UPDATE: From Problems with 341 Meeting
Hello All,
As some of you already know, we had our 341 meeting on 12-13-2005. Filed Pro-Se on October 14, 2005.
PROBLEMS AT 341 WERE:
Schedule C: We didn't list any exemptions, like the $$ in our checking account, Jewelry, household items etc.
Homestead Deed: Trustee wanted us to file a homestead deed to protect our stuff..I guess...I had NO CLUE how to do this.
Trustee also wanted us to provide him with DMV Transcripts of our vehicles, in order to see if the lien holder had perfected them..if not he could take them and sell them and split the money evenly with all the creditors.
In not so many words..trustee said we needed to seek legal advice on the reaffirmation agreement we signed. It is 30,000 worth of collateral and we owe 60,000 on the debt and the agreement was for 12% interest over 4 years...and the payment is 60% of my husband's take home pay. Obviously not in our best interest. However, we felt obligated and kind of pushed by the creditor to re-affirm.
HE GAVE US 3 DAYS TO COMPLETE THIS!!!!!!!!!!!!!!!! AWWWWWWWWW
THE UPDATE:
Ok, I search HIGH and LOW for an attorney who would help me with this...after 2 restless nights...on the 3rd day I found ONE...YEA!!!! He told us that in the state of VIRGINIA you can't use the Federal Exemption, you must use the homestead exemptions set by our state, which is 5000.00 each however, that is 5000.00 for a LIFETIME. Once you exempt something, you can't take it back off, only add more dollar amount to it.
So, he explained, I am going to list your Federal Income Tax Return on the Homestead deed as $1.00, that will protect it. If the trustee says he wants that return, and the return ends up being $500, then at that time, we just AMEND the Homestead deed to $500, but if the trustee see's that it is homesteaded then he probably won't mess with it, and we have saved $499 of our lifetime exemption.. I THOUGHT...HOLY COW that is SMART
So basically that is what we did on the homestead deed. The attorney sat down with us, and hand filled out the amended schedules..and I took them home and typed them and then filed them myself....the attorney said that would save me $$$, because if he did the filing he'd charge me..I thought that was nice of him to save me dollars. He fixed my schedules, drew up my homestead deed, gave me advice on the reaffirmation and only charged me $135. BEST $135 dollars I ever spent. PEACE OF MIND WAS WORTH MORE... Hell, he's retainer for bankruptcy starts at $1000.
Ok, so I got everything filed with 3 HOURS to SPARE......ONE STIFF DRINK LATER...I was a HAPPY CAMPER!!!!!!!!!!!!!
I still have to fix the re-affirmation: I have to send a letter to the creditor stating that we wish to cancel the aggreement, then file that letter along with the agreement with the bankruptcy court. Then, we will have NOT reaffirmed the loan. The law gives us till our discharge date or 60 days after the orginal agreement was filed, which ever gives us more time. So, we have till the discharge. I want to get it done now.
Can anyone help me word a letter to the creditor, cancelling the Re-affirmation agreement?
Thanks for all your help,
Crazy
As some of you already know, we had our 341 meeting on 12-13-2005. Filed Pro-Se on October 14, 2005.
PROBLEMS AT 341 WERE:
Schedule C: We didn't list any exemptions, like the $$ in our checking account, Jewelry, household items etc.
Homestead Deed: Trustee wanted us to file a homestead deed to protect our stuff..I guess...I had NO CLUE how to do this.
Trustee also wanted us to provide him with DMV Transcripts of our vehicles, in order to see if the lien holder had perfected them..if not he could take them and sell them and split the money evenly with all the creditors.
In not so many words..trustee said we needed to seek legal advice on the reaffirmation agreement we signed. It is 30,000 worth of collateral and we owe 60,000 on the debt and the agreement was for 12% interest over 4 years...and the payment is 60% of my husband's take home pay. Obviously not in our best interest. However, we felt obligated and kind of pushed by the creditor to re-affirm.
HE GAVE US 3 DAYS TO COMPLETE THIS!!!!!!!!!!!!!!!! AWWWWWWWWW
THE UPDATE:
Ok, I search HIGH and LOW for an attorney who would help me with this...after 2 restless nights...on the 3rd day I found ONE...YEA!!!! He told us that in the state of VIRGINIA you can't use the Federal Exemption, you must use the homestead exemptions set by our state, which is 5000.00 each however, that is 5000.00 for a LIFETIME. Once you exempt something, you can't take it back off, only add more dollar amount to it.
So, he explained, I am going to list your Federal Income Tax Return on the Homestead deed as $1.00, that will protect it. If the trustee says he wants that return, and the return ends up being $500, then at that time, we just AMEND the Homestead deed to $500, but if the trustee see's that it is homesteaded then he probably won't mess with it, and we have saved $499 of our lifetime exemption.. I THOUGHT...HOLY COW that is SMART
So basically that is what we did on the homestead deed. The attorney sat down with us, and hand filled out the amended schedules..and I took them home and typed them and then filed them myself....the attorney said that would save me $$$, because if he did the filing he'd charge me..I thought that was nice of him to save me dollars. He fixed my schedules, drew up my homestead deed, gave me advice on the reaffirmation and only charged me $135. BEST $135 dollars I ever spent. PEACE OF MIND WAS WORTH MORE... Hell, he's retainer for bankruptcy starts at $1000.
Ok, so I got everything filed with 3 HOURS to SPARE......ONE STIFF DRINK LATER...I was a HAPPY CAMPER!!!!!!!!!!!!!
I still have to fix the re-affirmation: I have to send a letter to the creditor stating that we wish to cancel the aggreement, then file that letter along with the agreement with the bankruptcy court. Then, we will have NOT reaffirmed the loan. The law gives us till our discharge date or 60 days after the orginal agreement was filed, which ever gives us more time. So, we have till the discharge. I want to get it done now.
Can anyone help me word a letter to the creditor, cancelling the Re-affirmation agreement?
Thanks for all your help,
Crazy
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