdiction.) Is there anything I need to be
> concerned about here?
>
> Assume we have no exemptions. Because that's how Idaho rolls. (The wild
> card is $800 and it only applies to "tangible" property. E.g., cash in
> accounts is not tangible, and I'm about to find out whether cash on hand is
> tangible property or an intangible negotiable instrument for purposes of
> the exemption.)
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> *Central District of California & District of Idaho* - Consumer
> Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
>
>
>
>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> *Central District of California & District of Idaho* - Consumer
> Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
>
>
>
>
Yes, it's an executory contract.Sincerely,Michael Avanesian, Esq.Avanesian Law Firm801 N. Brand Blvd., Suite #1130Glendale, CA 91203Tel: 818.276.2477 | Fax:818.208.4550
The post was migrated from Yahoo.
Debtors are purchasing their wedding rings on layaway. They are each filing
a separate chapter 7 prior to the marriage. Only a couple hundred bucks
(1/10th of total price) has been paid on the rings so far. Is this an
executory contract?
This is a chapter 7, (Idaho jurisdiction.) Is there anything I need to be
concerned about here?
Assume we have no exemptions. Because that's how Idaho rolls. (The wild
card is $800 and it only applies to "tangible" property. E.g., cash in
accounts is not tangible, and I'm about to find out whether cash on hand is
tangible property or an intangible negotiable instrument for purposes of
the exemption.)
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com
**primary email
address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Debtors are purchasing their wedding rings on layaway. They are each filing a separate chapter 7 prior to the marriage. Only a couple hundred bucks (1/10th of total price)has been paid on the ringsso far. Is this an executorycontract?This is a chapter 7, (Idaho jurisdiction.)Is there anything I need to be concerned about here?Assume we have no exemptions. Because that's how Idaho rolls. (The wild card is $800 and it only applies to "tangible" property. E.g., cash in accounts is not tangible, and I'm about to find out whether cash on hand is tangible property)-- Holly RoarkCertified Bankruptcy Specialist*
The post was migrated from Yahoo.