Pro Se Dismissal Chapter 7

[StartingOver08]

Congratulations...it is really a good solution! Your Trustee sounds like a good one!

[justbroke]

This, of course, is great news. We only would hope that Trustee's were more forgiving with pro se filers, as yours was with you.

Another key area that pro se debtors have extreme trouble with, are the Exemptions. Such debtors have put property at risk by not utilizing them to the maximum extent of their best interest.

I'm glad for you.

[blankslate]

Congratulations! I'm glad that worked out for you!

[BKINTEXAS]

Thought I'd post an update on the soon to be received inheritance & BK Chap. 7.

After consulting with an attorney the same morning of my 341 and learning I should have used the Federal exemptions vs state I attended my 341.

The federal exemptions have 2 wildcards which will allow me to keep about 20K of my inheritance.

Not only did the attorney advise of this, but when Trustee asked if I had any changes to my schedules & I stated 'to Sch C & F' he replied 'I wondered why you used state instead of Federal. You'll now be able to keep part of your inheritance'. This guy was WAY COOL!!! Not only in that area, but he also made some suggestions about my exemptions which I would include in federal.

The end result is: my debts will be paid at a percentage (depending the final amount of the inheritance, claims filed & trustee fee), all discharged and I will have a nest egg. WOO HOO!

Now my head is aching over the Reaffirmation agreement on our car. Many questions on this!

[TEW]

Not really, this is more of an example of piss poor planning leads to piss poor results

no argument here

[HHM]

it's sad the broke folks don't seem to get a brake.

Not really, this is more of an example of piss poor planning leads to piss poor results

[TEW]

it's sad the broke folks don't seem to get a brake.

[banca rotta]

Many people just don't understand that once a Chapter 7 is filed, it takes on a life of it's own. This is particularly a problem with pro se filers who don't understand the impact of filing.

That's why I said what I said in my first post for this thread. This is a very good question to ask BEFORE filing not after. I was almost waiting for HHM's response knowing just what it would be.

[justbroke]

wow. that sucks.

Many people just don't understand that once a Chapter 7 is filed, it takes on a life of it's own. This is particularly a problem with pro se filers who don't understand the impact of filing.

[2Bshinyandnew]

If there is an inheritance on the horizon, there is NO WAY your trustee will agree to dismiss. This talk of creditors is useless, it is the trustee that will make the decision.

Bottom line, there is no way to voluntarily dismiss the chapter 7, and even though you can try things like "not attend the 341", if you have already disclosed the inheritance, you have already shot yourself in the foot.

Good luck.

wow. that sucks.

sorry OP.

[HHM]

If there is an inheritance on the horizon, there is NO WAY your trustee will agree to dismiss. This talk of creditors is useless, it is the trustee that will make the decision.

Bottom line, there is no way to voluntarily dismiss the chapter 7, and even though you can try things like "not attend the 341", if you have already disclosed the inheritance, you have already shot yourself in the foot.

Good luck.

[justbroke]

I am wondering if perhaps your creditors don't file a proof of claim then they wouldn't be entitled to a share of the inheritance, if taken by the trustee.
I'm not sure how often that happens or to what extent.

You are correct. Unsecured creditors who did not file a proof of claim which was allowed (an allowed unsecured claim), would not be entitled to any of the inheritance.

Any smart unsecured creditor, seeing an "asset" Chapter 7 case filed, would, could and should be all over the case and filing immediately! It's like blood in the water for sharks.

[catleg]

I am wondering if perhaps your creditors don't file a proof of claim then they wouldn't be entitled to a share of the inheritance, if taken by the trustee.
I'm not sure how often that happens or to what extent.

[banca rotta]

OOPS! At least you know what to do the next time...

[BKINTEXAS]

I'm with you - it's a numbers game and why wouldn't the creditors want to settle with me?

My understanding about the 1099's is that I would be liable to the IRS for the difference of my insolvency (which is proved by my schedules for Chap 7 BK). For instance - my assets are worth 35K and my debts total 45K - I am insolvent to the tune of 10K. The creditor forgives $8500 of the debt - I do not have to report that is income.

However, if my assets are worth 35K and my debts total 45K, but the creditors write off $14K in debts, I don't have to report the 10K of income, but will need to report the 4K on my tax return.

I have an appt. with an attorney on Monday prior to my 341 - I feel the money invested in this appt. is well worth it and will give me some substantial answers as to what to do.