Archive for 'Larry Simons'

Homestead Article in San Fernando Valley Bar Journal

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Homestead Exemption Article in SFV Bar Journal

Our own Chapter 7 Trustee Larry Simons wrote an excellent article on the Homestead exemption in the July 2014 edition of the San Fernando Valley Lawyer Magazine at page 20.

Here is the link: https://www.sfvba.org/UserFiles/File/Valley%20Lawyer/2014/VL%20July%20x(1).pdf

If the link does not work, the website is sfvba.org. and click the July 2014 issue at page number 20.

Good Job Mr. Simons on your article.

Mr. Simons writes about:

Limitations on State Homestead Exemptions

What Type of Property Qualifies as a Homestead?

California’s Homestead Exemption

Family ...

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Inherited IRA’s are not exempt

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Last week our Chapter 7 Riverside trustee Larry Simons told me about the new Supreme Court case in which an inherited IRA is not exempt. While this scenario does not come up too often, it will in the future as more and more elderly people are transferring wealth to their children as the baby-boomer generation’s parents are passing away.  It is estimated that this transfer of wealth will be in the TRILLIONs of dollars over the next thirty years.

This transfer ...

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Issue Preclusion in Bankruptcy

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Last Month our Riverside Chapter 7 Trustee Larry Simons spoke at the California Bankruptcy Forum’s seminar on issue preclusion. Mr. Simons drew the 400pm seminar slot on Saturday which was the last seminar of a three day conference. He was paired with a San Diego Judge and another person from Santa Ana, CA.

I attended the seminar and the following are the tips that I gleaned from their presentation:

Issue Preclusion and Claim Preclusion are similar terms but mean different things. When ...

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Attorney Fees Discharged under 727 Part 2

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As we talked about on April 16, 2014, When an attorney charges a chapter 7 debtor a fee and the fee remains  outstanding after filing, then the debt is discharged.  The Court in Hessinger settled the matter.  Below is the Court’s further findings:

“Debt discharge is the raison d’etre of filing for bankruptcy. When a bankruptcy petition is filed, all of the debtor’s creditors are automatically stayed from seeking collection of their debt; this stay remains in effect until the end ...

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11 U.S. Code § 363 – Use, sale, or lease of property

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Recently at the creditors hearings of Riverside Chapter 7 Trustee Larry Simons he mentioned a case in which the chapter 7 trustee was selling a house of a debtor who filed bankruptcy. The debtor was married, but he chose to file the chapter 7 case by himself. The chapter 7 trustee assigned to the case determined that a house the debtor owned had equity that could not be exempted.

The Chapter 7 trustee held an auction on the house and the ...

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Bankruptcy Preferential Transfer

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Today at the hearings Riverside Bankruptcy Trustee Larry Simons had something happen that he said he had not seen in his 20 years of bankruptcy. Trustee Simons role in a bankruptcy case is to protect the interest of the bankruptcy estate. If a debtor has nonexempt assets or potential assets, the trustee is required to collect those assets for the benefit of the creditor body.

In the case that happened today, a debtor had only one creditor. The creditor had a ...

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Send Bankruptcy Trustee the Tax Return

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Riverside Bankruptcy Trustee Larry Simons reminded me that the Debtors and their attroneys must send to the Bankruptcy Trustee a copy of the last filed Federal Tax return at least seven days before the first meeting of creditors.

This is found under 11 U.S.C. 521 (e)(2)(A)(i):

(A) The debtor shall provide—

(i) not later than 7 days before the date first set for the first meeting of creditors, to the trustee a copy of the Federal income tax return required under applicable law ...

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§326. Limitation on compensation of trustee

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Chapter 7 Riverside Trustee Larry Simons has a duty, as to the other Chapter 7 Bankruptcy Trustees to find assets that are not exempt and to sell them to pay the bankruptcy estate creditors.

Yesterday (December 12, 2013) we talked about the small asset case and the trustee selling assets. When a trustee, like Mr. Simons, he is bound by the statutory compensation set by Congress in the amount of fees he can claim for his part in selling ...

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727(a)(5) Objection to Discharge

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In continuing our discussion from November 29, 2103, Larry Simons is a Chapter 7 Trustee and from time to time must object to a discharge.  Here in a recent Judge Houle case, the debtor hid the auto and the creditor objected to the discharge under 11 U.S.C. 727(a)(5). Judge Houle discusses 727(a)(5)

Objection to Discharge under §727(a)(5)

A discharge may be denied if the debtor is unable to satisfactorily to explain any loss of property or deficiency of assets to ...

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727(a)(4) Objection to Discharge

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Chapter 7 Trustee Simons may object to a discharge.  In our discussion from Nov. 28, a debtor hid a vehicle  and the creditor sued him under 727(a)(4). Below is Judge Houle’s further discussion.

c. Objection to Discharge under §727(a)(4)

A discharge may be denied if debtor has made a false oath, claim or promise, or withheld information from any officer of the estate, in connection with the case. 11 U.S.C. 727(a)(4). Discharge will be denied where:

• the debtor made a false oath ...

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