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341 over.. now what?

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    #1

    341 over.. now what?

    okay we had our 341 yesterday and it all went fine, but the trustee is sending someone out to look at our boat (which does not run) to see if he is going to bother taking it or not. what does this mean? he can have the boat if he wants it, so having the boat made this an asset case. what does that mean?
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    #2
    I'm assuming you filed a Chapter 7???

    Yes the boat is an asset - making your case an asset case...

    Now, if the Trustee finds the boat will make him money, he will take it...... If value of boat (minus repairs) is not worth the effort, the trustee will not take it......

    If the boat is damaged or not running more than likely he will abandon it back to you......no value to him....

    Trustee was not interested in my 2nd car (van) that needed repairs.....still mine....

    Minny
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

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      #3
      yes, we were ch.7. the boat is a 91 sunbird, nice looking boat with a few minor issues but the big issue is that it has no tilt and trim motor, which is about $1500.00 to replace, thats why we have not replaced it yet cause it was more than we could afford, so i really hope he does get it out of our yard..lol we are not going to get it fixed for a long time cause we don`t have that kind of money. we have tried to sell the boat numerous times but can not sell it cause of the problems it has.

      so if he does take the boat, how long do you think it will take for our discharge to be granted?

      thanks for your help!!

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        #4
        minny, did the trustee send someone to your home to see the car before he decided he did not want it?

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          #5
          No the trustee NEVER DID send anyone to the house to look at the house or van.....not that I know of... if they did they just drove by....

          Trustee is probably not interested in the boat in the shape its in.

          More than likely you will see your discharge somewhere around 60 days after your 341 meeting.

          Just relax and look for it.

          Minny
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment

            #6
            thanks minny!

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              #7
              We had our 341 meeting On August 2, the trustee was going to send someone out to look at our house, to see if we have any equity in it, as of today, no one has called or come out? do you still think they will?

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