Kind of a lengthy explanation of where we've been so far - sorry in advance if it's too long!
Filed in June, had our 341 on August 4th. Received notice from the trustee after the 341 that she felt we had undervauled my husband's motorcycle and declared it an asset (we had a dealer's estimate of value at $1400 and exempted it, she felt it would be closer to $3400). At that time she also asked for copies of our bank statements showing where our $7000 tax refund was spent. We had testified at the 341 it was to bring all our bills current, which was true. The other thing she wanted was a decision from us on what to do with the motorcycle. We could pay her the difference over the next 24 months and keep it, we could get a professional appraisal at the cost of $250 and try to disupte her valuation of it, or we could let it go knowing that we would get the first $1000 from the sale of it since it was still our expemption. We sent the bank statements and a letter telling her to take the motorcycle (we had been thinking about selling it anyways, and our attorney said we might just be able to call her bluff and she might not even take it - worst case scenario we'd get the 1k - what she really wanted was our payments for the next 2 years and might not find it worth her time and effort to actually take it, sell it, disperse, etc.).
Okay, so notices were sent to creditors that assets had been discovered, giving them until November 10th to file a claim. I checked Pacer yesterday to see if there was anything new, and find that we've been DISCHARGED!! While that makes us very happy and relieved, we don't know what to expect now. There have been zero claims from creditors filed. No contact from the trustee about the motorcycle. What will happen next?
Thanks for any insight......
ohiomom
Filed in June, had our 341 on August 4th. Received notice from the trustee after the 341 that she felt we had undervauled my husband's motorcycle and declared it an asset (we had a dealer's estimate of value at $1400 and exempted it, she felt it would be closer to $3400). At that time she also asked for copies of our bank statements showing where our $7000 tax refund was spent. We had testified at the 341 it was to bring all our bills current, which was true. The other thing she wanted was a decision from us on what to do with the motorcycle. We could pay her the difference over the next 24 months and keep it, we could get a professional appraisal at the cost of $250 and try to disupte her valuation of it, or we could let it go knowing that we would get the first $1000 from the sale of it since it was still our expemption. We sent the bank statements and a letter telling her to take the motorcycle (we had been thinking about selling it anyways, and our attorney said we might just be able to call her bluff and she might not even take it - worst case scenario we'd get the 1k - what she really wanted was our payments for the next 2 years and might not find it worth her time and effort to actually take it, sell it, disperse, etc.).
Okay, so notices were sent to creditors that assets had been discovered, giving them until November 10th to file a claim. I checked Pacer yesterday to see if there was anything new, and find that we've been DISCHARGED!! While that makes us very happy and relieved, we don't know what to expect now. There have been zero claims from creditors filed. No contact from the trustee about the motorcycle. What will happen next?
Thanks for any insight......
ohiomom
I'll be watching, you may never know when or how, but I'll be there. I am there now....
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