Steve's Bankruptcy Blog » Bankruptcy

Trustee requesting taxes

admin — Mon, 04 May 2009 18:34:20 +0000

Got a call from my bankruptcy lawyers office today. The trustee is inquiring about our taxes. (Remember we have to surrender any refund we may get) At this point my accountant hasn’t got them finished. So we will have to wait. This should be the last thing… so we can get this finished once and for all.

Time to surrender stock certificate

admin — Fri, 24 Apr 2009 20:27:31 +0000

Well… We got a call from our lawyers office to contact the private stock issuer that my wife has to surrender.

After calling, the trustee instructed him to request the original certificate, and sell the shares so the estate can get it’s money.

My waife was able to keep a couple shares as her exemption in the bankruptcy estate. As you recall, she was very sentimental as this was left to her by a great aunt… and had no idea it had much value.

We tried to keep it… but with out PIA trustee, it was not possible. And with virtually no money ourselves there was no way to keep it.

The wife is not a happy camper today… this makes my life rough. I wish I hadn’t put her through this.

Not much happening on pacer

admin — Tue, 21 Apr 2009 20:26:06 +0000

There has not been any activity with our bankruptcy case in a couple weeks. Just wondering what is going on now.

My suspicions were right about our bankruptcy trustee

admin — Tue, 07 Apr 2009 13:10:04 +0000

As you saw from my last post, the court got virtually nothing for everything we surrendered as part of our bankruptcy estate.

All along I had suspected the trustee of trying to get us to buy our stuff back at the appraised value. This way… she makes more money, by more “commission” and the bankrupt parties get to keep their stuff. I suspect most people want their stuff… so they pay appraised values.

It is a pain… having to give everything up. This is stuff we have had for years, for some items there was sentimental value… I gave up all my tools, household repair items, like I said pretty much everything. I imaging for a lot of people this would be difficult, and they decide not to. In our case, since we wanted a true “fresh start” and with giving up the house (2800 square feet) and moving to a small apartment, we new there would not be room anyway.

Bummer.

My creditors get screwed by the bankruptcy trustee

admin — Mon, 06 Apr 2009 19:38:52 +0000

I can’t believe my eyes. I checked pacer, and saw a report of asset sales from the trustee. If you remember, the trustee had an appraisal done to find the value of our property, as she disputed the value 3 times we finally worked out what she called the overages… then agreed to the value.

With our cars and all our belongings not counting the stock certificate my wife has to surrender, she stated it was worth almost $20K if we had wanted to keep it, this is what we would have needed to pay the estate.

BUT NO… In our opinion it was way over valued, especially the cars… so we gave everything up. Assuming that when sold, the minimum bids would be the appraised values, and my cerditors would actually get something out of it.

Well… all our stuff was auction and purchased for a whopping $1800 yes, thats right… what she valued at almost $20,000.00 got sold for $1800.

So take the trustees cut (about 10%) sales tax to the state of florida, fees associated with the sale… theres probably only a couple hundred dollars left… and remember she gets $350 an hour to manage the estate.

That leaves NADA for the creditors.

In New Apartment after a Long Drive

admin — Sat, 04 Apr 2009 16:34:48 +0000

We finally made it to our new apartment in the Midwest. It took a day longer drive than anticipated, because we had 14 hours of rain, wind, tornado warnings and more!

The truck was a monster, it basically bounced the entire trip… stuff kept falling off the seats and consoles, thought more than once my cell phone bit the dust!

Gonna check pacer tonight and see if there are any new events.

Countrywide mortgage is so slow in foreclosure

admin — Tue, 31 Mar 2009 13:28:46 +0000

I called Countrywide back again today to see if there is anything we can do to get our name off the deed since we are surrendering and vacating the house. I let them know we would be vacating the home tomorrow. Basically they said… just send the keys to my lawyer. So thats what I’m gonna do!

Utilities are scheduled to be turned off this Friday. Wonder how long it will take the pool to turn green?

Really hectic getting ready for the move

admin — Sat, 28 Mar 2009 19:20:11 +0000

Well… We are getting ready to get the big move rolling. We sold most everything that I was allowed to keep per my exemptions, to get the money for truck rental and apartment security deposit. The buyer of our bankruptcy estate didn’t want our couch or loveseat, as they were badly cat damaged! (Thank goodness for cat claws!) So he didn’t take them… that means we actually have furniture to sit on!

Other than that and a bedroom set I keep from my allowed exemptions is pretty much all we have to our names. We will have a little in savings now, after paying for the truck and security deposit.

Bankruptcy sale items got picked up

admin — Wed, 25 Mar 2009 18:41:05 +0000

The buyer of our surrendered bankruptcy estate came and picked up the stuff today. I hinted to try and find out what he paid… to see if he paid close to the appraised value which is what we would have had to pay to keep the property.

Based on his response… I’m guessing not. His quote was

I don’t want you to feel bad

The point of all this is to get money for the creditors… but it seems like the only one making money is the trustee.

Bankruptcy Sale Our Stuff was Sold

admin — Mon, 23 Mar 2009 21:27:27 +0000

I got a call from the buyer of the bankruptcy estate items we surrendered. He scheduled pick up for tomorrow. Thats a big issue off my mind. We are getting ready to move on April 1st, and thats less stuff to be in the way. I wonder how much they got. The appraisal was about $2400 – which is what they would make us pay if we chose to keep it.