chapter 7 asset case

[larryg]

What is a chapter 7 asset case? How do you pay on this or does it have to be refiled as a chapter 13?
I own my home with about 30k in equity. I'll have a 20k exemption on it. My credit cards debt is 66k. Can I file chapter 7 and just pay off the 10k difference in my assets?
I own my own business which is an LLC. I spoke with an attorney last Jan and asked how I could keep my home. Her suggestion was to file 13 but I didn't have enough income for that so I would have to get a second job to make the payment. In February my business picked up and I could see getting out of debt in 6 yrs so I didn't file. Now the economy has hit me hard and I may not have a choice but to file.
Can some one please explain how the chapter 7 asset case works.
Thanks

[larryg]

Well, I've not received any replies so maybe this is a stupid question. I've tried searching for previous info on this subject and not found any answers.
The reason for my question was finding a post on here about someone making payments on their asset case. I don't understand how this works but maybe I misread the post and this isn't possible.
Anyway if anyone has any info on how a chapter 7 asset case can work and I could save my home please respond.
thanks

[AngelinaCatHub]

Laryg:

We were chapter 7 asset case. What this means is we had no money to pay bills but owned things of value outside of the exceptions. This becomes the property of the estate and the Trustee has a right to sell it to recover a portion of your money to your creditors. It is either auctioned, or most of the time the Trustee gives you an opportunity to purchase your stuff back. I was $5,400.00 over in allowed property. We agreed to pay the Trustee $450.00 a month for 12 months. No interest. We have our discharge which is the important thing but our case will not be closed until we satisfy the buy back. ‘Hub

[ready2puke]

If you have the 20k exemption that leaves 10k..the Trustee only gets 10% is that right? It maynot be worthi it for him to sell it. Not sure just thinking out loud here. How many attorneys have you seen ? I would talk to at least 6..do your homework and always make sure your attorney knows what hes talking about..thats why seeing many, besides liking one over the others, you'll beable to compare advice. Wow I ran that sentence....breath......

[larryg]

thank you thank you
This is what I needed to know. I'll see some attorney's about this. I really want to keep my house but I don't have enough income to pay a 13 without working 2 jobs. I work 50 hrs a week now with my business and can't seem to get my head around a second job at my age. 60 next year.
the first att I saw said it wouldn't effect the business because it is an LLC and in this state an LLC is handled as a corp. But I will be asking a lot more question about that also.
thank you