Trustees Initial report

[bilbo]

Should I be able to read anything on this or not? Pacer just shows it was filed but I didn't know if it should be a readable document or not
Thanks

[bkfiler]

if its a readable document then you will be able to click on it. im not sure what it is either at the moment.

[bkfiler]

Initial Report - select this option for cases that are determined to be asset cases.

The following entry will appear on the case docket:

Initial Report of Assets - Trustee has found assets in this estate to be administered for the benefit of creditors, or believes there is a likelihood that such assets will be recovered within a reasonable period of time. The Trustee requests that notice be sent to creditors fixing time for filing claims.


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is your case an asset case?

[bilbo]

NO, no asset as of now. But he may change it to asset cause he is taking my tax refund--but that is the only asset. I just had my 341 last week. All it says is Trustees Initial Report--can't open any document on it. I didn't know if I should be able to or not

[bkfiler]

the trustee has several options to 'title' a case. one of them is as described above. it means he smells assests. i think that is whats going on in your case. probably the tax that you are mentioning.

[bilbo]

Most likely--lastyear I got back Tooooo much so he is hoping I will get the same this year. lol I just wanted to be able to read his report--after all all of MY stuff is available for public consumption. lol

[bkfiler]

did you see your headers/titles change from asset: N to asset: Y by any chance? thats on the initial screen when you first enter your ss# in the query.

[bilbo]

NO, it still says no asset so far.....Maybe it's just a report he files after the 341?

[bkfiler]

i still think it means he going to set it as a asset case.

[bilbo]

Probably cause he is taking my tax refund. But boy, is this great--looks like the trustee will be getting a few thousand from my Federal return--and I will owe $489 on the state return. At least the apporx 20% the trustee is supposed to return tome will almost pay it. And I thought I had adjusted my withholding so I wouldn't get such a big refund this year......

Man, I need to call my employer--they are not deducting properly for my state income tax

[bkfiler]

you might be able to keep some of that to pay the taxes owed on the state. im not sure how that will work. ask your attorney.

[bilbo]

No can ask attorney--I am pro se. lol But the Trustee said he would only take the percentage of the federal return that equals the % of the year prior to filing and return the rest to me. By my estimate he will get 80% so my portion will almost pay for my state taxes.

You are right about the report. I had to go run my pacer bill up. On cases that were still deemed no asset after 341 it says" Trustees report of no distribution and 341 held" On asset cases and the ones he is taking tax returns it says "Trustees Initial report"(of assets found I am assuming)
Later on in the cases where the only asset was the tax refund the trustee enters an Inventory of assets listing the Tax refund and sending notice to creditors to file claim.
As long as I don't get a motion to convert to 13 I'm cool with it all.

This waiting is just tooo stressful. I had to wait 92 days just for my 341--now am only 8 days into the 60 days.....

[bkfiler]

i wonder if you cant exempt it if you have more exemeptions left to cover it.

assets have nothing to do with a chapt 13 conversion. what your left over disposable income is is what determines that.

[bilbo]

I believe I am already maxed out on my allowable exemptions(or very very close). Already used the wild card. I already filed a few amendments so I would rather just let it go rather than try to exempt now and have my case picked over...Especially since I am a pro se.....if ya know what I mean......

If I had an attorney it might be worth looking at.

[bkfiler]

dont forget the mothod of using the exemptions on things that the trustee will take very quickly - cash, jewels, taxes and the like and leave some things unexempted that he is less likley to take.

remember that on items like cars if you are using an exemption to help cover that then dont overlap it with the wild card. maximize your exemptions. also, if you have something worth a market value $1000 for example and only have $600 left for an exemption then the trustee may not be likley to take it from you.

along those lines i know you set the amount for each exemption - i wonder why attorneys dont set all exemptions in each major item at a few hundred less for each item adn thus leave more to exempt on other things lol. man i would would make a trustee hate me lol