Filing 7 as an asset case. Does that change �normal� bk time lines?

[FloridaFiler]

[justbroke]

My questions are: Will the 7 be kept open until balance is paid and does that change the 60 and 180 day time frames?

Yes, the case will remain open until the Trustee has "administered" the case. By administration, we mean that the Trustee has liquidated non-exempt assets, recovered property of the estate (avoided transfers), or has received all property and disbursed it to the unsecured creditors.

What you worry about, is your Discharge. Being an asset case does not affect your discharge. Your discharge will generally come 60-days after your first schedule 341 Meeting of Creditors.

You case could take a year to close, but you shouldn't worry about that part. The Discharge is the thing you actually are waiting for.

[FloridaFiler]

[justbroke]

Any idea how the TT will treat the "equity" in the car. If they want me to pay the $6K I'll have to relinquish it as I can't afford that & the monthly payment of $400.

Working with the Trustee, you make an "offer" to purchase the equity. Generally, you'd come up with an auction price, deduct reasonable expenses, and then offer the Trustee something in that neighborhood. Now, I'm making up a number, but offering 50-75% of the equity to the Trustee, usually works. Your lawyer and you would work this out.

As part of your offer, you'd suggest paying monthly (up to the one year) or do a lump sum by the end of that year. In either case, your proposal would be something that states that you agree to pay $4K to the U.S. Trustee for the $6K in non-exempt equity that you have in your personal property. That you'd pay the Trustee, $400/month for 10 months beginning 10/1/2009. Blah, blah blah. Of course, your Attorney will be much better at this than I am. S/he would understand a reasonable compromise offer to the Trustee to "buy" your equity back.

[OhioFiler]

Working with the Trustee, you make an "offer" to purchase the equity. Generally, you'd come up with an auction price, deduct reasonable expenses, and then offer the Trustee something in that neighborhood. Now, I'm making up a number, but offering 50-75% of the equity to the Trustee, usually works. Your lawyer and you would work this out.

As part of your offer, you'd suggest paying monthly (up to the one year) or do a lump sum by the end of that year. In either case, your proposal would be something that states that you agree to pay $4K to the U.S. Trustee for the $6K in non-exempt equity that you have in your personal property. That you'd pay the Trustee, $400/month for 10 months beginning 10/1/2009. Blah, blah blah. Of course, your Attorney will be much better at this than I am. S/he would understand a reasonable compromise offer to the Trustee to "buy" your equity back.

I doubt that statement is true!

[AngelinaCat]

Our experience, being an Asset case, was that we were given the opportunity to buy back our non-exempt items from the BK estate. We paid $450.00 a month to the trustee for a year to do that. He gave us a discounted price to work with. We also had to pay back an insider payment in a lump sum, which we did after the first of the year when a yearly stipend from a Trust came to us. Again, this was a discounted amount.

As to whether you will actually run the 60 days or longer will depend on your case and your district. In our case, when we were ruled an Asset case, and additional 60 days was tacked on for our creditors to object.

We filed 12/28/2007, had the 341 on 2/7/2008. Discharge should have come around April 12, but when we were ruled and Asset case, this was pushed back until June 12. When that date came and went w/o Discharge and time stretched into August, 'Hub called our BK caseworker who told us that all that was lacking was a copy of our Marriage License. (We had it as instructed at our 341, but the Trustee said he didn't need it. Well, he was wrong.) Once that was filed, the Discharge came the same day.

More than a year later, we still are not closed.

Good luck to you.

[FloridaFiler]

Thank you all for your wonderful input & support!

I'll keep you posted on how it all turns out.

FLfiler

[want2save]

Angelina Cat...did your asset case include real estate? I have a motorhome to be sold and cannot imagine it would take that long!!

[AngelinaCat]

Angelina Cat...did your asset case include real estate? I have a motorhome to be sold and cannot imagine it would take that long!!

Yes it does. The land was sold in 2001, but we retain a Life-Estate on it until we die. We are also in Florida and are living on it so it is covered by Florida's Homestead exemption. So the Trustee 'Abandoned' interest in it as being 'fully encumbered, or otherwise exempt.'

[southernbelle]

Our experience, being an Asset case, was that we were given the opportunity to buy back our non-exempt items from the BK estate.

This was the same in my case as well. I was an asset case because I couldn't exempt a state tax refund check and had non-exempt assets in my home but was given the opportunity to pay $188 per month for 5 months. My signature gives the timelines but it took over a year to finally close my case.

[DinoShark13]

Just wanted to see how they verify if you can repay the Asset total. In other words, if lets say you owe $6000 in assests to be paid back to the Trustee, but of course if you had $6000 lying around, you might not of filed in the first place. Anyway, you offer to pay back a lump sum of lets say $5000.

Does the courts or Trustee do some kind of income verification of how you came up with $5000? Do they require recent bank statements or anything like that?

[frogger]

It changed the time line for me. We filed December 8, 2009. Had a 341 in January, trustee requested a second 341 after trustee had time to look over the documentation (lots of documentation!).

No problems at either 341 meeting, but there were assets and we all knew it. Trustee requested to hire an attorney and accountant (common) to administer the bankruptcy.

Finally showed up on pacer last week documentation that within 30 days, we will have discharge.

Status on pacer? Still awaiting 341. Amusing......

[aandjw]

a little longer it seems for us...

we had our first 341 in April - 2nd in May. Trustee wanted more details on my (no real value) business. We then had a 3rd meeting in July (wife had knee surgery so we weren't available in June) - trustee asked us if we wanted to purchase an asset - we did and came to agreement on price (he takes the $$ and abandons all other assets). We signed agreement and paid him a month ago. 2 days ago - an email from the trustee's assistant that the preamble to the agreement is flawed and needs to be replaced (how we are listed). No real issue - but will that delay our discharge? to when?

Filed 2/18 - first 341 4/6 - second 341 5/26 - third 341 7/16 - asset notice 7/30 - agreement signed 8/12 - agreement updated 9/17 - discharge ?

[SunshineGal]

Do you have an attorney? If so, ask them if its too late to have an appraisal done on the cars. Our Nada values were super high, a certified appraisal was well worth the money we spent.