341 is over! They took our Stimulus Money

[lrprn]

So, bankruptcy experts: How much DOES the Trustee get to keep out of this $1200 stimulus check if he takes it?

According to the Bankruptcy Law Network at http://www.************************/...-trustee-fees/, when the trustee sells an asset or takes cash:


So if your stimulus check is for $1,200, the trustee gets 25% = $300.

By the way, Ch 7 trustees get just $60/case for a non-asset case - that's it. Since 95% of Ch 7 cases filed are no-asset, it's not exactly a lucrative job for a lawyer who could be billing $350/hour. That's why so many trustees take private bk cases - they get more income that way.

[PaKettle]

According to the Bankruptcy Law Network at http://www.************************/...-trustee-fees/, when the trustee sells an asset or takes cash:
"The trustee’s commission percentage of what is sold is 25% of the first $5,000, plus 10% of any amount over $5,000, but less than $50,000, plus 5% of any amount over $50,000 and under $1,000,000, and 3% of any amount above $1,000,000."

So if your stimulus check is for $1,200, the trustee gets 25% = $300.

By the way, Ch 7 trustees get just $60/case for a non-asset case - that's it. Since 95% of Ch 7 cases filed are no-asset, it's not exactly a lucrative job for a lawyer who could be billing $350/hour. That's why so many trustees take private bk cases - they get more income that way.

Thanks for the info!

They are "cleaning up" then, with these stimulus checks at $300/pop, especially if they are doing even only 30-40 cases per week! (I imagine some Trustees in big cities see more than 100 cases a week!) Let's see, 50 x $300 = $15,000; 100 x $300 = $30,000 - PER WEEK!

And by the way, if you are a Trustee in a big city where you might be processing 40 341's a day, let's say, 3 days a week, that's:
120 x $60 = $7200/week which ain't bad scratch. I'm just guessing on the 40 a day but I'm pretty sure the Trustee we had was doing that many the day we did our's and I THINK he works 3 days a week.

Add to that all the property he may take and I'd say that ain't a bad job for doing what is basically "assembly line" law.

[sisterfunkhaus]

By the way, Ch 7 trustees get just $60/case for a non-asset case - that's it. Since 95% of Ch 7 cases filed are no-asset, it's not exactly a lucrative job for a lawyer who could be billing $350/hour.

That is their choice though. If they want to make that kind of money, they they need to work for a firm where they can do that. No one is holding a gun to their head.

[CATCHMEIFYOUCAN]

I Concur !

PAKETTLE quoted:
The point - to me - is that the Trustee has no right to this Economic Stimulus package.
I think it should be illegal for the Trustee to take it because it is NOT the intended purpose of the stimulus payment. The purpose is to put the money into the hands of consumers, not creditors.
I really think it's illegal for the Trustees to take it, UNLESS it is written into the law that created the stimulus payments, which I have not heard that it is.
I really really think an attorney should take this all the way to the Supreme Court if necessary to get it ruled that Trustees cannot take this stimulus check.
By the way, I have no vested interest, I've already been discharged and am keeping mine. I just think it's wrong for the Trustees to take something they should have no right to take.

Pure Greed ! So much for stimulating the economy !

[Critty]

How about this? Since the stimulus is technically part of the 2008 tax filing year, Does the trustee have the right to the whole amount? If I filed in April, I read that the trustee can only take 4/12ths of your next tax return (if you have one). Wouldn't this follow the same reasoning? I agree that this is "free" money and a small price to pay to wipe out my debt. The only problem is that my husband's commission job has experienced 2 bad months and we need it to keep our heads above water. We need food, clothes and a visit to the dentist, etc... Our faith, family and friends have kept us afloat but the stimulus money would sure help, lol.

[MajorMike]

I'd gladly give our stimulus to be debt free. I can't believe what I'm reading in this greedy thread. Be thankful for what you have....and not what you don't!

[Cali]

I never pretended to be an expert, but I knew they didn't get that much for C7(no asset, which is what I am filing). Thanks to lrprn for your post.

So, bankruptcy experts:
How much DOES the Trustee get to keep out of this $1200 stimulus check if he takes it?

And actually I think MOST people WILL go out and buy "stuff" with their
$1200. By "most" I mean over 50%.

As to whether that really helps our economy, I doubt it. Seems to me it's just like buying stuff on credit. Eventually that money has to be paid back, somehow. One way or the other... an increase in taxes or ???

[my4devils]

I'd gladly give our stimulus to be debt free. I can't believe what I'm reading in this greedy thread. Be thankful for what you have....and not what you don't!

Ironic- coming from someone obsessed with freebies.

[momof5]

I'd gladly give our stimulus to be debt free. I can't believe what I'm reading in this greedy thread. Be thankful for what you have....and not what you don't!

Once again you come up with some kind of rude comment. I have only been a member here for a couple of weeks and I really hate it every time I see your name in a thread because its becoming so obvious that you really enjoy insulting people.

Why are you here?
This is the chapter 7 forum.... Mr. Rich man... Shouldnt you be over in the 13 forum bragging about how much money you have? Or have those people already had enough of you?

I for one am sick and tired of your posts

[epiphany]

According to the Bankruptcy Law Network at http://www.************************/...-trustee-fees/, when the trustee sells an asset or takes cash:


So if your stimulus check is for $1,200, the trustee gets 25% = $300.

By the way, Ch 7 trustees get just $60/case for a non-asset case - that's it. Since 95% of Ch 7 cases filed are no-asset, it's not exactly a lucrative job for a lawyer who could be billing $350/hour. That's why so many trustees take private bk cases - they get more income that way.

Thanks for posting that link lrprn. It all makes sense now. Trustees are playing the odds for their bread and butter...they gotta decide rather quickly who to go after....going after the guppy with an overvalued wedding ring can cost them a bigger fish if they have to stop fishing to look for that ring in the water. I imagine that the whole stimulus thing was the best chum that some of them never expected.

I understand that trustees gotta make a living, but I do think that the architechture of the process is extremely flawed.

ep

[Cali]

Why do you let someone in a forum get to you? I learned a long time ago, not to take things personally.

Once again you come up with some kind of rude comment. I have only been a member here for a couple of weeks and I really hate it every time I see your name in a thread because its becoming so obvious that you really enjoy insulting people.

Why are you here?
This is the chapter 7 forum.... Mr. Rich man... Shouldnt you be over in the 13 forum bragging about how much money you have? Or have those people already had enough of you?

I for one am sick and tired of your posts

[momof5]

Why do you let someone in a forum get to you? I learned a long time ago, not to take things personally.

I dont take his comments personally as its apparent he is nothing but an idiot but a registered forum member should be required to RESPECT others. He has made several posts which are troll like. I can recall him even being spoken to by a moderator not that long ago. Enough is enough already.

This website has way to many members that post responses and help people based on compassion along with knowledge. The majority of people here are just regular folks with families, who through no fault of their own have had something negative in their lives that brought them to this point. They are looking for support, something which can be difficult to find in everyday lives as there are so many misconceptions about BK. But the bottom line is.... Why is he always in the chapter 7 forum insulting people? Calling this a greedy thread is no different than calling those people who REALLY wanted their stimulus greedy.





If he really feels that people in desperate situations who are disappointed that they are not allowed a little extra help that our government has offered us is greedy. Shouldn't he be posting in a forum that is NOT about supporting people in the midst of bankruptcy?

I am keeping my stimulus but my heart goes out to those that have lost it. There are just to many different types of life situations going on here that to call anyone greedy for anything is just plain ignorant.

[Cali]

Life is too short for me to be bothered by what someone posts on here.

It is sad if someone really needed the stimulus and they lose it. But if I had to give up my stimulus I would and be ok with it.
I also think that most on here aren't being greedy.

I dont take his comments personally as its apparent he is nothing but an idiot but a registered forum member should be required to RESPECT others. He has made several posts which are troll like. I can recall him even being spoken to by a moderator not that long ago. Enough is enough already.

This website has way to many members that post responses and help people based on compassion along with knowledge. The majority of people here are just regular folks with families, who through no fault of their own have had something negative in their lives that brought them to this point. They are looking for support, something which can be difficult to find in everyday lives as there are so many misconceptions about BK. But the bottom line is.... Why is he always in the chapter 7 forum insulting people? Calling this a greedy thread is no different than calling those people who REALLY wanted their stimulus greedy.





If he really feels that people in desperate situations who are disappointed that they are not allowed a little extra help that our government has offered us is greedy. Shouldn't he be posting in a forum that is NOT about supporting people in the midst of bankruptcy?

I am keeping my stimulus but my heart goes out to those that have lost it. There are just to many different types of life situations going on here that to call anyone greedy for anything is just plain ignorant.

[justplaintired]

I'd gladly give our stimulus to be debt free. I can't believe what I'm reading in this greedy thread. Be thankful for what you have....and not what you don't!

Well since we are all here because obviously we can't pay our bills anymore what is wrong with wanting to keep a gift from the government? I will use mine for things that I won't have the money for now that we don't have cc. I don't feel greedy for wanting to keep my stimulus check, I feel like that this check was not intended for creditors, but for stimulating the economy, so how can I do that if a creditor and a trustee get it? This is not a greedy thread, just people who need the money for themselves, for their families. If you have noticed most of us want to use it for things we need, not for a family vacation or a flat screen, just living stuff, therefore I wouldn't call any of us greedy, needy yes, but not greedy!

[sisterfunkhaus]

Well since we are all here because obviously we can't pay our bills anymore what is wrong with wanting to keep a gift from the government? I will use mine for things that I won't have the money for now that we don't have cc. I don't feel greedy for wanting to keep my stimulus check, I feel like that this check was not intended for creditors, but for stimulating the economy, so how can I do that if a creditor and a trustee get it? This is not a greedy thread, just people who need the money for themselves, for their families. If you have noticed most of us want to use it for things we need, not for a family vacation or a flat screen, just living stuff, therefore I wouldn't call any of us greedy, needy yes, but not greedy!

I agree. Plus, the greedy ones are the trustees. They are lawyers and most likely have plenty of $$$. Many bk fliers need the stimulus check to buy things for their family or put back for an emergency so they don't get caught in the credit trap again. I see it as them kicking us when we are down to make themselves richer. It makes me sick that they are even allowed to do this. I find it sad that people are being accused of being greedy because they want to keep money that was meant for them. The government never said anything about only certain people deserving the money (except super high income people). It is supposed to be for everyone to stimulate the economy.