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    #46
    Update: I just tried to call and got the secretary immediately. We cannot get an appt. until the 24th, so I have no questions answered.

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      #47
      I forgot to add that she put me right through to the attorney, which I wasn't expecting. I fumbled around trying to ask him about my truck. He said that what matters is the amount of equity I have in it. I said well does that mean they will take it, he said no it does not. I understand NOTHING. I didn't pursue any more questions because he sounded very rushed.

      All I know is the GA exemptions sound horrible, my husband is telling me something different and I can't see the attorney again until two weeks.

      If anyone in GA could give me a name in a private message, maybe I could get another free consult...but before two weeks I kinda doubt it.

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        #48
        It's worth as try - I got a couple for the next day or two when I was shopping. The one we eventually chose even has Saturday consults to help people out who are still working.
        1/15/10 Filed ch7 2/18/10 314 meeting
        2/22/10 Report of No Distribution
        4/20/10 Discharged 5/20/10 Closed!

        Comment


          #49
          Value of home at date of filing or later?

          My home lost $150,000 in value during this housing bubble burst. At time of filing (May 2009) the mortgage plus my homestead exemption plus costs of sale made it a no equity situation. The trustee has not asked for an appraisal or CMA, accepting the value on the petition. Now the value is rising on Zillow. Will the trustee be able to use that increase and ask for an appraisal up to the discharge date or is the value at time of filing what matters.

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            #50
            Hopefully it's at time of filing. Value of autos is similar on a smaller scale right now. With the stupid cash for clunkers deal used car values are rising, making us gain more equity than we may be able to exempt...
            1/15/10 Filed ch7 2/18/10 314 meeting
            2/22/10 Report of No Distribution
            4/20/10 Discharged 5/20/10 Closed!

            Comment


              #51
              Zillow

              I was told by the first law firm we visited and by a real estate agent not to use Zillow. It seems to have a reputation for being inaccurately in the high range.

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                #52
                My car is dying, and I have 10 payments left on it. I plan on filing 7 next spring after my divorce is final. My state has a $1200 exemption on vehicles. According to Edmunds, ye olde POS is worth $1900 on trade in value. In the event Mavis does finally go belly up and I have to buy another car, would I have to turn it in or could I just reaffirm the loan?

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                  #53
                  Firearms

                  What happens to firearms during the bankruptcy process? I am in IA

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                    #54
                    I am in Ohio and I may have to file a Chapter 7 due to a job loss. I own some DJ equipment and I want to know the best way to keep it. It's probably gonna be a good source of income eventually so I do not want to lose it. Any advice? I heard Ohio has a 10000 homestead exemption? Is it covered under that or tools of the trade? How much value can your tools of the trade be? Any advice would be greatly appreciated.

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                      #55
                      I have a very important question, I am allowed one expemption in AZ for a vehicle, 5000 dollars. I have 4 vehicles all of which do not total 5000 in value TOGETHER. The one I drive daily is my little nissan truck and the other 3 are 2 old 70s pick up trucks and an old motorcycle that barely runs, I would like to keep them all since these old trucks I can work on myself and will never be able to afford a new care.


                      if I list them all as assets do you think the trustee will take them, I am filing chap 7 on ONE CC with a balance 14,000, I own NO other property or assets and i live on social security disability.

                      How can i keep my old trucks, they arent worth anything, maybe 700 each, but easy to work on and for someone like me who cant afford new cars, they are what i need.

                      What a LETTER to the trustee explaining what I have said here MAKE A DIFFERENCE, asking him not to take them??

                      PLEASE HELP I AM FILING NEXT WEEK!

                      Thanks

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                        #56
                        Also, if I were to sell one of these vehicles because I do need the money in fact right now just for food, a WEEK BEFORE I FILE, this would not cause any problems??? I cant get more than 800 so its not like its a lot of money or anything but I do know someone who would buy it and sell it back to me later when I get money. Is this a problem, I dont want to break any laws here.

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                          #57
                          Percy, do you have an atty? Each State and as I have found out, each district in the State, have different interpretations of the statutes. Selling assets just prior to filing wouldn't be a good idea, but if you must, show where the $$ went to necessities.

                          I'm new to this whole thing, but one thing is clear. If you own it, it is an asset which you must declare under perjury. If you hide it and it is discovered, potential for big trouble.

                          Also I suggest you start a new thread with these questions as you'll get many more answers.

                          All the best!

                          FLfiler

                          Comment


                            #58
                            Originally posted by FloridaFiler View Post
                            Percy, do you have an atty? Each State and as I have found out, each district in the State, have different interpretations of the statutes. Selling assets just prior to filing wouldn't be a good idea, but if you must, show where the $$ went to necessities.

                            I'm new to this whole thing, but one thing is clear. If you own it, it is an asset which you must declare under perjury. If you hide it and it is discovered, potential for big trouble.

                            Also I suggest you start a new thread with these questions as you'll get many more answers.

                            All the best!

                            FLfiler

                            Oh I absolutely wont hide anything, it is bad enough I have to go BK, i will do the right thing, I just hope I can keep the old trucks they arent worth much. I dont think selling an asset like that right before you file is a WISE DECISION either and I wont do it.

                            Comment


                              #59
                              If you have to sell an asset to afford basic living expenses, all indications here are that it is acceptable as long as it is sold for fair market value. Selling to a relative would complicate things so I wouldn't do it. If your circumstances should improve in the future and you are able to buy it back at a later date I cant see why that would be a problem either. I just wouldn't buy it back the day after you close.
                              1/15/10 Filed ch7 2/18/10 314 meeting
                              2/22/10 Report of No Distribution
                              4/20/10 Discharged 5/20/10 Closed!

                              Comment


                                #60
                                Chapter 7 no asset and all exempt income

                                Passed the means test.
                                over median by 6k
                                income is from va,military ret., and soc sec.
                                attorney filed a chapter 7 no asset case for us.
                                michigan district
                                52k unsecured
                                want to keep all assets (house/2nd mortgage/2 cars) all current
                                also in question is recreational vehicle that is used as 2nd residence
                                (but it is considered normally a TOY or luxury item and non-exempt)
                                had the 341 already
                                signed reaffirmation papers for all assets and even the rec. vehicle

                                My lawyer said this is a case he has never witnessed before and he is a great bk lawyer and knows the trustees very well. BECAUSE the trustee might try to move it to a chap 7 asset, maybe, or even dismiss it BECAUSE
                                the income is totally exempt and they can't force us into a Chapter 13.
                                Lawyer says now that trustee might see it as abuse if we are trying to hold on to all 5 items, but 4 are really the assets, and I have the exemptions to protect them.


                                What do you think will be our outcome? I would like to know if anyone has had this kind of issue with all exempt income, please. thank you for your input!!
                                (first 341 10/14/09, cont'd 341 10/23/09) (12/14/09 last day to object) (341 Shows HELD w/tt report of no distribution 1/9/2010)
                                :clapping Discharged 1/25/2010 Case Closed 3/11/2010:D

                                Comment

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