[CLBS] Proceeds of prepetition sale of real property in Chapter 7

[Robin Long]

The promissory note itself is not exempt, and you will need to determine the present day value of the note, if any - does your client hold a first deed? Is there any equity in the property? The trustee could sell the note. The payments on the note are income. If your client sells the note, you will need to be sure there isn't an avoidable/fraudulent transfer. There are different types of annuities so you will want to be sure it is exempt under Idaho law. 

This presents many issues and risks in a chapter 7.

Robin Long
Foley Freeman PLLC
953 S. Industry Way
Meridian, ID 83642
P.O. Box 10
(208) 888-9111
(208) 888-5130

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Catherine Dullea
Sent: Wednesday, December 31, 2014 10:29 AM
To: 'Michael Jacques'; CLBS at admws.idaho.gov
Subject: Re: [CLBS] Proceeds of prepetition sale of real property in Chapter 7



I'm pretty sure it's totally unprotected, but I wonder if she could sell the note and purchase an annuity.  Anyone think this might work?

-----Original Message-----
From: CLBS [mailto:clbs-bounces at admws.idaho.gov] On Behalf Of Michael Jacques
Sent: Wednesday, December 31, 2014 8:42 AM
To: 'CLBS at admws.idaho.gov'
Subject: [CLBS] Proceeds of prepetition sale of real property in Chapter 7

I have a potential client who needs to file a Chapter 7 but currently receives and lives on payments from a sale of real property which she holds a deed of trust to.  How will those payments be treated in a chapter 7?

Any help is appreciated.


Michael Jacques
JACQUES LAW OFFICE, P.C.
Office: (208) 344-2224
Fax: (208) 287-4300
 
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