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    Trustee hiring a Law Firm

    Today I recived a letter in the mail and it reads like this.

    The Trustee desires to hire the law firm of "name" to handle general representation of the trustee and litigation matters arising in this case, specifically to assist the Trustee in investigating the Debtors' purchase of assets pre-petition, and if necessary, file fraudulent conveyance,preference or recovery actions,and to generally assist the Trustee in the administration of this case.
    Now I am worried the only thing The Trustee brought up at our 341 was our new truck bought in June 2005 and was talking about the Lien being filed in 20days allowed by law. After the 341 our lawyer said it noting for us to worrie about just the Bank holing the title. Well of course I call him today and his voice recorder says he will be out for minor surgury to leave a message and he will return calls later. I and worried about the File Fraudulent Conveyance part what does it mean and it this about the truck or is this something elese.

    #2
    hmmm, did you check pacer after your 341 to see if the trustee listed anything?

    Comment


      #3
      I checked pacer nothing added except the letter I recived in mail today.

      Comment


        #4
        Originally posted by messedupbad
        Today I recived a letter in the mail and it reads like this.

        The Trustee desires to hire the law firm of "name" to handle general representation of the trustee and litigation matters arising in this case, specifically to assist the Trustee in investigating the Debtors' purchase of assets pre-petition, and if necessary, file fraudulent conveyance,preference or recovery actions,and to generally assist the Trustee in the administration of this case.
        Now I am worried the only thing The Trustee brought up at our 341 was our new truck bought in June 2005 and was talking about the Lien being filed in 20days allowed by law. After the 341 our lawyer said it noting for us to worrie about just the Bank holing the title. Well of course I call him today and his voice recorder says he will be out for minor surgury to leave a message and he will return calls later. I and worried about the File Fraudulent Conveyance part what does it mean and it this about the truck or is this something elese.

        "Fraudulent Conveyance" is where a debtor transferred an asset to hide it from the courts. Did you happen to transfer ANYTHING at all in the past 2 years for below FMV especially to an insider?

        Comment


          #5
          Its probably a form letter that you received. When I was looking thru cases on Pacer for my trustee, I found a few w/ notices about retaining a law office for the trustee. Guess whose it was? HIS. My guess is that they can bill the BK court for investigation time, and make a little money on the side.
          Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

          Comment


            #6
            Originally posted by messedupbad
            Today I recived a letter in the mail and it reads like this.

            The Trustee desires to hire the law firm of "name" to handle general representation of the trustee and litigation matters arising in this case, specifically to assist the Trustee in investigating the Debtors' purchase of assets pre-petition, and if necessary, file fraudulent conveyance,preference or recovery actions,and to generally assist the Trustee in the administration of this case.
            Now I am worried the only thing The Trustee brought up at our 341 was our new truck bought in June 2005 and was talking about the Lien being filed in 20days allowed by law. After the 341 our lawyer said it noting for us to worrie about just the Bank holing the title. Well of course I call him today and his voice recorder says he will be out for minor surgury to leave a message and he will return calls later. I and worried about the File Fraudulent Conveyance part what does it mean and it this about the truck or is this something elese.


            Actually I re-read your post and it looks like they are just investigating a purchase, probably your truck "and if necessary" anything else such as transfers. Not sure of what they are looking for though. Only your lawyer can assist you in this one. Most of us here will be pretty much guessing. One question though, did you happen to put a down payment on the truck with a credit card or cash advance? Maybe they want to know how can you afford the truck, but not you credit card bills. Keep calling and bothering your lawyer.

            Good luck

            Comment


              #7
              We traded a Jeep in to buy the truck. Son recked our old truck sold it to a junk yard for $750.00 but we listed that on our records that we filed he did not ask us any questions about it. Could he have forgotten thay we sold the truck to the recking yard. We were told at the recking yard it could be sold for parts, scrape, or the whole truck could be sold if someone wanted to fix it up.

              Yes we used a Discover check for a $1000.00 for the down payment. The new truck payments are 165.00 more than the jeep we traded in. So far Discover has not said anything about the Discover check. it was in June
              Last edited by messedupbad; 12-02-2005, 03:25 PM. Reason: left something off

              Comment


                #8
                I recived a phone call from my Lawyer tonite at first he was also puzzled but after I said only thing the trustee said at our 341 was about the bank/car lot perfecting the lein on the Truck we bought in June he said they had to file a lien within the 20 days. My Lawyer said yes that is most likley what it is. He said he is going to call the Trustee early next week and ask him what he attends to do, and then he will get back to me he said it will take most of the week. He did say he has seen some trustee work out a deal with the bank, and I countine to pay them as normal. He also said I could end up paying the trustee to keep the truck.and then he has seen some just claim the truck and sell it some of the money goes to the Bank and some to the credit card companies. We dont have any cash to buy back our truck and My dear Hubby is really Mad he needs the Truck for work are other car is a 1991. But we really dont have a clue what to think. The Trustee hired 6 Lawyers and two assist at $225/$90 each per hour so he must really think there is some money in taking our truck. I feel like nothing good happens for me. I am going to talk to hubby and let him know about lossing his Truck." this caint really be happening"?. Then I bet this Trustee says since we have no Auto loan any more we then he will push us to a 13.

                Comment


                  #9
                  this is an example of the type of situation that i have been mentioning here and there about making the expenses so close to the income that if something happens (like the car payment in this case) that we could be forced into a chapt 13.

                  one huge annoyance that i have had from thte start with all the attorneys i went to was this exact problem. they all wanted to nice and cleverly make the income just slightly above the expenses. i asked them what happens if somethtign is not excepted and i got the typcial response of someone that doesnt give a crap, only thinks about 200 clients and that most of them pass anyway so what does it matter to him, etc, etc... hated it.

                  i made sure i listed every single thing i paid for and they still left out some things at the office lol.

                  i recommend you start going back over your expense list and make sur eyou have covered everything. by the way, changing it later will make you look un-credible so if i was you id make the changes now and tell the attorney to do it free if he can. doesnt costs him a dime to change the expense sheet. hell do it yourself and submit it lol. do it before the trustee trys to push you into a chap 13. be ready to prove the additional expenses.

                  did you know you should have life insurance, health insureance and auto insurance at much higher levels now that you are in bk and you will have to pay for all liabilites when they come up from now on? think about that.
                  Im not an attorney or a trustee. You cant trust me either though!

                  [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                  [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                  [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                  [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                  Comment


                    #10
                    If the bank did not record the title to your vehicle in 20 days and take their lien against it, then they do not have a valid lien against the vehicle. Thus the Trustee can take it as belonging to you "free and clear of liens" and SELL IT..... for money for the creditors.

                    This happens A LOT ----- One of the girls I work with is going thru this same thing right now..... She bought a new car about 3 months before she filed fo divorce and claimed bankrupcy....

                    The bank did not put their lien on the car within the 20 day period. Thus, now she has to buy her car back from the Trustee for $25,000 in order to keep it..... otherwise it will be sold. Bank just takes a big loss..... her debt too them will be discharged as they become and unsecured creditor....

                    Folks, PLEASE CHECK you liens and title on property, vehicles to make sure they are in order - don't depend on you attorney to do this for you - they WON'T....

                    Minny
                    Minny

                    "It's amazing the paths that our feet sometimes follow in life".

                    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                    Comment


                      #11
                      minny, but didnt they put a lien on it sooner or later? if it happens before you file bk then its as if it had the lien from the get go right?im still confused about this perfected lien stuff.
                      Im not an attorney or a trustee. You cant trust me either though!

                      [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                      [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                      [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                      [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                      Comment


                        #12
                        Minniy when you said this happen to a friend a work and she has to buy the car from the trustee. Did she get to make payments or did he want a lump sum. Can you use the 722 thing to by back your car does anyone know about that.

                        Comment


                          #13
                          If the lender didn't put a lien on the truck, then its like you own the truck free & clear and you have an unsecured loan (not a truck payment). So-if the trustee takes it, you no longer have a truck payment.

                          You can't redeem that vehicle because if that is the case, because you already 'own' it technically. You could possibly buy another vehicle, late model low mileage lease turnin, by going thru 722redemption.com's replacement program.
                          Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

                          Comment


                            #14
                            Originally posted by StaciMM
                            If the lender didn't put a lien on the truck, then its like you own the truck free & clear and you have an unsecured loan (not a truck payment). So-if the trustee takes it, you no longer have a truck payment.

                            You can't redeem that vehicle because if that is the case, because you already 'own' it technically. You could possibly buy another vehicle, late model low mileage lease turnin, by going thru 722redemption.com's replacement program.

                            Correct again staci! One other issue with this too and this is why Minny can't claim a homestead exemption and that is the unperfected items such as a car or mobile home gets lumped in with personal property, so if they take your 25,000 car and your state has a 1500 exemption, you don't even get the 1500 since this is personal property. So much for the trustee working for the creditors. It's become clear that they work for themselves.

                            Comment


                              #15
                              I can't begin to understand how they can get away with that.

                              Originally posted by FoolAndHisMoney
                              Correct again staci! One other issue with this too and this is why Minny can't claim a homestead exemption and that is the unperfected items such as a car or mobile home gets lumped in with personal property, so if they take your 25,000 car and your state has a 1500 exemption, you don't even get the 1500 since this is personal property. So much for the trustee working for the creditors. It's become clear that they work for themselves.
                              Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

                              Comment

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