Creditor objection to my plan

[kags1969]

I have filed a chapter 13 and one of my creditors is filing an objection. They are questioning my living expenses, saying I am sheltering assets, and undervaluing assets and want outside appraisals and also want three months worth of bank statements for living expenses. What do I have to do? I have contacted my lawyers office and am waiting for a return call... just looking for some advice.

Chris

[SinkingFast]

When you turned in your docs to your attny, weren't utility bills, bank statements, and such part of the pile of things you gave them??

When we turned over our docs, our attny was very thorough. We had to give them the last 3 bank statements, 3 months of utilities bills, info on our Renter's insurance and auto insurance policies, our lease on the house we rent, our mortgage on the house we cannot sell, you name it. The paralegal said she would scan all our docs into their system incase our # gets pulled for audit. The attny would be prepared in advance. The only thing they don't have hard copy of is what we spend on food and gasoline, and our vehicle maintenance bills.

Who does the Creditor expect to pay for the appraisals?? Our attny has a guy who does Households for a $100 fee. If we didn't trust the valuation we'd given the attny, they could arrange for this guy to come by for us. Then there would be no question. We went high side anyway, so we're not worried there. Maybe your attny has an appraiser he/she works with that can do that for you relatively inexpensively.

What kind of assets might they be looking for?? Did you get a clue?? Or is this just because they think you undervalued your household items and possibly vehicles??

[kags1969]

Yes it was a couple of old cars and some guns that they wanted revalued. I did turn in a bunch of stuff to the attorney when i started the case. Still waiting on the call back from the attorney.

Chris

[aa06a47]

What kind of living expenses are they questioning? I thought with the means test, it was pretty cut and dry? Did they object at the 341 meeting or before?

[kags1969]

What kind of living expenses are they questioning? I thought with the means test, it was pretty cut and dry? Did they object at the 341 meeting or before?

I filed in July 05 so I was under the old law. They said they just wanted to look at my last three months bank stmts. and suggest ways that I could save money

Chris

[aa06a47]

I filed in July 05 so I was under the old law. They said they just wanted to look at my last three months bank stmts. and suggest ways that I could save money

Chris

I would have thought that there time had come and gone to object. Was there other issues with your bankruptcy causing it to drag on so long? I don't think they give a crap about your expenses, they are looking to see if your hiding some money. Just my opinion.

[Minnymouth]

Are you telling us that you filed in July 2005 and they are just NOW complaining about your plan????? Wasn't your plan approved by the Court and Trustee and haven't you been paying on it since Aug or Sept of 2005.????

Need more info


Minny

[Minnymouth]

Since WHEN does CREDITORS, get to look at your bank statements and suggest ways for you to "cut corners"?????

Where and WHAT is your attorney doing????

[aa06a47]

I agree Minny, this sounds like creditor harrassment to me. I would have thought 10 months should be way past time to object to anything.

[kags1969]

Are you telling us that you filed in July 2005 and they are just NOW complaining about your plan????? Wasn't your plan approved by the Court and Trustee and haven't you been paying on it since Aug or Sept of 2005.????

Need more info


Minny

They are just now confirming the plan and yes I have been paying since Aug 2005. It looks like the Trustee is going to disallow/reduce some of my expenses and increase my payment a few hundred dollars as well. Just saw that on Pacer, that happened after the creditor objection. I wonder if that is related.

[jane taylor]

I am not an attorney so I can't judge one's practice, but it doesn't sound as if yours is doing a good job. My advice is to stay on him/her. I don't understand why so long and exactly what they want you to cut.

[aa06a47]

They are just now confirming the plan and yes I have been paying since Aug 2005. It looks like the Trustee is going to disallow/reduce some of my expenses and increase my payment a few hundred dollars as well. Just saw that on Pacer, that happened after the creditor objection. I wonder if that is related.

I am sure it is related. Can you tell us which creditor objected to the plan? If I had a dollar to bet which I don't, I would put my money that it is Chase. I hear they hire attorneys to comb through plans and see where some fat can be cut.

I am curious as to why it has taken almost a year for a confirmation hearing if you don't mind adding this information as well.

It might help others on the forum. Thanks.

[LostOne0069]

Anyone know if chapter 13 has a section in the code like chapter 7's 707(b)(7)?

In Chapter 7 your creditor couldn't use your expenses as grounds for objection if you were under the median income.

[kags1969]

The creditor that objected to the plan just had a personal beef with me, it was not a large credit card company. He showed up to the preconfirmation hearing (according to my lawyer) and tried to argue that I had been fraudulent and undervalued assets, but had no proof.

He was a credit manager and he was trying to represent his employer. Well you have to be a lawyer to represent a corp. in Texas at least. So my Lawyer told him that would be her first objection, should it have to go before the judge. That and he might want to have proof should he take it before a judge.

Anyway, my lawyer did good. She is board specialized in personal bankruptcy, so she knew her stuff.

How long does it take once the confirmation happens before it shows up on pacer?


Chris

[Minnymouth]

I really do not understand WHY it has taken soooooo long to confirm your payment plan...... Chapter 13, RIGHT?????
Had the creditor had objections they should have been filed within 60 days after the 341 meeting.
Something tells me that this creditor does not like the amount they are receiving in the Chapter 13 plan and NOW wants to rock the boat..... by objecting.......
Let your attorney handle this and keep informed about it......
Was your payment plan confirmed after the 341??? Or has it ever been confirmed with the Court?
Keep us posted......