Need some help had 341 today & problems came up

[bkmaggster]

hmmmm....I filed solo. My attorney said I only had to list community, and my property. Not anything titled in another's name.

So your attorney said you had to list community property. In WA, the car is community property, right?

[MrSmithster]

why would IRS payments be credited toward car exemptions? must be over my head

[Chowder]

So your attorney said you had to list community property. In WA, the car is community property, right?

I actually had spoken to him today on that very subject.

He said if the car was not titled to me, or me and another, I did not have to list it.
I pushed this, because it didn't sound right to me either.

We'll find out soon enough, 341 is next Tue.

[253BK]

why would IRS payments be credited toward car exemptions? must be over my head

from what my attorney said it is becuase there is 20K in exemptions and we had paid 23K to the IRS through our chp 13

When you file chp 7 you creditors have to get the same amount of money you have in equity in your home or cars they said we had 37K in equity in our cars so we had to pay unsecured creditors at least about 18K

with that paid and the exemptions we should be ok to keep our cars

[eddiep]

Dont forget to add in the car exemption of 2500 for one 5000 for two cars

[MrSmithster]

"i see" said the blind man, as he picked up his hammer and saw...knew it was over my head, what with converting and house and taxes. good luck at your 341.

[Rick9972]

"i see" said the blind man, as he picked up his hammer and saw...knew it was over my head, what with converting and house and taxes. good luck at your 341.

LOL, let me take a stab at this and see if I understand correctly and explain it correctly.

The OP has been paying on a unconfirmed Chapter 13 plan, to the tune of 5500 per month. As the plan was unconfirmed the payments have been collecting in the trustee's account with no dispersements going out.

The OP is now converting to a 7 and the trustee is theotrically returning this money to him. Of course he will never see a penny of it, because the IRS will always jump in and get their money. But on paper he has x amount of equity in the cars minus 20000 in exemptions minus the 23000 he is "going to pay" to buy out the equity in the cars.

[253BK]

Well said! We paid in 23880$ and just got a check back for 3100$ yesterday so with the money they took out of the 23880 we paid plus exemptions I think we are in the clear!

For some reason our Trustee didnt think so but he is know as one of the TUFF trustee's to get around here and just my luck we got him! So I guess we wait it out lol

Thanks for the input everyone

[MrSmithster]

now i get it, i didnt understand that the tt had the money still, i was thinking the IRS was getting it directly. thanks for the clairity

[253BK]

Sounds like we are all right my attorney emailed me today and said we are in the clear to keep the cars with the exemptions we have and cash paid to the IRS

The bad news is since we converted and had to amend our chp 13 case once with all other fees we owed him 1776$ out of a refund check we got from the chp 13 trustee nothing like getting 1200 out of 3000 bucks you had coming in...

I guess anythings better than nothing specially when laid off

[253BK]

So today I get a call from my attorney and he says well Mr HITT my trustee now wants 10,000 or your wifes car in order to cover the equity he feels we still have even after paying all that money into to our chap 13 and paying off the IRS plus exemptions

Now our cars come up to 37K we paid 24K into the chp 13 and I swear I seen a exemption of 10250 for cars if your homestead wasnt used am I wrong???

So now my options are take a loan out with the trustee's permission of 10K at freakin 24% and 355$ per month for 54 months OR borrow 10K from friends which is way harder than it sounds these days!

Any ideas???

[whipster1]

Give 'em the car, get another later.

[253BK]

I am taking a loan out with the trustees permission on my truck to pay him off and get this closed to bad its 25% intrest but I should be able to pay it off in 6 months so not to bad! the trustee can really be a pain in the butt that is for sure!!! Good luck anyone filing in WA state chp 7

[bkmaggster]

So today I get a call from my attorney and he says well Mr XXXX my trustee now wants 10,000 or your wifes car in order to cover the equity he feels we still have even after paying all that money into to our chap 13 and paying off the IRS plus exemptions

Now our cars come up to 37K we paid 24K into the chp 13 and I swear I seen a exemption of 10250 for cars if your homestead wasnt used am I wrong???

So now my options are take a loan out with the trustee's permission of 10K at freakin 24% and 355$ per month for 54 months OR borrow 10K from friends which is way harder than it sounds these days!

Any ideas???

I think you need to edit out the trustee's name per forum rules. I'm starting to think all the WA trustees are tough. Mine still hasn't filed a report of no distribution yet - 28 days after the 341. Oh well.

[253BK]

I cant seem to figure out how to edit... Help anyone I didnt know I even put his name in there