assets/no asset

[ronaldk]

O.k. I am obessed with out trustee asking for all of the additional paper work, I checked on pacer this moring and i didn't see any new statements added to our files, but I did notice that it says asset case,I swore before it said no asset, and it says MEANSO, thanks to this site I know what that means, but on the docket report it says, who the judge is, chapter 7, voluntary and no assets, so what I want to know is did the trustee change it, or did I miss read before, the pending status hasn't changed it still says awaiting first meeting,awaiting discharge. Why do they always send you this stuff on week-ends? I'm really not to sure if I can make it through this entire new B.K. adventure, as it was pointed out to me before we do have one asset the house, but nothing in it to pay debts, if the trustee does take the house won't the mortgage get all of the money first, and there won't be anything left for the creditor, sorry I'm being a pest, it is just all very confusing to me, and is scareing me to pieces.
thanks again
ron/peg

[SinkingFast]

It would help us help you if you tell us what State? The current market value of your home, as claimed in your BK paperwork? If your State allows for Federal Exemptions, did you go State or Federal?

If you have substantial equity in your home, the Trustee may want some money from you.

Generally speaking, Trustees would rather negotiate a settlement with the Debtor/Filer than seize property and sell it. Trustees have costs to sell too. And houses are the worst for a Trustee to unload. They generally take a long time, don't bring top dollar, and cost, on average, 10% for the Trustee to sell.

So if you're talking about a few thousand $$$'s, chances are, the Trustee will offer up a Settlement rather than seize the house.

But if you give us a bit more info, maybe we can answer some of your concerns.

[ronaldk]

we only have about 2k equity inthe house. if we tried to sell it the real estate agent would be due quite a bit more than that. we are in illinois
the house appraised for 243k and we owe 241k. a year ago it appraised for
255k.

[SinkingFast]

Looks like you should be OK, equity wise, on the house.

http://www.bankruptcyinformation.com/IL_exemp.htm

Illinois allows $7,500 Homestead Exemption. Husband and wife may double if both file BK, for a total of $15K Exemption.

I did note that IL only allows $1200 for vehicle Exemption. Maybe the asset issue is coming from excess equity in car(s) that you own??