Had our 341 last week (filed early May), and the trustee is asking for the following:
1. A copy of our '07 tax return so he can collect a portion of the refund.
2. Detail on some non-exempt sports memorabilia that we own. He wants an itemization and "online" values of these items.
3. An appraisal of a car that we have. During the hearing, we stated that the car was not worth what we had indicated on our filing statement. Our attorney told us that we had to put the lowest documentable retail value. This car isn't worth anywhere near as much as that (it books at $3600), and would likely only sell for about $1000 "as is." I didn't understand why our attorney told us to include a higher value, but we did. And now we have to get an appraisal!
4. A new appraisal of our house.
5. Copies of a few statements from inactive bank accounts that we didn't include with our filing (STUPID!!)
Anyway, since our case has been continued pending this info, I have some questions:
1. On our original filing, we used assessed value of our house (as based on our tax assessment). We owe slightly more than the assessed value, which is what we indicated in our filing (essentially showing negative equity). We think that an appraisal will show a higher value-perhaps significantly higher, but maybe not. How much equity can we show in the house without creating any problems for ourselves?
2. We desperately need another car and to get some repairs done around the house. How long do I need to wait until I can borrow the money from my 403B to get these things done and purchase another vehicle? I would probably be taking a loan of about $12500.
Thank you all soooo much for any input. I'd love to ask my lawyer these questions, but truthfully, I don't feel like I've been getting great advice from him lately!
1. A copy of our '07 tax return so he can collect a portion of the refund.
2. Detail on some non-exempt sports memorabilia that we own. He wants an itemization and "online" values of these items.
3. An appraisal of a car that we have. During the hearing, we stated that the car was not worth what we had indicated on our filing statement. Our attorney told us that we had to put the lowest documentable retail value. This car isn't worth anywhere near as much as that (it books at $3600), and would likely only sell for about $1000 "as is." I didn't understand why our attorney told us to include a higher value, but we did. And now we have to get an appraisal!
4. A new appraisal of our house.
5. Copies of a few statements from inactive bank accounts that we didn't include with our filing (STUPID!!)
Anyway, since our case has been continued pending this info, I have some questions:
1. On our original filing, we used assessed value of our house (as based on our tax assessment). We owe slightly more than the assessed value, which is what we indicated in our filing (essentially showing negative equity). We think that an appraisal will show a higher value-perhaps significantly higher, but maybe not. How much equity can we show in the house without creating any problems for ourselves?
2. We desperately need another car and to get some repairs done around the house. How long do I need to wait until I can borrow the money from my 403B to get these things done and purchase another vehicle? I would probably be taking a loan of about $12500.
Thank you all soooo much for any input. I'd love to ask my lawyer these questions, but truthfully, I don't feel like I've been getting great advice from him lately!
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