Anyone had to deal with this? what are your opionions?

[FloridaGuy]

Hi all,

Without going into the whole story (yet!) I have a funky case and was looking for opinions. (not advice, just what you think... plus I need to vent)

A couple days prior to our 341, the trustee requested some documentation concerning a dividend my wife gets annually. After digging, we found out that her great aunt had left some private utility stock to her and her sister about 15 or more years ago. We didn't even realize it was there or its value. Come to find out... it has a value of about $15K.

In addition to that, the trustee questioned the value of assets placed on our schedules, auto's... and everything, and has scheduled an appraisal. I spoke to our attorney today and he said we needed to amend the petition to add in the stock.

My wife is very sentimental because her aunt didn't have much, and it must have taken her years to be able to save to get this for them. She requested and I agreed, that we would use all of our exemption to save a portion of this stock, and surrender ALL of what would normally be exempt. (which the trustee is questioning the value anyway)

My lawyer thinks the trustee may contest this, as the stock is more easily redeemed than possessions.

Anyone have any thoughts or suggestions about this?

[Bandit]

...and you live in florida(?) where exemptions suck...

that is really sad because the trustee wants that money & does not care how you got it in sentiments, the way you do.

It would be typical to question other stuff because now they know you have a pretty asset to take.

Best of Luck to you & hopefully they will let you exempt a portion of the stock.

[Cut-Up-Plastic]

My opinion is that whatever you exempt properly, as long as you do so in good faith, you are entititled to keep. The trustee could argue that you did not exercise good faith, however, in neglecting to schedule this asset, when you knew you were receiving the dividends. I would like to hear how it turns out!

[FloridaGuy]

Our trustee is known for beeing tough. As mentioned we really didn't know about the asset. The trustee questioned a 1099 on our tax return, but found no additional info. It took us a couple days, contact with family members, who to contact, etc. before we could even get the details the trustee wanted.

During our 341 she had already questioned the values of our property on the petition, and said she was going to schedule an appraisal of property... Then asked about the details we found out on the stock.

I spent a couple days getting researching personal property values, and did just what all the attorneys (We talked with three prior to the one we used)and everyone here says. We used ebay, craigs list, thrift stores, etc. One of the lawyers actually said "Do you really think it's worth that much?, I'd say it's less."

Oh well... it's all water under the bridge now. What happens, happens. My wife is already very upset as this whole thing was due to my failed business. Now she finds out she has something her aunt left her, and chances are it will get taken away. All we wanted was one car, and a computer... everything else didn't really matter. Now we'll give that up too, if we can switch the exemptions around.