341 over.....now what?

[clubmanager]

I am to pay approx. $3K; how does that happen? Do I get a bill? Do they seize it from my account somehow? etc. etc.....

What about personal tax return? Should I wait until discharge to file or does it matter? I suspect a refund but am not 100% sure.

What should I do/not do for the forseeable future? I don't want to screw things up even worse by doing something stupid!

[justbroke]

I am to pay approx. $3K; how does that happen? Do I get a bill? Do they seize it from my account somehow? etc. etc.....

If filed by lawyer, they'll let you know when and how to pay. Usually it's by certified funds payable to the Trustee.

What about personal tax return? Should I wait until discharge to file or does it matter? I suspect a refund but am not 100% sure.

Again, if filed by attorney, they shuld have discussed if your 2008 Tax Refund was subject to seizure by the Trustee. On the other hand, your lawyer may have exempted your 2008 Refund (meaning you get to keep it). However, it looks like you owe the Trustee money anyhow. You may need to use your Refund to pay the Trustee. I would file your return as soon as you can.

What should I do/not do for the forseeable future? I don't want to screw things up even worse by doing something stupid!

Again, if this was filed by a lawyer, they should advise you exactly when the $3K is due and whether your Tax REFUND is subject to the Trustee's reach.

If you filed in pro per, or pro se, then you should contact the Trustee's office and ask the same questions. They are more than willing to assit you. I mean... they want the money.

[shabam]

Did you use a lawyer?

[clubmanager]

Yes, I did however he is really difficult to reach and I thought I would just ask here in the meantime. The money is over our exemption limits and it can be paid now...if necessary. I think the tax refund is a seperate issue really.

We can delay the filing of taxes until October (I think); is there a time limit on when the trustee can get those funds? When is the trustee out of our life?

[justbroke]

We can delay the filing of taxes until October (I think); is there a time limit on when the trustee can get those funds? When is the trustee out of our life?

The tax issue isn't separate. It's all a money issue. The Trustee may want your tax refund on top of the $3K. So delaying filing, will delay your close... if that's indeed the issue.

The Trustee is out of your life when the case CLOSES. It won't close until all the asset related things are satisfied... which will include paying the $3K and/or your 2008 Tax Refund.

You really need to see what it's going to take to close (not discharge) your case.

And, FYI, the Trustee can wait 3 years to get that Tax Refund, if it's subject to the jurisdiction of the Bankruptcy Estate. Then, if you don't pay, the Trustee will Motion to Vacate Discharge and to Dismiss the case. Which would be the WORST thing to happen to you.

[okiebk09]

you owe $3 for what? was this an asset case? i am lost.

[okiebk09]

oh that should read owe $3k for what not $3.

[justbroke]

you owe $3K for what? was this an asset case? i am lost.

(fixed it for you)...

Anyhow, it's an asset case because the OP mentioned that they didn't have enough exemptions to cover everything.

[okiebk09]

you mean on the means test there was not enough expenses to cover what they made? so that means you have assets or the person had assests that were worth more than they owe?

[clubmanager]

The $3k is what we had over and above the allowable exemptions. They can have that and the tax refund if that means we will have it over and done with!

Another wrinkle....my employer is willing to guarantee a mortgage with the local bank for me to buy a small, inexpensive house. We have done business with them for many years and the banker knows about my BK. In essence, I think he wants to structure it as a personal loan that is cosigned by the company.

I know that I have to at least wait the 60 days until discharge but should I wait even beyond that? I am going to ask my lawyer of course, but thought I would ask here too since we are on the subject.....cheers!

[justbroke]

I know that I have to at least wait the 60 days until discharge but should I wait even beyond that? I am going to ask my lawyer of course, but thought I would ask here too since we are on the subject.....cheers!

I would wait for your discharge and close.

Interesting arrangement... your employer must lvoe you.

[clubmanager]

They do....and for good reason! ha....

How long does the close typically take after discharge?

[justbroke]

They do....and for good reason! ha....

How long does the close typically take after discharge?

Since your case is an Asset case, it won't auto-close. The court will wait for the Trustee to issue their distribution report. This could be anytime after discharge. I say, if you pay the $3K before discharge, that the closing should be relatively quick after discharge.

I don't have direct experience with Asset cases, so maybe someone else could chime in. Some asset cases remain discharge but not closed for several months.