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    #61
    Does anyone have a clue?

    I have found the forum to be exceptionally bright with all the experiences with bk in all areas. If there is anyone that could respond to my questions, would be appreciated.........Thanks.
    (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

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      #62
      Originally posted by Michigan1951 View Post
      I have found the forum to be exceptionally bright with all the experiences with bk in all areas. If there is anyone that could respond to my questions, would be appreciated.........Thanks.
      What are your questions?
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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        #63
        Could you read the post just before this one? That way I won't have to retype it all or show it again. Thank you.
        (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


          #64
          Originally posted by HHM View Post
          It depends on your state's exemptions. If your state has a $150K exemption for home equity, you are fine, if there is significant non-exempt equity, the trustee will take and sell the house.
          I have a similar question, i live in PA, separated, but living together (household of 4).. so i qualify for chapter 7.. i think my lawyer said i'd be taking the state exemption, though lower than federal it covers more things..

          For single filing its 20K and married 40K

          BUT, this lawyer (as opposed to others i saw), claim that since her name is not on the deed, that it wont matter if she joins with me..

          So now i'm stuck with a 20K exemption, but 31K in equity in the house, based on a june 2009.

          I obviously dont want to lose the house.

          I think that it should be a 40K exemption if she files with me, should it not?


          Also.. the lawyer is suggesting either using the 2005 appraisal which would mean 1K in equity (no significant changes since then), or i have now 2, from 2009, one was a "real" appraisal done in june, the other just a ago (but they asked me what the june value was) for an equity loan.. (i was originally going to take a small amount out to assist with divorce fees, but now i realize this may hinder my bk whenever i decide to file)..

          The lawyer says either use the 2005 appraisal and take a chance based on other houses in the area

          any thoughts

          Comment


            #65
            Distribution of Assets - How long does the trustee have?

            Needing some help!
            I am in New Mexico, and had a Chapter 7 discharge granted over a year ago. There was some property jointly owned by my family and I. My family paid the trustee for my share of the property over a year ago ($45k). The trustee is supposed to pay the IRS and State taxes owed, but has been holding the money and not doing anything. Does anyone know if there is a time limit the trustee must follow? He is collecting interest on it in his account and I am accumulating interest due for these taxes!!! Doesn't seem fair he can hold this money for so long! The IRS is getting impatient and says I need to start paying them, even though the trustee has more than enough to cover all that are due. My attorney says there is nothing we can do but wait; I really want to get this terrible chapter behind me. Any suggestions?
            Thank you so much!

            Comment


              #66
              Generally, homestead exemptions attach to the property, not the person. So if your state provides a $20,000 homestead exemption, it usually cannot be doubled. But this issue varies by state.

              Comment


                #67
                asset case/no asset case ????

                I'm not sure what a no asset case is, but my attorney says every case is a no asset case . . . huh?

                I have 45k in debt and 15k in assets of which most are exempted.

                I own one item(actually a pair, so actually 2 items), that are worth more than the allowable exemption.

                My exemption for tools is $2025 and all but these two items are well covered.

                My 2 items are survey-grade GPS which are worth about 6k-8k private sale and about 16k sold from an equipment company(no one appears to be buying in any case). I do not intend to keep this equipment and about 99% of my unsecured debt is with one bank. This equipment is not held as security but was bought with a personal/commercial loan in 2006.

                Even though my assets are far less than my debts, does the value of the GPS equipment turn this case into an "asset" case?

                AND if so, does this case then become more complicated and time-consumming?

                Comment


                  #68
                  Originally posted by SURV69 View Post
                  I'm not sure what a no asset case is, but my attorney says every case is a no asset case . . . huh?

                  I have 45k in debt and 15k in assets of which most are exempted.

                  I own one item(actually a pair, so actually 2 items), that are worth more than the allowable exemption.

                  My exemption for tools is $2025 and all but these two items are well covered.

                  My 2 items are survey-grade GPS which are worth about 6k-8k private sale and about 16k sold from an equipment company(no one appears to be buying in any case). I do not intend to keep this equipment and about 99% of my unsecured debt is with one bank. This equipment is not held as security but was bought with a personal/commercial loan in 2006.

                  Even though my assets are far less than my debts, does the value of the GPS equipment turn this case into an "asset" case?

                  AND if so, does this case then become more complicated and time-consumming?
                  Yes it will. To date, we are still waiting to close as an asset case. 15 months and counting after our discharge. List that item as an asset however but it is not a tool that is readily needed by most people. It may be abandoned. If it is clear of debt, put it on eBay AFTER it is abandoned and you are discharged. 'Hub
                  If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                  Comment


                    #69
                    AngelenaCatHub

                    interesting that you have been discharged . . . but not closed.

                    From that, I garner that if an item is an asset that the case cannot be closed until the trustee is rid of that particular item that's keeping a case open . . . such as a near-unsellable asset.

                    Am I right?

                    If I'm right, then it might seem to me that a trustee might be interested in a debtor who is willing and able to buy-back that item(at a reduced value), in order to close that particular case.(?)

                    Comment


                      #70
                      Originally posted by SURV69 View Post
                      interesting that you have been discharged . . . but not closed.

                      From that, I garner that if an item is an asset that the case cannot be closed until the trustee is rid of that particular item that's keeping a case open . . . such as a near-unsellable asset.

                      Am I right?

                      If I'm right, then it might seem to me that a trustee might be interested in a debtor who is willing and able to buy-back that item(at a reduced value), in order to close that particular case.(?)
                      Yes and no. Here is our deal, "all cases are not asset" once begun. Things listed on my paperwork were guestimated at above $5400 of my own stuff. I got a notice of hearing with a compromise to purchase my stuff back for $450 no interest 12 months. That tacked a year onto my discharge. I was then found to have made an insider payment of $5000 to my god-daughter as a payback for a loan. So I got a 2004 hearing. I agreed to purchase back my assets so that killed one hearing and I requested to pay back my insider payment in a lump sum in six months. That was granted. I got my discharge but they now had 10K of money to disburse. 3.7K went to Trustee and his lawyer fees, the other were to be distributed. IRS got it all as I owed 27K IRS. So that went well. The Trustee was a good guy and got us discharged rather than dismissed. He gave the Court a letter of distribution and that he was finished. However, that was some time ago and to date the "clean up" for closure has not happened. Even if you are an asset case, it will not stop your discharge. It depends on if they sell your stuff or you buy it back yourself. I'm not too concerned about the close part as the discharge is the important thing. The close will come some day. 'Hub

                      Edit: P.S. after the filing and determination I was above the exemptions, THAT made it an asset case.
                      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                      Comment


                        #71
                        Originally posted by willbfree View Post
                        Echo1 we are in Arizona and our bankruptcy attorney has had us stop all automatic deposits into our bank account about two months before filing. The paycheck is now cashed and bills are paid via money order or cash. We were instructed that in AZ anything in the bank account above $300 at the time the bankruptcy is filed the trustee will demand to be turned over. Doesn't matter that it was meant to pay for the mortgage or the power bill. If the balance is above $300 no matter what's it's intended to pay it will belong to the trustee. She had us stop using automatic deposits early so that all checks will have cleared and we can control the balance to ensure that we are not over the limit at filing. We were also instructed to keep meticulous records of where the money is spent which we have done. Your state will be different on the amount allowed in the account but this is the advice we were given and which we have followed.
                        For record keeping purposes, do you just use one checking account and a debit card?

                        Can you pre pay your mortgage via cashiers checks for the next 6 mos in order to use all your cash?

                        Just wondering what is acceptable in AZ.
                        Thanks

                        Comment


                          #72
                          Is this normal?

                          I asked last week about what was taking so long for the trustee in my Chapter 7 Asset case to distribute the money my family paid to purchase back my share of a piece of property. Since that time, I have logged into Pacer and discovered that the case was assigned to a judge in August and hasn't been acted upon yet. Does anyone know if this is normal? (I am in New Mexico)

                          A little background....We received a discharge in December, 07. It was discovered during the bankruptcy that I was part owner of piece of property (along with family members), and I had completely forgotten about it (It is located in another state and I never go there or have anything to do with it, so I forgot about it). My family "bought out" my interest in the property, which the trustee approved. I went thru a hearing and it was determined that I did honestly forget about it, so it was dismissed. Now the case sits on a judges desk. And the money my family paid, which is to be distributed to the IRS, sits and nothing is happening. Is there anything I can do to help get this finalized? How long does this type of thing usually take?

                          Any help, suggestions, or ideas would be appreciated!!! I really don't know much about all of this, and our attorney just isn't being very helpful...

                          Thank you!!!

                          Comment


                            #73
                            Do they come out to your house to see what you have for assets? If so, will my neighbors know I'm filing bankruptcy?

                            I qualify for chapter 7, but want to strip the 2nd mortgage from my house, so heard I have to do a 13 for that.

                            Comment


                              #74
                              Originally posted by alironz View Post
                              I am hoping to file chapter 7 n March. My question is I own my car and have about 150k equity in the house. I want to keep paying the mortgage and kep the car but need to know if that is a possibility.
                              Chapter 7 will liquidate your assets beyond that exemption amount. I don't know in which state you live but it seems like 150K will be well beyond the exemption. In my state I think it was 30K for real estate property. If you want to keep your house and car, you need to file Chapter 13, which will allow you to keep everything but will work out a payment schedule over 3-5 years.
                              Los Angeles bankruptcy attorney, Long Beach bankruptcy lawyer handling Chapter 7 bankruptcy and Chapter 13 bankruptcy cases.

                              Comment


                                #75
                                Originally posted by worriedmom View Post
                                Do they come out to your house to see what you have for assets? If so, will my neighbors know I'm filing bankruptcy?

                                I qualify for chapter 7, but want to strip the 2nd mortgage from my house, so heard I have to do a 13 for that.
                                Chapter 7 will discharge all your debt, including the second mortgage. You would want to file Ch. 13 if you want to keep your house.

                                It's unlikely that someone will come out to your house unless the court finds a reason to do so (e.g. when an evidence suggests you have some valuable assets to pay the unsecured creditors.). Truestee gets some commission from the proceeds of your assets and paying back your creditors so he/she may want to do that.
                                Los Angeles bankruptcy attorney, Long Beach bankruptcy lawyer handling Chapter 7 bankruptcy and Chapter 13 bankruptcy cases.

                                Comment

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