Changed to an asset case?

[jnjw]

We just had our 341 Friday. I checked Pacer today and I think we have been changed to an Asset case because now it says Asset and I am 99% sure before Friday, it said No Asset.

Does anyone know what this means? How bad is this??

Thanks in advance!

[253BK]

How does this work with chap 13 I thought all your assets were protected that is why they have chap 13???

I have a paid off truck that is worth 50-60K for our business how will that play out???

[CATCHMEIFYOUCAN]

No worries, the Trustee thinks you have assets that could be turned into money IF NEED BE to pay the creditors. You did mention you have a truck that you paid off ? 50-60k !

Mine WAS a no asset case until I bought a car (but I didn't own a house) and I was in Ch13 for a minute. When I converted to Ch7 my discharge was held up, the Trustee switched it from no asset to asset. My lawyer and I were very curious to find out what the Trustee was seeing that we didn't. It ended up being nothing.

Best of Luck, Catchmeifyoucan

[wayne-o]

my 13 was an asset case all the way through. I had house, car was paid off about 1/2 way through plan. value of both was below exemption amounts though and were never mentioned as though trustee could/would touch

[jnjw]

I talked to my atty a couple days ago. We have to file an amended plan next week, so he said we'll just wait and as soon as the amended plan is filed, we will "find out exactly what the trustee's problem is." LOL So I guess we shall see where she thinks there are some assets that she can get her hands on.

[253BK]

my problem is we have this truck that is clear worth at least 50K it is for my hauling business/only income can they take that in a chap 13 if so I will move its title

[rrockinggramma]

the purpose of a chapter 13 is to let you keep your assets. But what happens is the "you must pay what creditors would have received had you filed a chapter 7" test applies. So if your equity in the truck is 50K then your creditors should/could/would receive 50 K in your chapter 13??? Hopefully your truck does not have that much equity but that is the general idea.

[253BK]

I see what you are saying well that is what we paid who knows what its worth it gets about 8 miles to the gallon on deisel so I am sure it wouldnt be a big hit with anyone!

If we were going to file chap 7 our assets would have been only the truck and 20K in equity from our home wonder if that will change it

[CindyLou]

I wouldn't worry about it.....my brother was a no asset case and then it was deemed as asset case just because the trustee wanted his tax refund. Even 2000 dollars is considered an asset.