[CLBS] An Oldie but Goodie

[April M. Linscott]

Look at Bahnmiller v. Bahnmiller for a good treatment of how apportionment
of proceeds is done in state court.

-----Original Message-----
From: clbs-bounces at admws.idaho.gov [mailto:clbs-bounces at admws.idaho.gov] On
Behalf Of Randal French
Sent: Thursday, July 12, 2012 9:33 AM
To: Tyler S. Wirick; clbs at admws.idaho.gov
Subject: RE: [CLBS] An Oldie but Goodie

How recently did the property get deeded to Client and Brother?  As joint
tenants, or tenants in common?  How much equity is in the property?  How
would probate law treat this?  

Once the property was deeded to the Client and brother, then Client had some
interest in the property.  I do not know if state law would recognize
Brother's payment of loan payments, taxes or etc. in establishing the
equivalent of a capital account, which might have to be recognized in bk
court in determining the estate's interest..  At least arguably, the trustee
could try to sell the property and then apportion the net proceeds between
the co-owners.  363(h).  

Client may be better off selling her half interest to Brother and then
waiting for a year to avoid any 547(b) avoidance claim against brother, to
the extent that she does not receive full value at the time of the transfer,
e.g. if she credits against the purchase price the antecedent debt that is
owed to brother for all the payments he made.  Any more, I would also be
very wary of having Client file a ch 7 within a year of any such transfer
for no other reason than because under 727(a)(2), a party in interest could
seek to deprive a debtor of any ch 7 discharge at all, based on a showing of
a transfer of property, within one year before filing bk, with an intent to
hinder, delay or defraud creditors.  

Tough issue.  

-----Original Message-----
From: clbs-bounces at admws.idaho.gov [mailto:clbs-bounces at admws.idaho.gov] On
Behalf Of Tyler S. Wirick
Sent: Monday, July 09, 2012 5:00 PM
To: clbs at admws.idaho.gov
Subject: [CLBS] An Oldie but Goodie


Client just discovered that after her parents death her brother, for the
sake of convenience in administering the estate, listed himself and client
on the deceased parents' house. Brother has been making all the payments,
paying taxes, and etc for years. Client wants to file BK but is concerned
about the effect on brother's house. There is equity in the house, and
Client is not moving into the house or planning to do so in the near future.
Thoughts? Property held for another?

 

Best regards,

 

Tyler S. Wirick
Law Offices of Tyler S. Wirick
250 Northwest Blvd. Suite 107A
Coeur d'Alene, Idaho 83814
Telephone: (208) 292-4200
Fax: (208) 292-4201
 <mailto:tyler.wirick at wiricklaw.com> tyler.wirick at wiricklaw.com


******NOTICE******
 
The information transmitted in this email and any attachments is intended
only for the personal and confidential use of the intended recipients. This
message may be or may contain privileged and confidential communications. If
you as the reader are not the intended recipient, you are hereby notified
that you have received this communication in error and that any retention,
review, use, dissemination, distribution or copying of this communication or
the information contained is strictly prohibited. If you have received this
communication in error, please notify the sender immediately and delete the
original message from your system.

 

_______________________________________________
CLBS mailing list
CLBS at admws.idaho.gov
https://admws.idaho.gov/mailman/listinfo/clbs

!SIG:4ffb62ea190321853127193!


_______________________________________________
CLBS mailing list
CLBS at admws.idaho.gov
https://admws.idaho.gov/mailman/listinfo/clbs