We just got back and it went smoothly for us. We went a half an hour early and watched about 6 other cases go through before us.
Questions we were asked:
The only other item she brought up was our mortgage and whether or not we are going through a loan modification. Our attorney said it went really well and for us not to worry. He said he didn't see any issues with us getting a discharge in 60 days. He did want us to come to a decision about our house because it's value @ $276K and we paid $362 and still owe $345K...we can barely make ends meet now with the mortgage payment that he's urging us to really think about the house and whether or not we need to have it right now.
Also, just for reference we are over median ch 7 filers with income of about $105k. Went through several attorneys who automatically wanted us to be put in ch 13 because of our income before we found our attorney. My advise is to interview a lot of attorneys and it's not about income so much as justified expenses. The trustee didn't ask me anything about my expenses even though I worried she would grill us on our food bill.
What I witnessed from observing other people:
Questions we were asked:
- What is your full name?
- Did you read your petition thoroughly? Is your petition accurate to the best of your knowledge?
- Has anything chnaged in your petition?
- How did you reach the value of your home?
- To our attorney, she asked if the US Trustee was appointed and my attorney said none because we passed the means test. It turns out that attorney forgot to include our 3 kids in one part of the petition but included in the means test. She joked with us on that one and said she understood our expenses now.
The only other item she brought up was our mortgage and whether or not we are going through a loan modification. Our attorney said it went really well and for us not to worry. He said he didn't see any issues with us getting a discharge in 60 days. He did want us to come to a decision about our house because it's value @ $276K and we paid $362 and still owe $345K...we can barely make ends meet now with the mortgage payment that he's urging us to really think about the house and whether or not we need to have it right now.
Also, just for reference we are over median ch 7 filers with income of about $105k. Went through several attorneys who automatically wanted us to be put in ch 13 because of our income before we found our attorney. My advise is to interview a lot of attorneys and it's not about income so much as justified expenses. The trustee didn't ask me anything about my expenses even though I worried she would grill us on our food bill.
What I witnessed from observing other people:
- Make sure to review all your paperwork and list all assetts An older lady had taken out a $70k annuity and she was getting grilled on that. She also didn't list an assett that her husband left her in the will. She couldn't tell the trustee what she spent that $70k on. She also had $100K in credit card because she co signed for other people and they rung up the credit card debt.
- Another lady had to hand over her wedding ring because it was valued at $25K. I cried when I saw that one. The lady was sobbing as well. The trustee tried to be gentle about it and said she could buy it back and could do payment arrangements but only for a few months not years.
- Another lady had filed BK 3 times and got grilled for a long time by the trusteee. It was clear that the trustee was not happy with her.
- Another lady had filed ch 13 and then had to convert to a 7 and was asked what her intentions were and why she was converting to a ch7
- Report of No Distribution 
Comment