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Second time's the charm...

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    #1

    Second time's the charm...

    Howdy, folks.

    I initially filed Ch13 in Dec 2019. We were going along fine, then my husband lost his job over the summer.

    Right away we contacted my BK atty to contact my Trustee to allow us to temporarily stop making payments. During the 2-month payment hiatus my husband still didn't get another job so we decided to convert to Ch7.

    Our atty advised us to dismiss the Ch13 and wait a few months to file a new Ch7. The purpose for dismissal and new filing instead of conversion has to do with exempting the value of our house. We live in southern CA and home values are absolutely bananas right now. CA has the superhero of homestead exemptions so by doing it this way we could shield 100% of the equity in the house.

    We just got back from the atty office after signing all the forms. She's going to submit them today and we will be off and running! I am really really really really looking forward to getting that discharge.
    Tags: None
    #2
    I wish you the best with your Chapter 7. I myself converted from Chapter 13 to Chapter 7.

    (Thew new $300K/$600K California homestead exemption is nothing to sneeze at, especially considering the housing market there is ridiculous! However, I believe that Florida has the superhero of homestead exemptions. The Florida homestead exemption is in our State Constitution of Florida and the exemption is unlimited. That is why many sports, celebrities, and rich make their primary home in the State of Florida. I think Texas and maybe Nevada have a similar unlimited homestead exemption.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment

      #3
      Our 341 is scheduled for Feb 15. Back when I filed Ch13 my 341 was in-person at the courthouse. Our upcoming 341 will be telephonic from our home so I am happy not to have to make another trip to the courthouse.

      After filing our Trustee requested bank statements for January 2022 as well as our most recent tax filing package. Our home equity should be 100% shielded by exemption. The only question mark is one of our cars has unshielded value of approx $1800. Our attorney says this particular Trustee has a reputation for not going after low-value cars so we are keeping our fingers crossed.

      Comment

        #4
        Just got off the phone for the telephonic 341 hearing. All seemed to go smoothly

        EXCEPT

        The Trustee requested a document that our attorneys had not told us he would want (401k annual statement) and continued the hearing for 5 weeks. Damn!

        We just found the needed document online and submitted it to our attorney.

        I feel a little frustrated and hope this doesn't delay our discharge.

        Comment

          #5
          A continuation is nothing. The discharge will still come 60-days from today (your first scheduled 341 Meeting)... so long as the UST doesn't motion to dismiss for cause. I'm guessing that you filed just after the first of the year and normally the panel Trustee doesn't want/need the annual statement. But... since we're so close to the beginning of the year (end of the prior year), it's just something your Trustee wants to see to indicate your balance. I would think that the 4th quarter statement -- which you likely provided -- should have been sufficient.

          As for the 5-weeks, that's just an arbitrary time. The Trustee, once they receive and process the 401(k) annual statement, will likely inform your attorney that the meeting is "concluded" and update CM/ECF (PACER).
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

          Comment

            #6
            Hi, I am in a similar situation, Except that I have to wait 8 months to file the chapter 7 since we had previously filed one 7 years ago and there is a waiting period. My question to you is since you have equity in the house do you plan on using it and if so how would you go about doing it with bad credit. I have over 500k equity but can’t touch it since no one will give me a loan. I guess it’s called being house poor. Any suggestions welcome.

            Comment

              #7
              Hi, I am new here. Filed Chapter 13 , have 2 years left, fell behind in payments and up for dismissal in 4 weeks. Any tips on how to deal with creditors who will coming for my blood per attorney. I have a waiting period of 8 months before I can file for chapter 7 but whenwhile how do I take care of creditors. Also how can I buy a car and tap into my 500k equity after dismissal. Any info would be appreciated. Thank you

              Comment

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