Tag Archives: recent

TVA Prevents a CA Turnover Order by Filing Suit in NV

Even if you’re on the right track, you’ll get run over if you just sit there. —Will Rogers You might have the law on your side, but it is not enough to be right — you also have to be first. That is what took TVA recently to the Nevada-side of Lake Tahoe, in Washoe County. Our client had a multimillion-dollar judgment against him, and everyone knew the judgment creditor was after our client’s stock in a valuable real-estate corporation to take control of the assets before we could reverse the judgment (and we did). And under California law, the Read More

TVA Reverses Judgment, Recovers Elderly Woman’s Retirement

A retired music teacher came to TVA desperate because her retirement had just been stolen from her. She was the owner of a productive $420,000 promissory note that provided her regular monthly payments. A few years ago, she needed a small loan, and to make the payments she temporarily assigned her note. But when she paid the loan and asked for her note back, the lender refused. Instead, he pointed out that one of the loan documents used the word “sale” when referring to the note, and he ignored the other language and the documents clearly describing it as security Read More

TVA Recovers QPRT Home for Bankruptcy Estate: “QPRTs are not creditor-protection devices”

A Qualified Personal Residence Trust (commonly referred to as a QPRT) has long been a method by which an individual can gift their home to someone else (typically children) at a reduced tax cost, while retaining the ability to live in the home for a set number of years. QPRTs can be an effective way to minimize tax costs in transferring property. But they might not be effective as asset-protection devices any longer, now that the Ninth Circuit Bankruptcy Appellate Panel has upheld a groundbreaking January 2014 order obtained in favor of TAV on behalf of the Chapter 7 bankruptcy Read More