Woohoo, payment in full for asset buy back sent!

[gemsnroses00]

I sent in a check for payment in full for the asset buy back on Monday! I'm so relieved and feeling great! I have read it can take up to 6 months to wrap this up, and of course I have read a few horror stories of it taking a lot longer too, but generally, IS the time frame about 6 months? Also, does anyone know what happens after that point, will we receive official documents showing we fulfilled the financial obligation to pay the note in full? I'm so ready to move forward!!!!!

[lrn]

what is the meaning of asset buy back?

[AngelinaCat]

what is the meaning of asset buy back?

Hi lrn. An 'Asset buy back' is what happens when your exemptions do not cover all of the things you own. Some states' exemptions are more generous than others. Also, some states will allow you to use Federal Exemptions, when those are more generous than the state's exemptions.

Florida is not one of those.

We had more stuff than the exemptions covered, and those things became property of the BK Estate. Our trustee offered us the chance to buy these items back from the BK Estate, which we did. If we did not accept the offer, then the trustee would off the items to the public for the highest bid he could get.

[gemsnroses00]

Hi AngelinaCat,

Maybe you can point me in the right direction since you had a buy back too. Would you be able to give me the run down on what happens after sending in the final payment for paying the note in full? I'm also wondering if anything change in pacer?

Thank you!

Hi lrn. An 'Asset buy back' is what happens when your exemptions do not cover all of the things you own. Some states' exemptions are more generous than others. Also, some states will allow you to use Federal Exemptions, when those are more generous than the state's exemptions.

Florida is not one of those.

We had more stuff than the exemptions covered, and those things became property of the BK Estate. Our trustee offered us the chance to buy these items back from the BK Estate, which we did. If we did not accept the offer, then the trustee would off the items to the public for the highest bid he could get.

[AngelinaCat]

We didn't see any payout statements until toward the end before Closing. We made 12 monthly payments of $450.00, for a total of $5400.00 for our stuff. The trustee did give us a discount. Had we paid the full amount, it would have been closer to 7K. We started in May 2008 making these payments, and the last one was made April 2009. Our case was Closed on November 3, 2009.

Anyway, our major creditor was the IRS, and that is where this money ended up going to. A medical provider tried to get their claim prioritized above that of the IRS, but that was disallowed. One reason it took so long for the case to Close, is because of the back and forth wrangling in the BK Court about this medical provider.

But about a month or two before we were Closed, we started seeing things on PACER like a 'Final Audit Report' and things of that nature.

Does that help give you a timeline?

[IBroke]

Hi lrn. An 'Asset buy back' is what happens when your exemptions do not cover all of the things you own. Some states' exemptions are more generous than others. Also, some states will allow you to use Federal Exemptions, when those are more generous than the state's exemptions.

Florida is not one of those.

We had more stuff than the exemptions covered, and those things became property of the BK Estate. Our trustee offered us the chance to buy these items back from the BK Estate, which we did. If we did not accept the offer, then the trustee would off the items to the public for the highest bid he could get.

My mum is in the same situation. She has about $1,300 in unexempt assets (exceeding the laughable $1,000 exemption) and she is currently repaying the trustee in installments (2 of 4 already paid).

[gemsnroses00]

Yes, thank you!

We didn't see any payout statements until toward the end before Closing. We made 12 monthly payments of $450.00, for a total of $5400.00 for our stuff. The trustee did give us a discount. Had we paid the full amount, it would have been closer to 7K. We started in May 2008 making these payments, and the last one was made April 2009. Our case was Closed on November 3, 2009.

Anyway, our major creditor was the IRS, and that is where this money ended up going to. A medical provider tried to get their claim prioritized above that of the IRS, but that was disallowed. One reason it took so long for the case to Close, is because of the back and forth wrangling in the BK Court about this medical provider.

But about a month or two before we were Closed, we started seeing things on PACER like a 'Final Audit Report' and things of that nature.

Does that help give you a timeline?

[joshuagraham]

Well, not so fast. By buying back, all you have done is authorized the trustee to offer the amount that you agreed to for the auction that will be done at the court. I'm sure that in 99.9999% of the time, this is sufficient. Once that auction takes place, and presuming no one outbids you, you will then have officially bought your stuff back.

[gemsnroses00]

[gemsnroses00]

Well, not so fast. By buying back, all you have done is authorized the trustee to offer the amount that you agreed to for the auction that will be done at the court. I'm sure that in 99.9999% of the time, this is sufficient. Once that auction takes place, and presuming no one outbids you, you will then have officially bought your stuff back.

[tobee43]

Well, not so fast. By buying back, all you have done is authorized the trustee to offer the amount that you agreed to for the auction that will be done at the court. I'm sure that in 99.9999% of the time, this is sufficient. Once that auction takes place, and presuming no one outbids you, you will then have officially bought your stuff back.

where in the world you are getting your information? is this to scare people?

have you filed bk? the way it works is one is absolutely allowed to buy back their assets and they do not open anything up to an auction unless one doesn't chose to buy them back from the trustee. i'm 1000% sure of that. no need to tell people that buying their assets back puts them in such a position, it's simply or 1000% not so.

example of this is a car may be over the exempt amount allowable. the trustee gives the debtor the opportunity to buy back the difference it happens every day. the car does not go to the highest bidder in an auction.

[IBroke]

Well, not so fast. By buying back, all you have done is authorized the trustee to offer the amount that you agreed to for the auction that will be done at the court. I'm sure that in 99.9999% of the time, this is sufficient. Once that auction takes place, and presuming no one outbids you, you will then have officially bought your stuff back.

If this info would be accurate (which I highly doubt it is), there would have to be an auction on EVERY BK-case. After all, you can never be sure how much certain items might go for. Following that logic, an auction could even turn a no-asset case into an asset case...

So I have to agree to what tobee43 wrote.

[tobee43]

me too, i have to agree with me

now there is a time when a trustee will sell assets, and items can be auctioned off, but that's a different story.