Received an asset letter from the Trustee today

[southernbelle]

I guess this means I'm an asset case, but it doesn't seem as bad as I originally thought. I received a letter from the Trustee today which includes an Estate Receivable Summary Report and it groups like items (like business equip/household electronics/jewlery) and lists a sale price to pay her for the items if I would like to keep them. At the top of the report is a schedule which lists the total amount and a 3 month payment breakdown if I want to pay to keep everything. The good part about it, is that the letter also says that I can suggest another payment schedule through my atty if I can't meet the one suggested in this letter which sounds like I can ask for more time if I need it (but I doubt it's guaranteed).

The total amount of everything (which includes my tv's, dvd players and other household stuff that wasn't covered by exemptions as well as the business equipment) is $4354.60 which I think is a little high, but the business stuff is $3400 alone. The 3 monthly payments are $1451.52, yeah right. She's gonna have to work a little harder than that to get the cash value of that stuff.

I welcome her to try to get $3400 for that stuff. At best, I think she'll get about a grand, but that's up to her to try. I think I'll keep everything except the business equipment, but will ask if I can break out the value of the mixer separately. If she doesn't go for it, she can have that too.

I guess I should be depressed because I'm an asset case, but I'm really not. This Trustee seems to be processing everything quickly so, hopefully when I meet with my atty. tomorrow, I can resolve the issues of what to keep and what to turn over so that I can be done with this part of it. I'll be glad not to pay a monthly rental storage fee anymore. I'm glad to at least see some progress, but nothing negative on PACER yet, so I'm hopeful.

[CindyLou]

Why weren't your personal belongings exempted?

[vernors]

We filed BK 7 in FL Middle District. We have not been declared asset yet, but we had about 7k in non-exempt assets including a vehicle. He told us to make an offer through our attorney. And I am not sure if it is different trustee to trustee or state to state, but he told us that we can only make an offer on all the assets. There was no splitting them up and making offers for certain pieces. I am not sure if it will be the same for you. Anyway, we offered 2k within a week after our 341 in early March. It was basically what we could afford, but probably not that much less than he could get if he sold the stuff.(I thought the NADA and Kelly values for our 10 year old car w/ 150k miles were way too high. That was most of it) We described the issues with the car at the 341, an how we thought it was overvalued. And from some of the posts I have seen trustees dont seem very interested in older higher mileage cars. We have had no response, so I am not sure how it will turn out. With all of the BKs being filed, I am hoping that our case may not be worth the time for the time for him. You never know, if you offered a third of the value, he might take it or might not or may at some point figure your case is not worth it. When they send a letter like that, they may really be hoping that people will agree to pay the whole amount. If not, they might figure it is not worth the time. I dont know.

[FreshLikeADaisy]

Ah man, that bites. Guess I spoke too soon about that mixer, eh? But all in all, it doesn't seem too bad if you can offload the business equipment. Good luck!!!

[southernbelle]

Why weren't your personal belongings exempted?

Actually (because my state has limited exemptions and kinda stinks) I exempted the basics. Sofas, pots, pans, washer dryer, etc. stuff like that. In fact, because I guess my district perceives everything that's not a basic living item to be a luxury item they are listed in a different place on my atty. forms which makes it easier to break them out.

My atty. did warn me in advance that the Trustee could go after those items, but I guess it depended on the Trustee and because I got the one that is the most thorough, that's just my luck.

And vernors, yes I think it varies by District when it comes to paying for assets because the entire list has different blocks with the items listed then the value on the side of it. The Trustee took the values I submitted to her, which is why it is important not to over value this stuff. The items are broken out according to the type item, which makes it seem like the total cost of everything I want to keep easier to decipher. The form my atty gave me seems to correspond with that because it has an item on it that says:

The following item numbers I understand and I am willing to pay for:
Item#_____$ _____$ _____$ _____$ _____$ _____$ _____$

I'm not taking anything for granted and I'm sure everything we suggest must be approved by the Trustee and at the 341 she seemed personable, but she might not want me picking over assets either. Hope I can keep the mixer, I'll keep you guys posted.