Archive for 'Riverside Trustees'

New Judge In Riverside Bankruptcy

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This week we said goodbye to our Judge Deborah Saltzman as she had her last hearing in Riverside. She is now a Los Angeles Bankruptcy Judge and will share duties in Santa Barbara, CA.

I remember when Judge Saltzman came to Riverside as a new Judge and now she is on her way to Los Angeles. I will miss Judge Saltzman and wish her well in the big city.

Our new Judge is Judge Scott H. Yon and here was his official ...

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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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Why does Debtor Have to show Social Security proof?

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Last month I attended the California Bankruptcy Forum Conference in Santa Barbara, California that was chaired by our own Riverside Chapter 7 Trustee Howard Grobstein. I attended the Saturday afternoon program on Consumer Bankruptcy practice.

The first program of the program was on “Title 18–Criminal Investigations: The Process and How to Respond.” The panel consisted of the Hon. Judge Maureen Tighe, The Los Angeles Assistant United States Trustee Peter Anderson and Riverside Chapter 7 Trustee John Pringle.

The panel discussed what happens ...

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Two Tax Returns for Married Couple

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Another tax return story….

The debtor goes in front of the trustee and says she is married. She only filed the chapter 7 petition by herself, her husband did not file with her. In the petition it says that she is married. However when the debtor sent the tax return to the trustee, she only sent the tax return that she filed. The trustee asks her if her husband files a tax return. She says “yes”. “Well then let’s continue this ...

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Tax Returns on Extension

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As we are still in tax season, here is a suggestion for your bankruptcy practice that may stop your client’s case from being continued:

An attorney asked me what does a trustee do when the Debtor has filed for an extension to file his tax return? Does the Debtor send the extension or the last filed tax return in preparation of the first meeting of creditors.

I said to the attorney to send the last filed tax return as that is what ...

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Homestead proceeds

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Last month at the OCBA’s Recent Law seminar hosted by Jay Chien from Amran Cohen’s office and Richard Marshak, the chapter 7 trustees present talked about what they would do when they sold a house and then the debtor was entitled to his homestead exemption. For example, the debtor lives in the house and is entitled to $100,000 exemption under CCP 704. The trustee sells the house for $200,000. The trustee uses the proceeds to pay debts of the bankruptcy ...

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New Chapter 13 Fees

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In the beginning of March 2014, the Central District of California instituted new “no look fees” for Chapter 13 cases and their misc. matters. The new fees can be found at the

Court Manual Page 2-41 to 43

These guidelines govern the allowance of attorneys’ fees and costs in Chapter 13 cases in this district.

(a)

Fees for Services Described in Bold Face Type in Rights and Responsibilities Agreement Between Chapter 13 Debtors and Their Attorneys (“RARA”). An attorney may receive an order approving ...

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Bankruptcy Education: Law v. Siegel

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Law v. Siegel, 134 S.Ct. 1188 (March 4, 2014)

The surcharge of a homestead exemption.` In Law v. Siegel, Debtor Mr. Law filed bankruptcy in California in 2004. He listed as have a first mortgage with Washington Mutual and a second mortgage with another entity. The second mortgage took up what would be the equity in the real property. After much litigation it was found that the second mortgage was not valid and fraudulent. The real property did in fact have ...

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Bankruptcy Education: Paid twice a month and paid every two weeks

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Chapter 7 Trustee Robert Whitmore’s job as a bankruptcy trustee involves reviewing the means test and the schedules I & J to make sure the client qualifies for chapter 7 bankruptcy. The bankruptcy rules also state that the last sixty days of pay stubs must be filed with the petition. The Trustee and the United States Trustee match the paystubs with the income stated in the petition and the means test.

One common problem that occurs in figuring the ...

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