Posts Tagged ‘bankruptcy lawyer’

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Bankruptcy Trustees objection to amended exemptions

Wednesday, December 17th, 2008

Un-frickin’ Believable! The trustee has objected to our amended “Schedule C” which are the allowed exemptions. She based this due to the stock I referenced in previous posts is only in my wifes name… so SHE (my wife) is only entitled to $5k worth of the exemptions. That means we will need to file a 3rd Schedule C amendment, and I will get to choose some personal property to keep.

However, we have not yet seen an appraisal, so I’m not sure what to keep. The lawyer suggested maybe one of the cars, however I don’t want to waste an exemption based on way inflated values the trustee claims they are worth.

Merry Christmas to us. Bah-humbug.

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Filing new bankruptcy schedule B and C

Monday, December 8th, 2008

We went into our bankruptcy lawyers office today to sign the amended schedules he needs to submit. I feel horrible. My wife was crying as she is very sentimental about the stock we found out about. I spoke about this in this post We are going to amend “Schedule B” which is our personal property.

We also are changing “Schedule C” which is persoanal property exemptions. I agreed with my wife, since I caused this whole mess with my business, that we would surrender EVERYTHING and claim our whole $10K exemption as the stock. We’ll give up the cars, all our stuff, and we already knew the house is getting surrendered.

Talk about a fresh start. We will have nothing but the clothes on our backs, and our pets. I hope I can get some business stuff sold, so I can find a job. At this point I am still concentrating on selling many of the assets of the company, so I can get it out of my garage!

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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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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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