When do you find out if they are taking your assets to sell?

[ChaseDidThis]

Do they also take your tax return? I am thinking if they want the boat I might have to use that money?

I think that may vary by Trustee and circumstance, in my case the attorney said be prepared to give up 75% of my tax return to the trustee because I filed in September, but i won't know for sure until I file my taxes and provide a copy to the Trustee, then wait and see.

[ChrissyF]

or did you cosign and the friend signed as well?

Unfortunately, I only signed & I am the only one on the title.

I never should have signed for anyone else, but realistically the boat isn't my problem financially. It's paid every month. My bad judgements and lose of a job over a year and a half ago, plus the birth of my daughter have just set me back financially. If I signed for the boat and the other person wasn't paying it would have been a bad decision, the boat is basically the only thing that gets paid each month on time because I receive the payment from him.

The lawyer said I didn't qualify for Chp 13.

My attorney thinks it wont be a problem that it has no equity & not to worry about it, but I am worried. I guess I will just have to try to come up with some money to be prepared to buy it back if they want it.

Do they also take your tax return? I am thinking if they want the boat I might have to use that money?

[ChaseDidThis]

I would ask the attorney if the boat is an allowed expense in your district. If they don't allow the boat payment as part of your budget, that would free up income to pay other creditors. I understand the embarrassment issue, but you don't want circumstances from this boat to push you into a Ch.13. Definitely consult with your Attorney about this.

[music12]

i don't think they can repo the boat when you are not the sole owner and payments have been made. unless you are the only one who signed for the loan? or did you cosign and the friend signed as well?

moral of the story: never cosign a loan for ANYBODY.

[ChrissyF]

Thank you so much that explains a lot about the process. I do realize that each case is different and the same might not happen to me. As long as I will know if the boat is taken or can be bought back before it happens is what I really needed to know. I wasn't sure if you go in and they just say that they are taking the boat. If they at least give me the opportunity to buy it back is what I needed to know. It's actually a crazy situation I got myself into. Years back I signed a loan for my husband (then boyfriend) and his friend for this boat. I DON'T want his friend to know about the BK out of embarrassment, but I also can't have the boat disappear after he's been making half the payment for about 5 years now. He has better credit now & could take the loan over, but I was told if I transferred the boat I would get into trouble. I am just hoping with the economy the way it is they wont have any interest in it, but I guess I wont know until it happens. I actually haven't filed yet because of the boat situation and the friend. I could care less about it, but like I said I would have to pay him back if they took it & I don't have the money to do that. Thanks so much for the info!

[lrprn]

So basically at the 341 meeting the trustee will let you know if he/she is interested.

Chrissy, this is what happened for ChaseDidThis - it may not work out the same for you. You need to be careful here in the forums and not assume that because something happened one way for one member, it's always going to happen the same for you. That is definitely not the case.

If you filed with a lawyer, he/she will typically be notified by your trustee if there are specific assets that can't be protected completely by your state's bk exemptions that may be seized for sale or if you'll be given an opportunity to "buy" them back from the trustee.

Did you have to pay a lot to get it back or was it a reasonable amount? How long do you have to come up with the money to buy these things back? I don't have any extra money so I am a bit concerned.

Each situation and each trustee are unique as far as buying back unprotected assets go. If you filed with a lawyer, he/she can tell you what normally happens in your local court and with your assigned trustee.

Is that the only meeting you attend? What happens after the 341 meeting? You just wait the 60 days for it to be finalized?

IN 99% of Ch 7 cases, the only meeting you are required to attend is the 341 meeting. After the meeting, you wait out the 60 days to see if your trustee decides you are a no-asset case or not. If you are a no-asset case, then at some point after 60 days post-341, your case is discharged and closed. However, if you are declared an asset case, then your Ch 7 won't be discharged and closed until the asset is either paid off to the trustee or sold and shared among your creditors.

The boat still has a loan and it's 20 years old. I am hoping they have no interest in it. I still owe $7,500.00 and the boat is valued between 8-10K. I would think for them to haul it and TRY to sell it would cost them more, but you never know?

There are no guarantees in this situaiton, but given our current economic climate and the fact that there not a lot of equity in the boat, chances are you may emerge from the bankruptcy with a boat you will still owe thousands of dollars on. Have you thought about surrendering the boat to get a real fresh financial start?

[ChrissyF]

Thank you so much for the reply. So basically at the 341 meeting the trustee will let you know if he/she is interested. Did you have to pay a lot to get it back or was it a reasonable amount? How long do you have to come up with the money to buy these things back? I don't have any extra money so I am a bit concerned.

Is that the only meeting you attend? What happens after the 341 meeting? You just wait the 60 days for it to be finalized?

The boat still has a loan and it's 20 years old. I am hoping they have no interest in it. I still owe $7,500.00 and the boat is valued between 8-10K. I would think for them to haul it and TRY to sell it would cost them more, but you never know?

[ChaseDidThis]

For us, it was at the 341 meeting that the Trustee let us know he was interested in our non-exempt assets, and asked if we wanted to make him an offer to buy back any assets. We confirmed that we were interested and he gave us 2 weeks to get him more detailed info on the assets, and some of the items that he questioned the stated value on, he wanted comparisons from online sources, auction houses, etc. We compiled that info with an offer to buy back all assets, except a couple items that we were not worried about losing, he has accepted our offer and i believe is dropping interest in the items we didn't offer any money for barring any objections.

My attorney said that he may have dropped interest in more items had i not even offered him anything, but we did not want to take the chance of losing them, so we offered to buy them back.

Others at our 341 were told that he would not make a decision on their assets until he saw their tax returns, and they were responsible for those assets until he made a decision. He didn't want to hear they lost something in the next few months if he decided to go after those assets. I am so glad he didn't do that to us, he is interested in our tax returns also, but I believe our other assets are being settled with this buy back offer.

[ChrissyF]

I was wondering if someone can explain when the trustee decides to take your property? Is it at the 341 meeting or is after that? Is there any way to know? Do you attend two meetings or just the 341 meeting with your attorney?

Any advice would be appreciated.