Ch 7 Presumption finding....

[Soonerfan]

Yes the refund is quite high but with a $24K lump sum bonus paid in early March of the year (2008) the taxable rate for withholding is maxed even after a 15% 401K deduction from it. Its pretty hard to add enough dependents to a W-4 to overcome that amount of tax. This year's (2008) return had additional medical expenses of $30K so we got a big refund.

The $1,500 was used to pay predicted taxes for my wife's business for 2009. It is what we owed for 2008 for her and the accountant deemed it sufficient to avoid a penalty for non-payment of quarterly taxes. We never had to pay quarterly taxes for her in the past because I always had enough deducted from my pay to cover for her yearly obligations.

We had always used the tax refunds in the past to pay tuition for my two girls school.... Guess I better hustle to line up a job if I want them to stay at that school.

[Soonerfan]

OK so now this document has been posted in ECF/PACER and I think it basically says this:

ORDER IN NO ASSET CASE
In reliance upon the Trustee's Report of No Distribution, the Court finds that the property of
the estate, if any, should be abandoned and that secured creditors with nonavoidable, perfected
security interests in any such property should be granted limited relief from the automatic stay as
more specifically set forth hereinafter.
THEREFORE, it is ORDERED that the scheduled property of the estate, if any, shall be, and
hereby is, abandoned; and it is
FURTHER ORDERED that secured creditors with nonavoidable, perfected security interests
in any such property shall be, and hereby are, granted limited relief from the automatic stay to
pursue their valid claims against such property in accordance with applicable law; and it is
FINALLY ORDERED that the Trustee is hereby discharged of his/her trust in the
above−captioned case.
THE AUTOMATIC STAY REMAINS IN FULL FORCE AND EFFECT EXCEPT AS
SPECIFICALLY SET FORTH HEREINABOVE.
Dated: April 17, 2009


What do I need to look for next and what is the significance of this letter? Is it simply to put the Automatic Stay back in place?

The Recipients Submitted to the BNC (Bankruptcy Noticing Center) include my wife and I as well as a company called Recovery Management Systems Corporation in Miami.

The Recipients of Notice include the panel trustee, our attorney and an additional law firm who is based here in Indiana locally. I think Homecomings Finance, the 2nd mortgage holder likely employed them in case of a foreclosure or if we decided to give our house back to the 1st mortgage holder. We do not intend to do that.

Is there any likelyhood that there may be problems from either Recovery Management or the other attorney who received notice in addition to ours?

When do we have to reaffirm with Toyota Motors Finance on our car? Is it before discharge or close?

Also if the US Trustee sends a letter to IRS to flag our 2008 refund will that document show up in PACER?

Thanks All.

[lrprn]

What do I need to look for next and what is the significance of this letter? Is it simply to put the Automatic Stay back in place?

Your local trustee has declared you a no asset case - that's a very good thing! It means your local trustee agrees you can be discharged. However, unless there is something on PACER from the US Trustee stating basically the same thing, you aren't done yet.

Is there any likelyhood that there may be problems from either Recovery Management or the other attorney who received notice in addition to ours?

Not likely. It's common for some creditors to ask the court to be notified if there are updates about your case - that sounds like all this is. Ask your lawyer to be certain.

When do we have to reaffirm with Toyota Motors Finance on our car? Is it before discharge or close?

If you are going to reaffirm your car loan, then it needs to be done before discharge. Have you discussed doing this with your lawyer? Does your lawyer agree reaffirming your car loan is the right thing to do in your situation?

Also if the US Trustee sends a letter to IRS to flag our 2008 refund will that document show up in PACER?

Any action related to your bk that's filed with the court shows up in PACER.