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2nd 341 Meeting 8/31

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  • 2nd 341 Meeting 8/31

    I called my lawyer today to confirm that we were still going back to court on 'Thursday. The trustee asked for additional information that my lawyer had. The trustee has had the extra documents since the last court day a few days later. Court was 7/13 my lawyer sent them to the trustee 7/16 or 7/17. The trustee is questioning my husbands 401k because he puts the same amount his company matches his portion which is 7%. I filed alone and my husband didn't file. My lawyer told me that the trustee may want to have my husband stop putting into his 401k. Can they do this legally? If they do that will make me positive and push me to chapter 13. The trustee was also questioning his deductions which are life insurance and disability insurance. I am really stressed out now we just get by with chapter 7. Also the plan was to get rid of my car which has a 626 a month payment. Have my husband by me a car for less of a payment since he gets a really good discount at work for new cars. My lawyer was sending the trustee over the other info she requested and now we wait. I just want the next 2 days to be over. Thanks for listening

  • #2
    By trustee do you mean the United States Trustee (UST)?

    Can they make you stop putting money in a 401(k)? No. However, contributions and loan repayments to/from a 401(k) are not valid expenses in a Chapter 7. So the Trustee isn't asking you to stop making contributions inasmuch as they are saying that they don't count as an expense in a Chapter 7 liquidation case.

    In a Chapter 13, you are allowed to have a contribution and you are typically allowed to match at the level the company matches (and as long as you have a pattern of doing so).

    You'll just have to wait to see what is going to happen. The car exceeds the standards (of about $489/month) and the 401(k) contribution probably makes you "appear" that you have money to contribution in a Chapter 13.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Yes it is the US Trustee.My lawyer said she is going to fight it ( as she should I paid her a lot of money). I guess I will see what happens on Thursday.. Yes the car is at 500in our state which i understand. My lawyer said a while ago that if it was a 13 ( we are really close in numbers) The car could be crammed down. But I have only had the car 2 years and 5 months. We filed in June I thought it had to be 2 1/2 years at filing..

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      • #4
        Originally posted by Izz918 View Post
        Yes it is the US Trustee.My lawyer said she is going to fight it ( as she should I paid her a lot of money). I guess I will see what happens on Thursday.. Yes the car is at 500in our state which i understand. My lawyer said a while ago that if it was a 13 ( we are really close in numbers) The car could be crammed down. But I have only had the car 2 years and 5 months. We filed in June I thought it had to be 2 1/2 years at filing..
        The car couldn't be crammed down because it's a so-called "910" vehicle. That 910 simply means that it was purchase with a purchase money loan within 910 days of filing. If you refinance it during that period it would not be a 910 vehicle. You get to "cram down" the interest rate, though, to what's known as Till. Till is currently around 6.25%-6.50%.

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          That's what I thought. My % rate is 2.99%
          Thank you for all the help!! I now wait on the next step converting to 13. Starting payments and getting it over with...

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