I had posted earlier that the trustee is demanding that I pay $X to buy back my assets - some are small personal stuff, the main one is equity in the house in excess of the exemption. My attorney recommended that I write a letter to the trustee with an offer. The worst the trustee can do is to say no.
Anyway, in the letter, I said that it would be prudent that the recoverable value of the house be reduced by 6% of the sales price (I had bought the house on the eve of BK), and not even attempting to reduce the recoverable value of the personal items (which undoubtedly there would be, but I thought it would be good to just let the trustee have that as extra.)
I am thinking that my trustee would have to be a real hardass to not accept this (unfortunately he did not give out the impression of being any kind of softie at the 341 meeting.
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I also asked to be allowed to make 2 payments, one now and one after the new year, as I am getting the money by taking an early distribution of my IRA, and spreading the tax liability would be beneficial for me.
If the trustee responds that he'll take the 6% haircut, but must be paid now, I'll take it!
Anyway, in the letter, I said that it would be prudent that the recoverable value of the house be reduced by 6% of the sales price (I had bought the house on the eve of BK), and not even attempting to reduce the recoverable value of the personal items (which undoubtedly there would be, but I thought it would be good to just let the trustee have that as extra.)
I am thinking that my trustee would have to be a real hardass to not accept this (unfortunately he did not give out the impression of being any kind of softie at the 341 meeting.
)I also asked to be allowed to make 2 payments, one now and one after the new year, as I am getting the money by taking an early distribution of my IRA, and spreading the tax liability would be beneficial for me.
If the trustee responds that he'll take the 6% haircut, but must be paid now, I'll take it!
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