Chapter 7 "buy back" timeline

[picjmp]

Hello to all and thanks for reading my post. I am new on this forum and this is my first post. I am located in Florida.

I filed chapter 7 in November with non-exempt assets with the idea that I would buy back my non-exempt assets from the trustee. I had my 341 early January and the trustee told me and my attorney that he would contact us within a couple weeks after the meeting to discuss the buy back and valuation of my assets. The trustee filed an objection to my exemptions about 2 weeks after my 341, due to them being undervalued on my filing and ordered to "turnover assets". I asked my attorney about this and he explained to me that he expected the objection and that it showed that my case is moving along and since the trustee had filed the objection, we should hear from him that week to discuss a buy back.

It has now been almost 6 weeks since my 341 and I have not heard a word from the trustee regarding the buy back and how much money he wants in the buy back. My question is; when does the trustee contact the debtors attorney to discuss the buy back and start the negotiation?

[Jongo]

Or when do you contact your attorney and get him/her to talk to the Trustee?

Depending on the asset(s) involved, the Trustee may be waiting until the best possible time to determine their value. A convertible is more valuable in the summer, a snow blower is more valuable in the winter...and land (houses, etc) are getting more valuable every day.

Tell us a little about the assets in question - we may be able to make some educated guesses, but your atty should be getting that timeline from the Trustee. The Trustee is obligated to move through your case in a reasonable timeframe...

[AngelinaCat]

You need to be in touch with your attorney and have him/her find out what is going on.

In our case, our 341 was in February 2008, and by April 2008, we had a trustee approved plan, which we accepted. Our first payment was May 2008.

[picjmp]

Thanks for your comments.

Yes, I contacted my attorney twice to see if there has been any communication and he said that they have been playing phone tag. Doesn't seem like my case is a priority at this point. Angelina, yours took 2 months before you had any information on the "buy back" price. I guess there is still some time. I will try to be more patient. I just seems to me that at the point when the trustee filed an objection to the value of my assets, he would have had a dollar figure in mind and I would think he would want to communicate that to my attorney so we could work out an agreement.

One of the reasons I am asking (among other reasons) is because my paid-off truck needs new tires & brakes and I don't want to spend the money getting new tires & brakes if he is going to say that I owe a lot of money to keep the truck.

[AngelinaCat]

Picjmp: Please forgive my lack of manners. Welcome to the forum.

Which part of Florida are you in? We are in Florida Middle, which cuts a swath across the state from Mayport to Lake City, and down to near Sarasota. So there is a lot of territory involved here.

Florida Middle District has at least three Courthouses and jurisdictions within: Jacksonville, Orlando, and Tampa. If there is another, I don't know. We are in the Jacksonville Courthouse district.

[picjmp]

Thanks for the welcome. I am in same district as you.