Back from 341...

[roozterdvx]

Just got back from our 341 meeting...took about 15min but felt like forever.

Our TT asked a few questions concerning assets...primarily a vacant land we own. TT is questioning the stated value of the property.

We know we are over on exemptions and will have to give up some assets of pay to the TT for them.
We told the TT we'd like to keep the property if we could afford it.

TT said "will review the numbers" and will then notify us for a decision on whether we want to keep and pay or give up an asset.




Overall, went ok...now the waiting game again to hear back from the TT on the assets.



A couple before us had a really tough time...converting from 13 to 7.
They sold some "short sold" some real estate without a court order and sold a vehicle for way below book value about a month back. Their attny knew about the property and said he would send all the documents but didn't know about the vehicle.
The TT was not pleasant about them not getting a court order for the sale of the property but said she could work with it since the creditors were included and would be foreclosing the properties anyway.
The vehicle was a different story though. TT said will review the asset schedules and will have to discuss with the UST for direction.

[sophia]

I Take it the TT did not have any issues with appraisals on your vehicles she asked for a while back then?

[roozterdvx]

I Take it the TT did not have any issues with appraisals on your vehicles she asked for a while back then?

TT didn't mention the vehicles at all so I'm assuming all is well on that.

Between my wife and myself, we think the TT has moved on to the vacant lot as TT mentioned the value stated seemed a little low and would look into it.
My wife works in real estate and sees how much vacant lots are selling for in our town. Vacant 1/2acre lots are selling from $3500-$6000 depending on proximity to town center and how many homes are around it.
We valued ours on the low end of the scale because it is way out of town, (almost out of the county), and there's only 4 houses within 3 blocks including ours.

I have my own opinion as to the TT's interest in the property and if it comes to it, we'll let it go. All depends on how much we can afford to pay back to the TT.

[sophia]

TT didn't mention the vehicles at all so I'm assuming all is well on that.

Between my wife and myself, we think the TT has moved on to the vacant lot as TT mentioned the value stated seemed a little low and would look into it.
My wife works in real estate and sees how much vacant lots are selling for in our town. Vacant 1/2acre lots are selling from $3500-$6000 depending on proximity to town center and how many homes are around it.
We valued ours on the low end of the scale because it is way out of town, (almost out of the county), and there's only 4 houses within 3 blocks including ours.

I have my own opinion as to the TT's interest in the property and if it comes to it, we'll let it go. All depends on how much we can afford to pay back to the TT.

We paid for an independent appraisal to, Nada used here in the middle district was way, way more than what our cars were worth. I was just curious how the TT viewed yours since we have our 341 a few weeks.

[ready2puke]

Congrats on making it thru...thats a biggie as far as I'm concerned.. did you use any exemptions for your property?

[roozterdvx]

Congrats on making it thru...thats a biggie as far as I'm concerned.. did you use any exemptions for your property?

We didn't have enough exemptions left to cover the property and knew going in that we had an overage that we would have to pay.

We would like to keep the property because my parents bought it for us but it now depends on how much our overage comes out to. We know what we can afford to pay and my parents are willing to lend us some money but I'd rather not borrow from them unless we have no other choice.

[roozterdvx]

Well, PACER now shows us as Ch.7 Asset case.

We knew it was coming but it still hurts.

TT filed ac Objection to Claim of Exemption.




TRUSTEE'S OBJECTION TO CLAIM OF EXEMPTION

The objection deals solely with valuation.
The Trustee, XXXXXXXXXX, hereby objects to the claim of exempt property consisting of:
Everything listed on Schedule C filed by the Debtors except the 401(k)
for the following reason:

1. The vehicle has been appraised at $XXXX, rather than the sum scheduled.
Accordingly, the Debtors exceed their entitlement to a claim of exemption under Florida
Statute 222.25(4).
2. Trustee questions the value of the personal property and will arrange an appraisal thereof
to determine the exact amount of the overage.

Trustee requests that a hearing be scheduled on the within objection under the provisions of Rule 4005 of
the Bankruptcy Rules, and that the Clerk of the Court give notice of such hearing to all parties of interest.
Trustee believes 10 minutes will be needed for the hearing.

[AngelinaCatHub]

You can dispute some or all of it. Be wise though, if it is fair, and you can afford it, a compromise will be offered and you may pay the Trustee for it. Usually equal payments for 12 months, no interest, below real value. We did $5400. ‘Hub

[JRScott]

Since you expected it don't be surprised.

The Trustee oftentimes offers a payment schedule going out for a year, and generally requires less be paid in than the asset is worth in many cases. After all its better to sell it to you than to have to go through the auction process etc.

So don't lose hope yet, and yes as CatHub says you can dispute the findings. I'm sure your lawyer well advised in these matters is prepared to do some fighting for you.

[roozterdvx]

been working out of town so I haven't been on much lately...

TT has set-up with someone to come to our house to appraise our personal property.
We have an appointment for the end of this month.

Our attny says to wait until the appraisal is complete so he can go over all the figures and ensure the vehicle appraisal values are reflected instead of NADA retail.

TT has already retained a real estate agent for possible sale of the vacant lot

My opinion is the TT wants the real estate since it's the only asset we have which stands to go up in value over time.

Anyway, if it's meant to be, it's meant to be. The fresh start out from under our debt is the priority.