No answered all questions at 341

[stanpendula]

We had 341 Monday, with attorney and all. Wife is Real Estate Agent - one of the questions was how many deals she had open before filling. She wasn't prepared (attorney didn't even bring this into discussion) and we looked like idiots when she said she doesn't know. Now trustee wants an answer, but lawyer wants us to send checks. Trustee didn't ask for money, just for a number: 1, 2, 3, ... 100 deals.

Also, Trustee wants to know payoff for Auto loan(s). The financing companies are not rushing with the quote. What to do?

[IamOld]

We had 341 Monday, with attorney and all. Wife is Real Estate Agent - one of the questions was how many deals she had open before filling. She wasn't prepared (attorney didn't even bring this into discussion) and we looked like idiots when she said she doesn't know. Now trustee wants an answer, but lawyer wants us to send checks. Trustee didn't ask for money, just for a number: 1, 2, 3, ... 100 deals.

Also, Trustee wants to know payoff for Auto loan(s). The financing companies are not rushing with the quote. What to do?

Wow....why would Trustee need to know payoff quote? Are you not "upside down" enough on the car loans???

GOOD LUCK!!!!

[stanpendula]

He asked for payoffs for Mortgage and 2 car loans. In one of the cars I have 2-3,000 in equity ... the exemption in AZ is 5,000. I already gave him a quote I got by phone, but he wants a statement.

[despritfreya]

Your attorney should have discussed this with you. The Trustee is entitled to 25% of all commissions due at the time of filing. Your wife's listing agreements are not an issue. What is an issue is if she had any sales contracts pending (with or without open escrows). If and when they close the Trustee would be entitled to the non exempt portion of her earnings. Once you figure out how many contracts were in existence on the day of filing you should amend Schedule B and C.

As to the payoff, if you were getting billing statements it might be on the statement. Otherwise, if the lender will not talk to you (might be considered a violation of 362), wait until the Reaffirmation Agreement is sent. The info will be in that document.

Des.

[stanpendula]

Des,

Capital One did not send a reaffirmation agreement (yet) and we had direct withdrawal payments from my account. I didn't see a statement in years. Hopefully they will send the agreement and we'll be OK.

So my brilliant attorney should modify the Schedules. I'll bring this up with him today.

My question is with the Trustee we have to be proactive or wait for him to ask us for stuff in writing? I was prepared to send him a letter today stating the number of deals and the amount of commission.

So stressed, so stressed ...

[despritfreya]

My question is with the Trustee we have to be proactive or wait for him to ask us for stuff in writing? I was prepared to send him a letter today stating the number of deals and the amount of commission.

You supply what was asked, but with the amending of Schedule B he will know the potential amount involved so I see no harm in elaborating but discuss this with your attorney 1st. We all know that many contracts do not close. The Trustee only becomes entitled to $$ if and when they do close, and depending upon which one you have and the amount involved, some don't even care.

Des.

[corrin69]

My question is with the Trustee we have to be proactive or wait for him to ask us for stuff in writing? I was prepared to send him a letter today stating the number of deals and the amount of commission.

Not sure if this is your intention, but I would not send anything to the Trustee directly. Send it to your attorney and let him forward it.

[stanpendula]

Thank you. I'll keep you posted.
Thanks for being here for us.

[stanpendula]

The attorney insist that we send the check (for $800) to the trustee and a short letter stating the commission amount. And we have to do it, not he. Not sure why. It sucks, because this will probably change the case from no Assets to Assets.