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.
Tags: bankruptcy lawyer, bankruptcy trustee, chapter 7, personal bankruptcy, property appriasal