Freaking out here....Ch7 filed yesterday...

[roozterdvx]

We met with our lawyer yesterday to go over everything and sign the petition. The meeting went well, we are over median by about $5k but our expenses and bills put us negative. The only thing which pushed us over the median was a year end company performance bonus, (closed up a bunch of contracts stemming from the previous year). He didn't ask, and I didn't think about it until today...our company is really slow, (like soooo many others), and has had some lay-off already with possibly more to come. The company is considering pay cuts across the board by a set percentage and has told us the budget, (as it stands), will not support any bonuses this year. Bonuses are not guaranteed nor assume as part of our salary.

Can I argue this point with the trustee if needed?

We are presumming that we'll be considered an asset case. We are above our exemptions by approx. $4500 and will probably have to pay that back to the trustee, or relinquish an asset. We have a vacant, unimproved property which is currently valued at approx. $3500 which we could let go and pay the difference or depending on a payment schedule, pay the $4500. We'd like to be able to keep the property because the lot is more than likely going to increase in value someday.

He told us he'd be filing electronically and the 341 meeting with the trustee should occur in about 30-40 days.
He told us to continue to save all reciepts, pay stubs/reports, any correspondence from creditors/collectors, bank statements, etc., and told us that if the trustee requires anything, to sent it as soon as possible to the trustee and copies to him.
All in all, he has been quite pleasant, although his ASSisstant is rather *****y.

Anyway, we were freaked out in the beginning. After retaining the attny, things got easier and we had our minds at ease that everything would turn out alright.
Now that we've signed and filed...I'm all freaked out again about the trustee!
Couldn't sleep last night. Don't have much of an appetite. Can't sit still.
I'm a nervous wreck right now!
I just don't know what to expect from the trustee...with our luck, we're going to end up with a hard-ass. I think I'll have a nervous break-down if we get pushed into a ch13...we're losing our home and have already lost our dignity and we realy need a clean start in our lives.

Sorry for the long post...I just need to get things off my chest and I'm hoping for some positive replies to keep me sane. Words of encouragement are always welcome, but opinions and experiences needed please.

[momxx5]

If it makes you feel any better you have found a great place...this forum.

The forum provides great information and helpful tips.

Also, it may make you feel a bit better, you are not alone.
We are all hear together, some coming from different backgrounds but we are now here.
We have retained an atty and I am currently getting the rest of our paperwork together.

While we were coming to the realization that BK was inevitable due to DH's drastic pay cuts we ran through every possible emotions.
DH lost his job yesterday so now we know that we are not on the fence and are happy to have the relief of BK. We are glad that we started the wheels of BK in motion because if we had to face unemployment and then start looking into BK I think we'd definately had a nervous breakdown.

As I am getting all the paperwork together I cannot wait until this chapter is behind us.

As far as your land, I really hope you can keep it.

Keep us posted.

[AngelinaCatHub]

Rooz: Your feelings are normal. The hard part is not knowing the future. We have all been there. Relax, a Trustee is a human being also and has no ax to grind with any individual. He/She won't know you from the other dozen sitting in the room. The 341 is your next step. Get your courses out of the way and get the certificates to your lawyer. If by then you are an asset case, the Trustee will wish to sell non exempt stuff. They don't usually do this before asking if you wish to purchase them first. We were $5400 over. The Trustee allowed us to pay for our own stuff at a reduced rate and in 12 payments of $450 no interest. Now we wait for our close. Everything will go fine for you, just be totaly honest. Fraud is the only thing the Court does not tolarate. 'Hub

[roozterdvx]

We did our pre-filing counseling through http://personalfinanceeducation.com/
It cost $30 for both of us together. We plan to use them again for post-filing counseling, $25 for both of us.

When do we have to take the post counseling course?

Do you get to choose which non-exempt items the trustee sells?
Also, if the trustee takes something to sell and it sells for a lower price than the value you put on it, does the trustee keep taking things and selling until making up the overage, approx. $4500 in our case?

Hard to explain but...

We have a truck, boat, and vacant land for assets above exempted amounts.
The truck and boat both come in at values higher than $4500 each.
The lot is currently valued at $3000-$4000, (we listed it's value at $3500 on our petition).

If we agree to give up the lot and it sells for $2500 at auction, are we still responsible for the remaining $2000 from the $4500 overage? Or, is our overage recalculated to reflect the lower value of the lot?
And still, does the trustee take something else to make up the difference?
Or, can we pay the difference?

Like I said, I'm freaking out over here!
I'm afraid to discuss this with my wife...hoping she isn't as stressed out as I am and I don't want to induce any more stress than she's already endured. (She saw our BK coming long before I did, (she handles the normal finances), and then I went through a state of denial, which I know, added to her stress)

I'm rambling again....