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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My Husbands ex-spouse has some claim to a share as community

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We just found out the Joe’s Ex-Wife Laura has some claim to some share as community property from their marriage and the law states that it is joint shares community property in Joe’s company VARs Plan he was given units that vested/matured in 2009 they started in  1999 -2009 (10) years vested.  The company terminated the units and paid them out.  Because he did not disclose this in there dissolution of marriage she is taking him back to court for 100% of those vested units. She has rights to ½ of the units.


She filed Bankruptcy on 05/27/010 filed an Amended on 07/30/010


She was Discharged on 09/20/2010 Final Decree was on 08/10/11


I was told whether or not she was aware of those units the Bankruptcy court has the right to the ½ she gets to pay back the creditors.  It’s enough to pay back the creditors and then some.


She was aware of the units and did not disclose this because she knows that they would take 10 years to vest.  In 2004 she went to the ATA/SDI Dinner meeting where they explain how the Units worked.


She said she has been discharged and the Bankruptcy courts can no longer come back on her.

Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
Since she was entitled to this asset at the time she filed her Bankruptcy, that property belongs to the Bankruptcy estate. It does not matter that her Bankruptcy was already discharged and her case closed, or how long ago her case was filed (there is no Statute of Limitations involved).

I think this is what you wanted to know. If not, please let me know.
Thank you.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

Does Family Law Court have jurisdiction over the assets entitled to her?

 

Let's just say she was entitled to $191,000.00, but she filed Bankruptcy on:

$114,640.65 on creditors, which $95,000.00 of that amount belong to her "sisters" they did that in order for her to qualify for bankruptcy.

 

$7,500.00 belongs to my husband for his civil case against his ex-wife for willful curtly!

 

$20,253.00 was non-priority claims owed to the Franchise Tax Board and Internal Revenue.

 

She got "Waiver of Chapter 7 filing fees".

 

Whatever is lifted over is due back to her?

Expert:  cfortunato replied 2 years ago.
What did you mean when you asked, "Whatever is lifted over is due back to her?"?
Customer: replied 2 years ago.

Because she is entitled to $191,000.00 and she only owe's the Bankruptcy Trustee

$134,893.65. Leaving $56,106.00 to go to her. So she is entitled to that right?

Customer: replied 2 years ago.
Same as above
Expert:  cfortunato replied 2 years ago.
Yes - she would be entitled to any amount left over after paying all her creditors.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

I was total that because we paid taxes on that money, it is now income to her, we have total the amount she is entitled to then deduct Federal and State, plus now she has to pay us child support, we have 75% custody of minor child. Then the reminder will go to the trustee. She has not paid taxes in five years. It is not a write off for us, because it is not Spousal Support, plus that ended. It is Income!

Customer: replied 2 years ago.
Same as above
Expert:  cfortunato replied 2 years ago.
When I said she is entitled to anything left over after paying all her creditors, I this includes anyone who is owed domestic support obligations - such as child support or alimony.
Customer: replied 2 years ago.
So when we have the accountant and attorneys come up with what she is entailed to:

We can then deduct Federal and State based off of what we claim (Married-3) because that is what we paid, then do a dissomaster and see what she would have to pay us base off that income in child support, then the reminder I give to the Bankruptcy trustee.

Her attorney is saying for us to pay the full amount and let her take care off what she owe’s
But again she has not paid taxes in the last five years on any monies we give her for spousal support.
The court term her spousal already!
She wont do the responsible thing and with out recovering what we paid already to Federal & State on that money it would effect us finically.
Customer: replied 2 years ago.
Same as above
Expert:  cfortunato replied 2 years ago.
I don't understand this question. Is it a tax question?
Customer: replied 2 years ago.
If the courts will allow us to do all the deductions like (Fed, State, Child Support)because we have already paid Fed and State on the VARs. Plus the part that belongs to the Trustee! Then give her the reminder of what she is entitled to! Give her the reminding balance?

These VARs that vested was not something my husband Participated in. He did not put any of his own money into it. It’s not set up like a 401K, Retirement or IRA. It was more less a gift from the Owner of SDI to only a few employees.
Expert:  cfortunato replied 2 years ago.

I don't know how that works. I only know that whatever amount she receives belongs to the Bankrutpcy estate - which was your original question.

Perhaps you can get the answer to that question by posing it in the Real Estate Law section.

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