341 Today!!!!!!!!!!!!!!!!!!! Help

[Crazy]

Ok..We had our 341 meeting today..wasn't at all the dreaded thing I invisioned. However, the trustee did say that we had nothing listed on our schedule C..and I guess sense we filed PRO SE...he advised us we had 5 days to file a HOMESTEAD DEED..and 10 days to amend schedule C...and take the exemptions we are allowed, otherwise he can take the money in our checking the day we filed and etc.

WE HAVE 5 DAYS TO FILE HOMESTEAD DEED. Does anyone know of a link or can give me any information on what we are allowed to claim under Schedule C and a homestead deed?????????

ANY HELP WOULD BE GREAT...We live in Virginia

Thanks Guys

Crazy

[StaciMM]

Not sure about the homestead deed-perhaps ask your court clerk?

For the schedules, you should have your belongs listed 2 X. Once on the personal property schedule (I think B but don't have it front of me right now) and again on schedule C to list the deduction code. If you claim no exemptions, then everything you have can be taken.

[Crazy]

Yes..that is what we did wrong...we listed our property and such on Schedule B and did NOT put it on Schedule C....He wants us to amend Schedule C in 10 days...and file the homestead Exemptions in 5 days Expemting the property we list in Schedule C.

Anyone know where to get ahold of the correct exemption codes to place on the schedule C....We are wanting to exempt the amount in our checking account on the day we filed..plus..clothes..furniture..etc.

We filed int he state of Virginia

[bkfiler]

look in pacer for your state. almost every filing will have it listed how you should do it.

[StaciMM]

Try www.bankruptcyinformation.com and/or www.bankruptcyaction.com. Both sites have links to the state exemption lists. The values may or may not be out of date (I don't know how often the #'s change or how often they're updated) but the code should not change too frequently.

[bezoar]

Another poster on this forum ran into the same thing (regarding homestead deed):

http://bankruptcyforum.com/showpost....73&postcount=2

see your county clerk down at the courthouse.

[Crazy]

Yes..Thank you I read that post before I posted mine...when I did a search.

Here is the thing that gets me. We don't own a Home...or have any property with equity.

The assests we listed in Schedule B are as follows:

Cash On Hand: 188.00
Checking Acct: 536.82
TV 50.00
Painting 250.00
Painting 350.00
Clothing 800.00
Jewlery 375.00
Accounts Recev. 1600.00
Copyright to a book: 2500.00
Inventory: 3600.00

The Accounts Receivable we will never get...we billed to customers who must be in the same position we are..never paid us...LOL

Copyright: The trustee asked if we tried to sell it..and if we got any offers..we didn't....and he didn't seem to concerned with wanting to find offers on it.

Inventory...is actually valued at $0 because the book is time sensitive and is now outdated...Trustee said that would propably not be worth the gas to even drive to see what the recycle paper would be worth.

So what is he going to want me to give him, if I don't get the homestead deed filed???

And everywhere I read...homestead deed is people trying to save their home....

Am I trying to save my Cash on Hand and Jewlery??

I'm a little Confused and the trustee wasn't real clear...no attorney is willing to see the case on such short notice....

I got a Re-affirmation problem too...but I think I am going to post it on another thread.

[bkfiler]

again, check pacer in your same court to see how they filed theirs.

not sure why he said homestead deed if there is no home but maybe he means something else and you need to list if properly.

check pacer and see if others filed the same way as you. that will hold the key

[Crazy]

I talked with my Step Daughter..she says it's Homestead Exemption..she thinks...Stuff you own to make a home...furniture...clothes...vehicle..ect.

I have been looking on PACER all night sense your first reply...I don't find anyone with a homestead filed along with their bankrupcty papers..but do see the exemptions on their schedule C.....

I am going NUTTTTTTTSSSSSSSSSSSSSSSSSSSs....

If you get a chance read my other post...also..I posted about 5 min. ago.

[AAAArt]

bkfiler has a lot of experience on PACER, so he is comfortable with getting around on it. Most if us are not as familiar with it.
Here is what I would suggest
Schedule B lists all of your assets
Schedule C re-lists all of your assets w/ a box to check if exempt.
There is a "sticky" called exemptions under one of the threads here. Go there or one of the links listed to find your states exemptions.
You prob. will be able to exempt everything. If not start with cash and from there go with whatever you want to keep most. The key to keeping "unexempted assets" is to choose things which the Trustee will not want. Tehy will take cash and jewelry in a NY minute, but I didn;t really think that the Trustee wanted my patio furniture, small kitchen appliances, unmatching chest of drawers and nightstand...things like that...and he didn't . Would have cost hime too much to have it picked up and try to sell.
You home deed is what will be listed under your states exemption as home or homestead exemption or something like that. It is because each state allows you to automatically exempt a certain amount of equity in your home. I'm not sure about the form, since I rent, but call the Trustee's clerk and ask what form it is to be listed on.
Also, be sure to check on one of the links or ask the Trustee's clerk or just call any Bk atty and ask if you are allowed in your state to choose between your state's exemptions and the federal exemptions. Often the federal exemptions are better. I think that there are somewhere between 10-20 states which allow you to use either. IL does not offer the federal option.
Now, don't panic. You really don't need to be spending money on PACER and learning how to use it for your problem (sorry bkfiler, but this one, IMHO, is too easy to have to learn PACER for).
You've only been asked to do 2 simple things and the Trustee is actually looking out for you for a change.
1. Complete Schedule C and mark exempted items...15-20 minutes work.
2. Find out the form to use for your home deed and what needs to accompany. (Either 1 phone call to the Trustees clerk or a phone call or 2 to bk atty's) and fill out the form. This should be a one page form, but it will prob ask for a valuation of your home. The Trustee may ask, "How did you arrive at a value for your home?" Rather than wait and pay for an appraisal, you can use comps. (Houses like yours in your area of town and what they sold for.) The courthouse or someplace like that will have that info or you can get this from any MLS realtor. If they push, tell them that you are in the midst of declaring Bk and that you are thinking about selling your home, but if you do that you cannot afford to make any repairs and that you will need to list it at a price low enough to practically guarantee a sale w/in 2 weeks. Use the lower of the price ranges that they give you. Do not use the newspaper to see what homes are selling for. Those are asking prices. Often you can take 5-10% off of those prices and for a forced quick sale sometimes as much as 20%, particularly if the house is not in "good show condition.
You can easily get all of the info needed and the forms completed in a day and prob. in half a day.
Good luck. Just quit being afraid and wanting to do everything perfectly and become an expert overnight. The Trustee seems to be on your side, so when you re-submit, enclose a note and ask if these are the correct forms and is this everything she needs.
Art

[bkfiler]

(sorry bkfiler, but this one, IMHO, is too easy to have to learn PACER for).
Art

damn it aaart! i was just trying to get someone to have a pacer bill as big as mine so i wouldnt be alone

well honestly, most of the petitions you pull up will have this stuff so wont cost much. also, it would go a long way toward making sure you do it like the attorneys do it without paying one. thats why i do it

[StaciMM]

Can't imagine why you would need to file a homestead deed w/ no home. But it does look odd that you have no household items. If I'm the trustee, I'm gonna want to know if you're staying in a hotel. Otherwise, you're going to have furniture, appliances, etc. HH items value won't be extravagant-if you were to hold a yardsale tomorrow its not like you're going to get back what you paid for it. You don't need to list individually-you can summarize. Household furniture, misc. small appliances, TV/VCR, DVDs/VHS tapes, etc.

[StaciMM]

Exemptions from bankruptcyinformation.com w/ their code:

Clothing to $1000 34-26(4)
Family portraits & heirlooms to $5000 34-26(2)
HH furnishings to $5000 34-26(4)(a)
Vehicle to $2000 34-26(8)
Pets 34-26(5)
Wedding & engagement ring 34-26(1)(a)

Wild Card: Unused Portion of Homestead 34-13

So it looks like you can apply the homestead exemption amount ($5000 + $500 per dependent, addtl $5000 if married) to other items. So, I'd think you can use that to exempt your cash & checking, and all of the business items if you're married. If not, pick the one you think he is least likely to bother with to NOT exempt.

[Crazy]

We don't own a home...Haven't in over 10 Years...Trying to exempt the items listed in my above post that are listed on my schedule B..otherwise Trustee said he if we don't get the homestead filed by Friday and amend Schedule C..he can take those things.
I called the clerk of court in my county today..and she said they do NOT supply the form for the homestead exemption / Deed. She said usually Attorney's file them.

My step daughter is a para-legal but in criminal cases...and contacted an attorney for me today...who is suppose to help me get it done tommorrow.

BUT MY NERVES ARE SHOT.....

I NEED A DRINK..LOL AGAIN!!!!

[StaciMM]

Did the clerk say you needed to file the homestead deed if you own no home? I can't imagine that it would even be possible. (Not like the trustee can take a home that you don't own. Maybe he had his notes crossed and forgot that you didn't own a home???)