Please help me with my story

[LSUTiger32]

1. Well it wasn't meant to be.

That is what I said.

2. If it were me, I wouldn't 'ruffle the feathers' of the Trustee Yet! But, I would be calling your lawyer. Go over line item by line item 'do you have this document.' Check them off as you go. Note the date, time of conversation.

I found it kind of odd. My attorney told me this would be coming and she sent a letter that says to provide him the information within 7 days of my 341.

3. I don't believe you set up a Pacer Account? and if you didn't that's okay. Is there a final date for docs to be received by Trustee? If so, I would call the Attorney about 3-5 business days before that date & again go line item by line item asking if Lawyer sent everything. If no date, then I would give Attorney no later than 2 weeks, as you've already stated he has the docs. and call him/her & make sure ALL docs were sent.

I do have a PACER account.

4. If you don't feel comfortable your Lawyer sent everything, you can always call the Clerk of your specific Bankruptcy Court, give him/her your case # & ask him/her if all the docs Trustee requested have been noted as received.

Good idea.

[lrprn]

Got a letter from the trustee. It was sent by my lawyer and they sent a letter with it. He is requesting things I already gave to my lawyer plus a few other little things. The letter has his phone number and e-mail address. Do I contact him myself? I feel like I shouldn't say anything to him!

If you have a lawyer, most trustees won't accept direct communication from filers. There are exceptions (like your lawyer has gone AWOL ) but for the most part, all communications to the trustee should go through your own lawyer.

If you already gave most of what the trustee is requesting to your lawyer, then you need to ask your own lawyer what he/she did with it and why the trustee is requesting it if you've already provided it.

[LuciluS]

Quick update on a few things:

1. The buyers backed out. Not a bad thing I don't think since I would rather wait until after things settle down.

2. Got a letter from the trustee. It was sent by my lawyer and they sent a letter with it. He is requesting things I already gave to my lawyer plus a few other little things. The letter has his phone number and e-mail address. Do I contact him myself? I feel like I shouldn't say anything to him!

1. Well it wasn't meant to be.

2. If it were me, I wouldn't 'ruffle the feathers' of the Trustee Yet! But, I would be calling your lawyer. Go over line item by line item 'do you have this document.' Check them off as you go. Note the date, time of conversation.

3. I don't believe you set up a Pacer Account? and if you didn't that's okay. Is there a final date for docs to be received by Trustee? If so, I would call the Attorney about 3-5 business days before that date & again go line item by line item asking if Lawyer sent everything. If no date, then I would give Attorney no later than 2 weeks, as you've already stated he has the docs. and call him/her & make sure ALL docs were sent.

4. If you don't feel comfortable your Lawyer sent everything, you can always call the Clerk of your specific Bankruptcy Court, give him/her your case # & ask him/her if all the docs Trustee requested have been noted as received.

Just my thoughts.

Luci

[LSUTiger32]

Quick update on a few things:

1. The buyers backed out. Not a bad thing I don't think since I would rather wait until after things settle down.

2. Got a letter from the trustee. It was sent by my lawyer and they sent a letter with it. He is requesting things I already gave to my lawyer plus a few other little things. The letter has his phone number and e-mail address. Do I contact him myself? I feel like I shouldn't say anything to him!

[backtoschool]

Yeah I am thinking that I might get a BPO or even an appraisal done for the house in its current condition that way I can prove that its not worth as much right now. Would that help me as far as selling to my brother if I can show that it is really only worth what I am selling it for.

Yes that will help a lot. If you sell it to him for the appraised value and not a penny under, you won't raise a red flag.

[LSUTiger32]

For most people most of the scrutiny is done right after the 341.

Any money that changes hands this close to your 341 could put you into a closer examination. I think with extra inspections, etc, you can hold off any money changing hands until after your 341.

Yeah I am thinking that I might get a BPO or even an appraisal done for the house in its current condition that way I can prove that its not worth as much right now. Would that help me as far as selling to my brother if I can show that it is really only worth what I am selling it for.

[backtoschool]

Yeah I told them that I would not probably be able to close until late September. So once the 341 is over, most of the scrutiny has been done? Realize here that I am NOT really getting any of this money and we aren't making anything. I've spent more than we will ever get back which is one of the reasons I had to file. Again I kept it because I didn't want to jeopardize my relationship with the bank that holds my primary residence mortgage (they are a local bank so they hold the paper). Believe me if it just meant me losing like $10,000 of my money I would gladly give it to my creditors for what this is going to do for us. I am planning on calling my attorney Monday and setting up a meeting with her before the 341 so we can decide how we are going to proceed.

Thanks so much everyone, please keep the thoughts and ideas coming!!

For most people most of the scrutiny is done right after the 341.

Any money that changes hands this close to your 341 could put you into a closer examination. I think with extra inspections, etc, you can hold off any money changing hands until after your 341.

[LSUTiger32]

I got my letter showing my 341 date today. It also says that the last day for objections is 11/23/09.

[LSUTiger32]

I know I have to smile ironically at the timing of these buyers, lol.

You only have a month until your 341. Can you stall them by insisting that the house be inspected again, blah blah blah. It seems that you could run a couple of inspectors through there and it would be a month before they made you an offer. Or say, just to be fair to them you want them to have the house inspected by two inspectors, etc. It will take at least a couple of weeks for them to get a mortgage approved anyway.

I think involving your brother will delay your bankruptcy case and keep it open while the trustee gives you a close examination.

Stalling through setting up extra meetings and inspections and hoops should get you past your 341.

Yeah I told them that I would not probably be able to close until late September. So once the 341 is over, most of the scrutiny has been done? Realize here that I am NOT really getting any of this money and we aren't making anything. I've spent more than we will ever get back which is one of the reasons I had to file. Again I kept it because I didn't want to jeopardize my relationship with the bank that holds my primary residence mortgage (they are a local bank so they hold the paper). Believe me if it just meant me losing like $10,000 of my money I would gladly give it to my creditors for what this is going to do for us. I am planning on calling my attorney Monday and setting up a meeting with her before the 341 so we can decide how we are going to proceed.

Thanks so much everyone, please keep the thoughts and ideas coming!!

[backtoschool]

I figured selling the property to a family member would be a red flag but my lawyer said that as long as I sell it for at least 2/3rds of its value that I would be fine. It's funny how everything is seeming to turn around now that I filed. I couldn't catch a break on this house for two years and it sells two days after I file. Only me!

I know I have to smile ironically at the timing of these buyers, lol.

You only have a month until your 341. Can you stall them by insisting that the house be inspected again, blah blah blah. It seems that you could run a couple of inspectors through there and it would be a month before they made you an offer. Or say, just to be fair to them you want them to have the house inspected by two inspectors, etc. It will take at least a couple of weeks for them to get a mortgage approved anyway.

I think involving your brother will delay your bankruptcy case and keep it open while the trustee gives you a close examination.

Stalling through setting up extra meetings and inspections and hoops should get you past your 341.

[LuciluS]

Well, ya see, that varies from District/State from what I've read on this forum. But they cannot touch your bank account, or adjust your income after the 341, so I don't see where it would make a difference.

To be on the safe side, I would try to make the closing After you are Discharged Preferrably After Closing. But Dang, with so many people filing Bankruptcies, closing dates are being pushed, further & further out.

I would seek the advice of your Attorney. He works for you & what you tell him is supposed to be Confidential. I think he will be the only one who can give you a Straight Yes Or No Answer. All we can do is speculate, Unless there is someone on this forum in your District/State & had the same experience & INMHO you will not find such person on this forum.

Call you Attorney. Remember he's on your side...Trustee is not, he wants moolah! LOL!

Good Luck!

Luci

[LSUTiger32]

Maybe I've lost my one os 2 marbles left & that possibly could be that way today, as I couldn't sleep & ended up taking extra meds & now I'm a tad bit woozy.

BUT you stated it needed a lot of repair work to pass Inspection. Unless these people who want to buy this house are paying cash, seems as though You (LSU) are going to pay for the repair work to pass inspection. Am I on the right track?

If so, get the repairs done After your 341 meeting & not accept an offer on the home until that time. If all the plumbing needs repair..those repairs will take awhile. Call and get an estimated date of finished work if they start repairing this home after 341 hearing.

I'm sure obtaining a mortgage is not as easy as it used to be, due to the economy. I can recall when we decided to move closer to Central AR, I called our mortgage co. we've always used & was shocked. I was approved for a $250,000 home without ANY paperwork...no W2's, tax returns, nothing....because of my great credit score. Well we made a contigent offer based on sellin our home & they accepted it. 10 days later, couple receives a full cash price offer. Sorry, we had 72 hrs. to decide to remove the contigency or void the contract. O btw was told we had to close in 15 days. Hehe, both real estate agents didn't think it was possible. Hmmm, we closed in 10 days LOL!

Sooo, back to your 341, if the couple who wants to purchase the home will hold off making an offer until after your 341 & based on home passing inspection. Gee Whilikers, I don't see where there is a problem as you stated you were not making a profit on the home after repairs & closing costs right?

Just my opinion on the situation. If i'm wrong, please feel free to correct me.

Luci

Yeah I am thinking that there is no way we can move forward with closing until after the 341, but even so doesn't the TT still work the case after that? Or once the 341 is done they have done all of their work and the 60 days is just for creditors to object?

[LSUTiger32]

Selling the house to your brother while you are in bankruptcy will definitely be a HUGE red flag to the trustee.

Any transfer of property to family members in the two years preceding bankruptcy can trigger close examination and the involvement of the us trustee. I had to fill out a form listing any property I transfered to family members in the last two years, including anything I sold to family members. Also, transfers of property is one of the questions that the trustee asks at the 341.

If you do sell the house to your brother, you will have to have a lot of documentation as to the market value of the house, whether your brother paid market value, etc. You can definitely NOT sell the house to your brother at under its appraised value. That will be a HUGE red flag for the trustee. This is what my lawyer told me, when I wanted to sell some video equipment and musical instruments to my brother. She used the house example and said to be safe, we would need to apply the same standards to the studio equipment I was selling my brother. I decided to just sell it on craig's list instead.

I figured selling the property to a family member would be a red flag but my lawyer said that as long as I sell it for at least 2/3rds of its value that I would be fine. It's funny how everything is seeming to turn around now that I filed. I couldn't catch a break on this house for two years and it sells two days after I file. Only me!

[LuciluS]

Maybe I've lost my one os 2 marbles left & that possibly could be that way today, as I couldn't sleep & ended up taking extra meds & now I'm a tad bit woozy.

BUT you stated it needed a lot of repair work to pass Inspection. Unless these people who want to buy this house are paying cash, seems as though You (LSU) are going to pay for the repair work to pass inspection. Am I on the right track?

If so, get the repairs done After your 341 meeting & not accept an offer on the home until that time. If all the plumbing needs repair..those repairs will take awhile. Call and get an estimated date of finished work if they start repairing this home after 341 hearing.

I'm sure obtaining a mortgage is not as easy as it used to be, due to the economy. I can recall when we decided to move closer to Central AR, I called our mortgage co. we've always used & was shocked. I was approved for a $250,000 home without ANY paperwork...no W2's, tax returns, nothing....because of my great credit score. Well we made a contigent offer based on sellin our home & they accepted it. 10 days later, couple receives a full cash price offer. Sorry, we had 72 hrs. to decide to remove the contigency or void the contract. O btw was told we had to close in 15 days. Hehe, both real estate agents didn't think it was possible. Hmmm, we closed in 10 days LOL!

Sooo, back to your 341, if the couple who wants to purchase the home will hold off making an offer until after your 341 & based on home passing inspection. Gee Whilikers, I don't see where there is a problem as you stated you were not making a profit on the home after repairs & closing costs right?

Just my opinion on the situation. If i'm wrong, please feel free to correct me.

Luci

[backtoschool]

I guess I am wondering a few things:

1. How long would I have to wait to sell it to have it not make a difference anymore? Discharge? Closing?

2. If I can spend the proceeds on living expenses, how long do I have to spend it? Louisiana exemptions suck so I am not sure what I would do as far as protecting it.

3. The other option would be selling it to my brother because he is the only one with the cash to get it to the point it will pass inspection and then let him sell it to it purchasers. I am not trying to hide anything here, the house is not worth what we are getting for it right now because right now it will pass inspection due to plumbing issues. (The plumbing is fine it works it just was not done correctly I found out recently. Most of it is minor but there are a few major issues as far as new code is concerned.) How would something like that work with the TT.....I put a value on the house but right now it is basically worthless since it can't pass inspection.

Selling the house to your brother while you are in bankruptcy will definitely be a HUGE red flag to the trustee.

Any transfer of property to family members in the two years preceding bankruptcy can trigger close examination and the involvement of the us trustee. I had to fill out a form listing any property I transfered to family members in the last two years, including anything I sold to family members. Also, transfers of property is one of the questions that the trustee asks at the 341.

If you do sell the house to your brother, you will have to have a lot of documentation as to the market value of the house, whether your brother paid market value, etc. You can definitely NOT sell the house to your brother at under its appraised value. That will be a HUGE red flag for the trustee. This is what my lawyer told me, when I wanted to sell some video equipment and musical instruments to my brother. She used the house example and said to be safe, we would need to apply the same standards to the studio equipment I was selling my brother. I decided to just sell it on craig's list instead.