Posts Tagged ‘trustee’

Bankruptcy Assets overage worksheet from Trustee

Thursday, January 29th, 2009

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.

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Huge problem with getting documentation

Tuesday, November 11th, 2008

I called Wachovia yesterday about the checks I had not yet received… after a run-around it was determined the department I had sent the written request to almost two weeks ago, was not the right department, and no one called me! The checks are not on the way!

I about went ballistic on the poor lady on the phone, I need copies of 400+ checks by the end of the week, to get them to our bankruptcy trustee. Not only that, but they charge $5 per check. They wanted $1200+ dollars for the copies!

I contacted my lawyer, and he stated he would call them if they gave me a problem about the charge, since it is being required by the court it should be no charge.

Well, they say unless there is a subpeona they still charge… I went off! Since I had proof in writing of the request, and they never followed up they stated they will not charge me for the copies, and send them over-night so I have them Thursday.

I’ll still need to make copies for our records, as well as the copies for the trustee, too. In the end, Wachovia even called back to let me know they were being processed and they would let me know when they shipped out.

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Still unsure about business chapter 7 bankruptcy

Sunday, November 2nd, 2008

The business has now closed, and I have moved out of the building. The good news is I have three people interested in buying many of the assets of the business. My lawyer had requested information from the trustee whether I should file a seperate business bankruptcy, or liquidate. And if any assets are sold, what happens. Does she need to approve the sale, and/or set the pricing?

It seems this is getting more stressful, and not less stressful as most people say occurs after you file. I’m sure this is due to the business, as if I didn’t have this mess to deal with it would be much easier.

It seems there are more questions than answers.

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Trustee requiring more documentation

Wednesday, October 29th, 2008

Today I got a letter forwarded from my attorney from our bankruptcy trustee. Evidently she is known as being very tough to debtors, and very creditor friendly. Hopefully this is not a big deal, and luckily for me I have documentation for EVERTHING. Whew!

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Chapter 7 no asset bankruptcy

Tuesday, October 14th, 2008

Today on PACER I see that the court has assigned a trustee to our case, and we are considered a no-asset case. That means that our personal property is exempt. The federal government as well as most states offer exemptions for personal property. This is the stuff you get to keep in a chapter 7. Chapter 7 is a liquidation type bankruptcy so if you have more assets than are allowed to be exempted these assets get sold to get some money back for the creditors.

Also, our 341 meeting has been scheduled for November 24th. This is when we meet with the trustee, and creditors have the right to attend or file a claim to get some money back. This usually happens for car payments, recreational vehicle loans, etc. They may want you to “reaffirm” a debt. This means if you did reaffirm, you would still be responsible for repayment, even after the bankruptcy. Some banks allow what they call a ride through… meaning you don’t reaffirm but you can still pay on the vehicle. If in the future… you can no longer make payments you can surrender the vehicle to them, and they have no recourse as you included it in your bankruptcy. This is the reason most banks want you to reaffirm… then you are still responsible.

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