Any idea why I have to wait 6 months to file?

[tinfoilhat]

All of my assets should be exempt (car, firearm, personal effects)
I have $1000 personal property exemptions, $1000 vehicle exemptions, $4000 wildcard. And I'm going to need to use all my exemptions.

I sold a car and I'm spending the money on necessities. I'm having $900 in dental work done, going to an optometrist $200+/-
I'm doing stuff I put off even when I had money and CC's.
Stocking up on hurricane supplies.

Only thing I can guess is because I gifted a car to my dad a month ago.
Then I talked to an attorney about filing chapter 7, he told me to just take the car back, which I did that day. So it was in my dads name for two weeks.

Everyones so busy and no one will call back, the only thing I can think to do is get another consultation just to get this question answered.

I want to file soon, otherwise I'll be filing in late november- right in the middle of the holidays. Not only that, the wait is killing me.

Anyone have any idea why I have to wait 6 months?

[LuciluS]

All of my assets should be exempt (car, firearm, personal effects)
I have $1000 personal property exemptions, $1000 vehicle exemptions, $4000 wildcard. And I'm going to need to use all my exemptions.

I sold a car and I'm spending the money on necessities. I'm having $900 in dental work done, going to an optometrist $200+/-
I'm doing stuff I put off even when I had money and CC's.
Stocking up on hurricane supplies.

Only thing I can guess is because I gifted a car to my dad a month ago.
Then I talked to an attorney about filing chapter 7, he told me to just take the car back, which I did that day. So it was in my dads name for two weeks.
Everyones so busy and no one will call back, the only thing I can think to do is get another consultation just to get this question answered.

I want to file soon, otherwise I'll be filing in late november- right in the middle of the holidays. Not only that, that wait is killing me.

Anyone have any idea why I have to wait 6 months?

Car was titled in Dad's name? Then you went back and had the title changed into your name? Yep! That's the reason. I cannot believe the Attorney told you to do that! You would have been better off leaving it in his name & waiting the year.

I know the wait is a Bummer. We met with our Attorney last Sept. & we are not filing until 9/30/09. If the anxiety gets too bad, please see a doctor. He will prescribe you a low dose anxiety pill to help.

Luci

[tinfoilhat]

Thanks, I've been on anxiety medication for a while.

The whole details of that transaction was that the car was mine, I was issued a summons from a CA. I freaked out and gave the car to my dad in exchange for money to cover that problem. (as in blank checks, bank card as needed--not cash)
I didn't expect to sell the other car I had but I sold it, now I had the money and didn't know what to do with the car in my dads name.

So I had one less big asset, I consulted an attorney because I figured I cannot pay all my debts by lawsuit, I'll file chapter 7.

This is when I was told to put the car back in my name asap and wait 6 months. He didn't say why wait 6 months, I had too many other things to ask about I either missed it or he didn't say why.

[dingdong]

It probably has something to do with transferring an asset for less than fair market value.

Kind of looks like you are hiding assets to the TT.( not saying you, are just that's what it may appear to be).

Not sure if that is why?

But 6 months is the 180 waiting period for certain BK issues. Perhaps the court cannot go after the asset/value if it is over 180 days? Or would be less likely to?

[tinfoilhat]

I've been sitting here reading all the paper work I was given. All time frames are 12 months, 2 years, 120 days. I don't understand much of it.
The closest thing that applies to the car situation is this: Please list all property transfered either absolutely or as security (collateral) within the past 2 years.

Does this situation fall under this question?

[LuciluS]

I've been sitting here reading all the paper work I was given. All time frames are 12 months, 2 years, 120 days. I don't understand much of it.
The closest thing that applies to the car situation is this: Please list all property transfered either absolutely or as security (collateral) within the past 2 years.

Does this situation fall under this question?

I would say Yes; however, keep in mind, that Paperwork is from your Attorney. It is not the Official Forms. My BK Attorney required date of CC opened, transactions over $600 & every balance transfer on Each CC. Holy Cow! Took me 2 1/2 days to go through all those statements.

I Think the look back period on that vehicle is 1 or 2 years, not six months. Will try later on, or hopefully someone will post the 'legality of your transaction in regards to Bankruptcy'. Dingdong is probably right, you sold it for less than market value.

I know it's tuff when you stop paying some bills. You panic, or do things you don't know they 'were not right' for filing bankruptcy. In my opinion, Attornies are not known to give you ALL of the 5 specifics.

1. No High Balance transfers without making an effort to pay 3 months.
2. No large purchases over $600 on CC within 3 months.
3. No preferential treatment within 90 days.
4. No insider payments for 1 to 2 years.
5. No sale of property for under market value.

And the Main One - What guidelines are used in your Bankruptcy District including the 5 above. Hang in there. I've been 'hanging in there' since last Sept. & we are filing this Sept. Yikes! Time flies when you sit back & take a look at your life. Filing BK is not the end of the world. Being disabled I've gone back & reflected on my Jaycee/Jaycette days where you were taught PMA, Positive Mental Attitude & it Works! I Pray Every Day for the next day to be a even 'Better Day'.

Luci[/COLOR]

[JRScott]

He's concerned that with the transfer so near that the trustee might dig deeper or your case might get more scrutiny from the UST.

By waiting the 6 months before filing he's hoping to put enough time between it so that it doesn't seem suspicious.

He could have just went ahead and filed it though and trustee would have taken the car back.....

[tinfoilhat]

He could have just went ahead and filed it though and trustee would have taken the car back.....

What would that mean to take it back, you mean the trustee would just have taken it from my father?

The other advice he has given me was to get it appraised.
I know quite a bit about cars, not cars and BK but...
I do have a parts car thats not too pretty. I'll make sure my car gets appraised low enough. Already KBB says fair condition trade in is $3900, retail is $9000
I have $5000 in vehicle exemptions and I'm sure I can get this appraised under $3000.

I got my gun appraised, I just paid $600 for it and everyone says $150 is it's value. Sounds great as far as BK but jeeze they really rip you, I've had it 2 months. I expect they will do the same for the car.

FWIW if anyone knows about cars it's a camaro, they stopped making them. Now after 8 years they brought it back and the used car market is flooded with them because a lot of people are dumping them and getting the new model.

[teacher]

From what my paralegal said, the car value is determined through averaging the 3 trade in values on KBB. Even if you can get Joe Mechanic to say it is worth $3000, it won't matter.

The last thing you want to do is raise red flags for yourself, with things like car values and item values.

It doesn't matter what anyone "says", it is going to matter what is on paper and the trustee believes.

[tinfoilhat]

From what my paralegal said, the car value is determined through averaging the 3 trade in values on KBB. Even if you can get Joe Mechanic to say it is worth $3000, it won't matter.

The last thing you want to do is raise red flags for yourself, with things like car values and item values.

It doesn't matter what anyone "says", it is going to matter what is on paper and the trustee believes.

So you say. I've read that some do it one way, some do it another, I've read enough that I've heard that trustees do it every way possible depending on well whatever, what they pull out of the hat that day I guess.
I'm not saying I'm going to go to Joe Blow and have him appraise it, the lawfirm I'm going through uses a professional appraiser. FYI mechanics DO NOT appraise vehicles.

What if KBB says $5000 and I say $500 and they go repo their prize and find this
http://img197.imageshack.us/img197/8098/camarol.jpg

Seriously though, can I say see I told you. Well I guess I can but I'll still get effed out of the other $4500 right?

[tinfoilhat]

From what my paralegal said, the car value is determined through averaging the 3 trade in values on KBB. Even if you can get Joe Mechanic to say it is worth $3000, it won't matter.

The last thing you want to do is raise red flags for yourself, with things like car values and item values.

It doesn't matter what anyone "says", it is going to matter what is on paper and the trustee believes.

Oh, one more thing. If they average the KBB trade in values I guess they leave out poor as being one? Poor would be the fourth.

And that reads:
Kelley Blue Book does not attempt to report a value on a "poor" vehicle because the value of these vehicles varies greatly. A vehicle in poor condition may require an independent appraisal to determine its value.

[tinfoilhat]

Alright, someone please tell me how this works.
Say I have this car http://img197.imageshack.us/img197/8098/camarol.jpgand the trustee looks in their book and says oh boy! $5000 we're taking it. Dismissed (or whatever) then they show up at the door requesting the car and see it's not worth what the almighty bible of car prices said it was worth. Who's at fault? Me for telling them what a certified vehicle appraisal service quoted? Or their dumb asses?

What happens in a case like this?

I personally think it's pure BS that they look in a book and assume value of something over looking at a few paid for certified appraisal quotes.

PS: to the anally retentive the prices are made up and the picture of the car is an extreme example. Please don't use it as fact.

[teacher]

So you say. I've read that some do it one way, some do it another, I've read enough that I've heard that trustees do it every way possible depending on well whatever, what they pull out of the hat that day I guess.
I'm not saying I'm going to go to Joe Blow and have him appraise it, the lawfirm I'm going through uses a professional appraiser. FYI mechanics DO NOT appraise vehicles.

What if KBB says $5000 and I say $500 and they go repo their prize and find this
http://img197.imageshack.us/img197/8098/camarol.jpg

Seriously though, can I say see I told you. Well I guess I can but I'll still get effed out of the other $4500 right?

Ahhh, interesting observation. If that was the case, you would be in violation of your loan agreement section 2 "your other promises to us". This is pretty standard in Florida. Basically it is your job to keep the vehicle in working/original order. Of course there is a lot of flex area here, such as modifications and upgrades. The point is, if that was actually the case, you would look very shady.

You can be pretty sure that if a trustee (regardless of an appraiser's signature/letter) sees a fairly new vehicle with an extremely low value, it will raise red flags.

[teacher]

PS: to the anally retentive the prices are made up and the picture of the car is an extreme example. Please don't use it as fact.

Anally retentive people (especially anally retentive BK filers) typically don't run into problems that can easily be avoided.

[StartingOver08]

In Fl, the Trustees require the retail value of NADA. which is no where near actual market value today.

In order to get a more realistic value it is perfectly acceptable to have an independent vehicle appraisal.