Pacer now shows "potential asset case"?!?

[Ming_Ming_Duck]

Hi everyone,

Clearly I misunderstood how to read Pacer, because since one day after my 341 (on December 13), I thought our case showed that the trustee had terminated the 341 status and listed as "no asset."

However, tonight I went in to check it, because the days really are flying by, and the trustee now has the case listed as "potential asset case". Whaaaaaaaaaaaat?!?! It's 12 days before the end of the waiting period for objection.

The only thing I could possibly see her claiming as an asset is my husband's truck, and that is not because it's a true asset--but he doesn't have a bank loan on it; the loan is through his parents. He is the sole owner on the truck title, but his parents are listed as lien holders. However, our attorney had mentioned this might be an issue, as it's a hazy area, when friends or family are listed as creditors. It sure doesn't seem it could be anything else--I had $34 in my bank account, my car and homestead are exempt, and so is my 403(b).

Anyone go through this? Should I be concerned? I've sent an email to our attorney, but it will be a long, long night waiting for a reply.

TIA for your advice and experience!

[HHM]

Are you anticipating any income tax refund?

[aachudneymiles]

i was thinking tax refund aswell .. it is tax filing time.. some trustees do take tax refunds.

[Ming_Ming_Duck]

Well, probably not. The reason I say 'probably' is becase my husband owes about $7,000 for unpaid taxes from the 2002 filing (even though I got innocent spouse relief, they still claim our full joint refund). I am anticipating that our return will be larger than in years' past, because this will be the first year that we've claimed our daughter, but every last cent will go to paying off dh's debt--we haven't actually seen a refund since that ("that" being the whole time we've been married, so as a couple, we've never received a federal refund). We were hoping that now with the increased deductions with our daughter, that debt would be paid off with within a couple of years. I don't know what she thinks she would be getting; we mentioned this situation at the 341 and his tax debt is non-forgiveable.

I *think* that this special economy-boosting refund that congress approved will also go to paying dh's back taxes, right? And that we'd never see a cent of that, either, since the government would make itself a priority until that tax debt is paid.

Is she looking for state? We got about a $400 refund for 2006 taxes; we haven't calculated 2007 yet. Dh doesn't owe money to the state (anymore!) so we now get this refund. Will this hold up our whole case and prevent a discharge if she wants this "asset"?

[FreshLikeADaisy]

Ming Ming Duck , you don't mention what state you're in or the value of the truck, but if the trustee considers it an asset, and you did not use all your available exemptions when you did Schedule C, you may want to consider filing an amnded Schedule C that covers the truck *as if it were your own* with any available exemptions you may have left. Obviously, if you used all your amendments in the first go round, this is not an option.

Wait to find out what EXACTLY the trustee considers to be an asset before proceeding, obviously, don't jump the gun, but keep it in mind. Good luck!!!