Asset case

[adams8866]

Had the 341 on Friday. Trustee wants the two cars we own. With exemptions, he valued both at $11,000. My one car he valued at 4600. It is 10 years old with 110,000 miles on it. Are these figures etched in stone or are they negotiable?

[AngelinaCatHub]

Everything is negotiable. If you don't ask though, there is one answer. If he devalues one, he may let you buy the equity back if you can swing it. I cannot read minds and it depends on the good nature of your Trustee. Try it and let us all know the results. 'Hub

[lichteda]

So a question... Does the Trustee really want to liquidate the asset or negotiate a settlement with the debtor? Meaning, let’s say both agree the cars are worth $10k, can an agreement be worked out where the debtor keeps the assets and pays the trustee the value?

[tobee43]

not really, here in florida they are known ( which i'm certain florida is not the only state), but the trustee most likely just wants them to buy back the cars.

as hub points out, this can be worked out and a payment schedule can be set up for the buy back amount.

[AngelinaCatHub]

So a question... Does the Trustee really want to liquidate the asset or negotiate a settlement with the debtor? Meaning, let’s say both agree the cars are worth $10k, can an agreement be worked out where the debtor keeps the assets and pays the trustee the value?

That is exactly what I mean. Our example (one of a multitude of mistakes) we purchased our personal possessions back that were beyond exempt for 5K at 12 equal payments, no interest of 450. We made a preferential payment to our god-daughter of 5K, in which we had a 704 (?) hearing about this. I negotiated with the Trustee to also pay this back in lieu of the Trustee suing them for the recover. This caused us a very late discharge, and a later closing as it took us a year to pay off the Trustee and longer for him to distribute and close. See my dates on signature. 'Hub

[adams8866]

They want the money. 9300 lump sum or the 11,000 plus fees and interest payable in 6 months. I can borrow the money from my brother, thats not a problem, but it's the fact he is saying my car, that is so old, is worth 4600. I am getting penalized for owning my cars. That all we got. Awaiting for the my attorney to call so we can discuss this. I will keep you guys posted.

[Freddy03]

They want the money. 9300 lump sum or the 11,000 plus fees and interest payable in 6 months. I can borrow the money from my brother, thats not a problem, but it's the fact he is saying my car, that is so old, is worth 4600. I am getting penalized for owning my cars. That all we got. Awaiting for the my attorney to call so we can discuss this. I will keep you guys posted.

Can you get 2 newer cars for $11,000? If so I'd let the trustee take the older cars.

Good Luck.

[lichteda]

Hub,

Good point on the closing and discharge dates.

[keepsmiling]

They've gone nuts there in FL. Can't believe they waste their time on this stuff. Would be interesting to see what these assets actually auction for; wonder if anyone has done a study and if not, there's an interesting opportunity there. Certainly one to present to tt's and there might even be a money making opp there.

Try to negotiate with a lowball offer and if they don't budge, and then just buy something newer if that makes more sense financially

[adams8866]

My attorney got it down to $4000 and 84% of my 2011 tax refund. Very satisfied. Going to be a good year. Happy New Year everyone!

[lichteda]

Glad to hear it's working out for you Adams. It always does... but the unknowing can cause much stress. Soon we can welcome you to the discharged club!!!

[tobee43]

great news adam! glad to hear it!

[AngelinaCatHub]

My attorney got it down to $4000 and 84% of my 2011 tax refund. Very satisfied. Going to be a good year. Happy New Year everyone!

See? If you don't ask, there is only one answer. You asked and to your delight, a recovery. Ask for a payment schedule though. Here is why, borrowing from brother is new debt and you need permission from the Court (or Trustee) to get credit while in active state of bk. 'Hub

[AngelinaCatHub]

Hub,

Good point on the closing and discharge dates.

Yes but also on the really great [sarcasm] lawyer taking a year to tell us we are closed.

[keepsmiling]

Glad to hear you worked it out.