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?
Today my lawyer forwarded over a worksheet from the trustee showing what she calculated as the “overages” of the bankruptcy estate. This is the amount of property that is over and above what we are allowed to claim as exempt.
As you remember from some of my other posts, she way over valued our cars which accounts for some of the so-called overage. And then the private stock which she discovered from our income taxes, that we didn’t actually know the value of. You can read about some of that mess here.
During our 341 meeting she stated she thought our appliances were over valued as well as much of our personal property in addition to the cars. After the appraisal came in, guess what? It was about what we had claimed on our petition, and in many cases much less. (i.e. the appliances she stated were over valued on the petition… came in at $450 less than we had stated!
We now have to file a 3rd amended schedule of exemptions. As she has disputed all of them. She has also scheduled a hearing the end of February to go over this info. I’m not sure if the hearing will still be needed if she accepts this new schedule or not.
Today is day 60 after our 341 meeting of creditors. For the majority of chapter 7 personal bankruptcy cases… day 60 is the magic day. The day of discharge when you are no longer liable for your debts. Many districts around the country discharge almost automatically on day 60, and the case is closed shortly thereafter.
In our case, since we are now considered an asset case closing will not take case until the assets are sold, and the trustee distributes all the funds to creditors. However, our bankrutcy discharge can take place at any time.
We are hoping this will happen after the objections are settled and items to be surrendered are agreed upon. We’ll keep you up to date!
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.