Archive for November, 2008

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Chapter 7 bankruptcy changed to asset case

Wednesday, November 26th, 2008

When checking PACER today, I saw our flag was changed from a “no-asset” case to an “asset case”. This creates a problem, as now all creditors can file a claim with the court to get some of their money back. I don’t have a problem with repaying my cerditors… I racked up the debt.

However I do have a problem that the trustee gets to charge the bankruptcy estate $350 an hour, and gets a staged “commission” of 10-25% of all assets recovered. Of course, her and the court get their money prior to any creditors.

Remember the objection, and wanting the appraisal. We will now have to liquidate our personal property for anything they claim is above our exemption.

We now need to amend two schedules, one to show the stock as an asset as we didn’t know about it prior to the 341, and change our exemptions as my wife would really like to salvage as much of this as we can.

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Trustees objection to claim of exemptions

Tuesday, November 25th, 2008

It happened. The bankruptcy trustee filed a objection to claim of exemptions. She stated in a letter she thinks the values of our cars are over $4100 for one, and $5500 for the other. Are you kidding me? She uses the NADA book value. This is the price you would pay buying a used car from a dealer. The two cars together are probably only worth $4000 maybe a little more. In florida we get $2000 exemptions for cars. We also get a total of $8000 exemption for personal property.

We also now have to wait for an appraisal of our personal property. i.e. the contents of our house. Our big concern is the stock we just found out about. Since my wifes aunt left it to her, she is very sentimental to it. It must have taken her years to save this amount of money for my wife and her sister.

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341 meeting of creditors didn’t go well

Monday, November 24th, 2008

I knew we may have a problem when the trustee made the little old lady who was up before us cry during their meeting. But everything was in order, she had tons of documentation, and I was confident we’d sail through.

You know what happens when you assume. She did all the preliminary questions, verified identification, etc asked if we read the petition, etc. so far so, good.

Then she stated she had a problem with the values of our vehicles. As browsing through the paperwork, she had a problem with the value of our appliances… uh-oh.

She also asked about the dividend she saw. This may create a problem. Evidently it is a private utility company, and is valued at about $15000. We only get $10K worth of exemptions.

She stated, she was going to set up an appraisal for our personal property. Great. She concluded the meeting and dismissed us.

So now we have to wait to see what happens. And get an appraisal. We valued all the property just as everyone states too – (Including the attorneys we spoke to) We used e-bay, craigs list, garage sale prices, etc.

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Another week another raise in credit score

Saturday, November 22nd, 2008

Today my credit score increase went from a 532 to a 542. The credit alert from equifax stated items effecting score were not as harmful. The score is going the right direction. Up! Let’s keep going that direction.

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Bankruptcy trustee wants even more information

Tuesday, November 18th, 2008

Unbelievable! I got an e-mail from my lawyer overnight. Evidently the trustee sees a dividend on our tax return, but doesn’t see what it’s from. My wife has been getting this for about 8-10 years since her great aunt passed away. We don’t really have much info, so it’s time to dig around and check with family members.

Our 341 meeting is less than a week away! Give me a break!

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