Asset case

[justbroke]

The Trustees just quickly use the Kelley Blue Book or Black Book to determine a price. They use "clean retail" in Florida. They do not look at the condition or any other mitigating factors. This is why a good attorney will call the Trustee, lawyer to lawyer, and tell them the condition and mileage on the car. The Trustee will usually back down.

Such is the case here. There is never a point to get overly excited when the Trustee first claims your property is worth more than you have estimated. In some cases, yes, you actually are using the wrong value. In most cases, however, the Trustee is just using numbers pulled out of the book without regard to condition and age. It's that simple.

Florida is not so bad and $11,000 to liquidate for a Bankruptcy Estate is nothing to sneeze at.

[biotechsolution]

Are you sure he isn't going to go after your tax return? How did you exempt the tax return?

[keepsmiling]

Are you sure he isn't going to go after your tax return? How did you exempt the tax return?

You missed the "they are taking 84%" part

[adams8866]

Cut the check to the trustee yesterday, all is signed sealed and delivered. My 60 days is up on Valentines day.......here's to waiting for discharge. (happy dance)!!!!!

[JackBondLove]

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.

You are not getting penalized for owning your own cars. Perhaps you could say that you are being penalized for not putting your assets into an IRA, and leveraging your cars - well, that's just a case of less than ideal BK planning. You have non-exempt assets that MUST be surrendered to the trustee in a Chapter 7. You surrender your assets so that you can get your debts discharged. No pain, no gain.