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Converted to an asset case

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  • Converted to an asset case

    No clue what the trustee is after. We do have a second house but owe way more than it's worth. 100% of homestead exempt in FL. Hope I know what's up soon.....

  • #2
    How did you arrange your exemptions? I think you said in an earlier thread that you didn't have enough exemptions to cover everything. If you used a little bit of your wildcard to partially cover a number of assets, the trustee may see that as you trying to game the system. If you were able to cover most completely, but had to leave just one partially exposed that would look better, but the trustee may think you want to keep it and would be willing to pay the non-exempt value to retain it. If you don't care about it you could let the trustee take it.

    In my case I had one item that I could only partially exempt, my show cattle. I was willing to let them go so wasn't going to pay to retain. The trustee was then faced with taking them, paying me for my exemption amount, then housing, feeding and selling them. If I recall correctly, I claimed an exemption of $7K and an estimated value of $11-12K. The trustee stated at the 341 that he didn't want to get into the cattle business. About a week later I got the report of no distribution / abandonment of assets.

    I imagine the trustee will communicate with your attorney what he is looking at and demand a turnover of the asset(s), or perhaps a payment in compromise. Good luck.
    Case Closed > 2/08/2010

    Comment


    • #3
      Hi Bob,
      Those using the homestead in Florida do not have a wild card exemption, and the personal property exemptions are notoriously low. 1K for each of us 2K total. I am certainly not complaining because I have a TON of equity in my homestead safe thanks to the Florida laws. I just want to pay her whatever I need to, in order to get past this bump in the road. I am happy to pay the small amount I will need to pay in order to be cleared of a whole lot of debt. I am respectful of the process and completely humbled to be offered the fresh start.

      As you suggested about a wild card, My personal property exemptions didn't quite cover everything, although I probably could have made it and been able to justify it. However, I choose to error on the side of caution and honesty.... Thanks for your response, nice about the cattle!

      Comment


      • #4
        So, a serious weight has been lifted. I am going to have to pay the trustee about 1700 bucks to maintain all of my possessions. That is amazingly fair. I even had the option to pay over for months if I had wanted to.

        Comment


        • #5
          There wasn't a lot of explanation as to what happened, so if I am understanding right, the trustee just WHAM made your case an asset case or chapter 7? Not sure what the difference is, but they can just do that? What if you wanted to just say forget the bk then and take your chances with lawsuits from creditors? The more I see in these threads, the more I find out what I missed in my research before filing.

          Comment


          • #6
            Sounds like there were assets that could not be totally covered by exemptions, so the trustee has the option to abandon, seize or negotiate. In this case I am guessing the trustee offered a cash option rather than taking the uncovered items. When they do that it's generally in both parties interest since the trustee doesn't have to actually take property and liquidate it, and the debtor usually gets to buy it back for much less than it's un-exempted value.
            Case Closed > 2/08/2010

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            • #7
              @ anderson I am not sure she "Wham" made it an asset case. Many on here have stated that they knew at the 341 if the trustee wanted any of their stuff or a buy out amount. In my case I assume she needed to research some values independently and determined that I had about 1700 or some number around there I couldn't legally exempt. At that point it went from being a no asset as I filed it case, to an asset case. I am happy to pay the small amount in exchange for the huge benefit I am receiving.

              As to your question, in a chapter 7 you have no right to "opt out" once filed. Even if I could, that would be ludicrous. I am trading more than 300K in debt for $1, 700.00 dollars. Additionally I am keeping my house and 100% of the equity without chance of some creditor putting a lien on it as the result of a judgment. I will keep my lucky/ happy tail right here in Chapter 7

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