can someone give me some insight?

[ohiomomtofour]

We filed on 6/29, and had our 341 on 8/5. No unusual questions from the trustee, nothing that would seem to be a red flag. I 've been checking pacer, and see that the notice of the 341 having been held is filed, and when I look at the document, where they can check either "asset, no-asset or undetermined", it's checked as "asset". What does this mean? We have a clear title to a motorcycle worth about $1K, we have a car loan for 8K on a car worth 3K, and about 10K in equity in our home. The only things I can think of may be it's our tax return from last year (7K, used to bring all THREE of our mortgages current, 3 months worth of payments), or it may be because we had a garnishment from a collection agency in the last four months that needs to be regained from them and re-distributed over all our creditors. Any insight into what it may be? We obviously don't have any of our tax return left - will we have to pay it back?

I hate this waiting game. Thanks for any peace of mind you could give me.

Melissa

[edwards2]

how much was the garnishment? As for the tax refund the trustee typically asks about it at the 341. If you have NOT spent it they list it as an asset and presumably distribute it among your creditors. We were asked about ours and told her we did get it and spent it on bills. We received it in January; our 341 was in March. I wouldnt think the car would be considered an asset or the equity necessarily. Were you represented by an attorney? Did the trustee say anything about any of the items you mentioned at your 341?

[HHM]

Yeah, your case is an asset case because of your tax refund, or potential tax refund for 2005.

[ohiomomtofour]

so what will happen? will we be expected to come up with some sort of money now, or will they wait until the 2005 refund and just take some of that? will they take all of it? we used it to pay mortgage payments, and it was done more than 90 days prior to our filing - our attorney purposely waited on filing so that it was past some sort of deadline. we got our tax money in february and filed end of june.

i will be so glad when this is over.

[HHM]

Generally, the trustee will require you to send him/her a copy of your 2005 tax return when you file next year, and if the refund is significant enough, they will intercept it or instruct you to turn it over.