Discharged!

[bethe23432]

Finally! The 60 days after 341 was up on November 21! I got hold of my lawyer last week and he said it must just be an oversight so he contacted the court and my discharge was posted on Pacer today.

It's a relief (understatement) but now all I have to worry about is the non-issue, according to my lawyer, of not having reaffirmed my vehicle. I owe about the same amount that it is worth and I haven't missed a payment or made a late payment since I bought it in July 2005. I'm waiting to hear what the bank has to say about this, I'm sure they will be contacting me now that I'm discharged. At one point a few months ago someone from the bank told me their policy is reaffirm or surrender, but my lawyer said he has never heard of them actually following through on that. All he does is bk's so he ought to know.

Here's a question for anybody who might know: My brother died in November and he left a life insurance policy to my other brother who has put in a claim for it but not received the money yet. If, theoretically, he gave me part of the money, does the BK court have any claim on it now that I'm discharged? I'm thinking that if he gives me enough I might try to negotiate a settlement with the bank on my vehicle. Does that make sense?

[SinkingFast]

Congrats on the Discharge, Bethelonia!!

About the life insurance,............. 180 days from the date you filed. If you have an inheritance or other type of windfall, like lottery winnings,.......... That becomes part of the BK Estate which the Trustee can take "for the benefit of your Creditors". Don't you love how Trustees say that??!!

Personally,......... I tend to agree with your attny about the car. If you had a ton of equity in the car, then I'd be worried they might come and take it. The Lender could stand to gain there. But in a break even situation, it would cost them more than it's worth. And remember,............ They are in the business of loaning money, not owning cars.

[bethe23432]

If I understand this correctly the proceeds from a life insurance policy to the beneficiary are not taxable and do not have to be reported. Also, a monetary gift under $11,000 is not taxable and does not have to be reported. Therefore, my brother could give me less than $11,000 and I do not have to report it as income and he does not have to report any of it anywhere, so how does the BK court find out about it? Just a theoretical question, of course.

Perhaps there is a way they would find out if I negotiated a pay-off with my bank on my vehicle loan, but who is going to report that, the bank? Why would they do that?

Just wondering, my brother hasn't offered me any money yet and maybe he won't.

[CATCHMEIFYOUCAN]

Bethelonia

I want to CONGRADULATE you, FINALLY the discharge ! Mine should be around the corner, last day of objections was yesturday and I saw nothing on usual on PACER other than the first Trustee from Ch13 filing a report that I had completed my Financial Mgmt Course back in August during my 341 meeting. I soppose I won't see anything on PACER too soon, and I haven't gotten anything out of the ordinary in the mail from the courts since my filing/341 meeting of Ch7.

I CANT WAIT to see the final words: DISCHARGED ! It's killing me! C'mon

Just a suggestion, why don't you have you brother just pay off your loan, if you are expecting money from him? That way their may not be an issue of having received "huge sum," of money after you have already been discharged - if the courts were to find out? I dunno, think the courts are too busy chasing filers after the discharge unless it was announced that lets say one were to hit the lottery for some big big big money? I thought after discharge you were pretty much allowed to keep anything that happens to you after the fact EXCEPT for like a huge windfall? Just my thouhts.

Catchmeifyoucan