Back from 341, after making bail for BK fraud....

[want2save]

According to my attorney, the exempt assets of the chapter 7 debtor are not returned until the distribution report is filed (around closing time). In my case this is my home and my IRAS so I am unable to do anything with either until close. If I do, those exempt items become non exempt and can be taken. If you are a no asset case you are correct, it makes no difference, just administrative.

[killinstinct]

According to my attorney, the exempt assets of the chapter 7 debtor are not returned until the distribution report is filed (around closing time). In my case this is my home and my IRAS so I am unable to do anything with either until close. If I do, those exempt items become non exempt and can be taken. If you are a no asset case you are correct, it makes no difference, just administrative.

Well, we're out and we're surrendering the home. I noticed that it was checked as 'exempt' on our schedules, but I don't know. I guess we'll talk to our atty next week, but in the practical sense it appears that we're done. Our attorney said our closing may be delayed a bit with the house, but it doesn't affect the BK on our end in any way? I will ask for clarification.

[want2save]

I think you are fine. My case is different as there is still equity in the house (exempt) and the IRAS (exempt) and those belong to the BK estate until closing, then they are mine again to do with as I please.

[killinstinct]

I think you are fine. My case is different as there is still equity in the house (exempt) and the IRAS (exempt) and those belong to the BK estate until closing, then they are mine again to do with as I please.

Yeah, that makes sense. We are waaaay underwater in our house (by about $70 grand) which was one of the big reasons for BK in the first place. We were trying for short sale, but obviously that didn't happen (usually doesn't). So now apparently the TT wants to try and sell it, like I said before, good luck! Negative equity....

[debtBgone]

Glad to hear your 341 went smooth! Hopefully in a couple weeks I'll be able to report a smooth one as well.

[killinstinct]

Glad to hear your 341 went smooth! Hopefully in a couple weeks I'll be able to report a smooth one as well.

Working up to realizing I needed to file was THE WORST part for me so far, for what it's worth. I put myself through sheer hell. Since filing, it's been a downhill ride.....

Hang in there....better times ahead!

[badkarma]

GL! Thanks for the 341 story. Love to read them it helps put my mind at ease when it's my turn in the future (hoping Nov)

[killinstinct]

GL! Thanks for the 341 story. Love to read them it helps put my mind at ease when it's my turn in the future (hoping Nov)

Thanks. I really get the impression if you're honest and upfront, not 'hinky' about anything, the process is a breeze. My status as of today is "AWAITING DISCHARGE"...

[MrSmithster]

sorry, i dont like these bogus thread titles(once i see they are fake, i never read any further), just seems to be very desperate cry for attention. but thats just me

[marie]

I recognized it right away for the joke that it is, and the whole thread has been an interesting read to me...but thats just me too.. I guess thats what makes us all different and unique.

[bf2bf]

Congrats on a smooth 341 killinstinct! I was thinking about you today.

Even though I got a grilling on my 341 due to my formerly high income, I was SO relieved when it was over. It was a huge weight lifted off of me and I am glad you have yours behind you now!

backtoschool and other formerly high income earners,

I don't know if this was broached before but how did you handle your high-priced jewelry and other high-priced household items in the BK filings?

[MrJames]

our 341 is tomorrow at 3pm

my wife said our attorneys assistant called to remind us and said our attorney will not be there but she will...I guess our attorney is on vaca and that is the reason I have not been able to get ahold of her.
my wife is one of those people who over think things...even more than I do and thats scary lol
the lady who called said she was reminding us of our "first meeting of the creditors" tomorrow and my wife started freakin out "what do you mean FIRST?..I thought after this we would not have anymore court dates?!?!?!"
took a bit of doing to explain to her what they ment.
anywho...thanks for sharing your experience...Im ready to get this over with! I gotta go to work in an hour..think I may take half day off so I can come home and sleep before I have to go.

[backtoschool]

backtoschool and other formerly high income earners,

I don't know if this was broached before but how did you handle your high-priced jewelry and other high-priced household items in the BK filings?

I exempted $3,500 of my jewelry and my watch (federal exemptions). Since you can appraise them at ebay fire sale prices, that covered stuff that I had paid about $12,000-15,000 retail for some years ago. I didn't put brand names on them (thats the last thing Elmer Fudd my trustee needs to see, lol) but just labeled them (miscellaneous gold jewelry and watch). My lawyer actually told me what to to write there.

I exempted my two computers separately using part of my wildcard, and I exempted my plasma television as part of my household goods.

My clothing exemption was double the norm (I took it from wildcard) to cover my clothes, since I have a lot of designer label stuff from when I was working. I probably could have gotten away with not doubling it, but since I had the exemptions available, I did an honest assessment of what my work suits, etc would bring at a consignment shop or if I sold them on ebay.

[bf2bf]

I exempted $3,500 of my jewelry and my watch (federal exemptions). Since you can appraise them at ebay fire sale prices, that covered stuff that I had paid about $12,000-15,000 retail for some years ago. I didn't put brand names on them (thats the last thing Elmer Fudd my trustee needs to see, lol) but just labeled them (miscellaneous gold jewelry and watch). My lawyer actually told me what to to write there.

I exempted my two computers separately using part of my wildcard, and I exempted my plasma television as part of my household goods.

My clothing exemption was double the norm (I took it from wildcard) to cover my clothes, since I have a lot of designer label stuff from when I was working. I probably could have gotten away with not doubling it, but since I had the exemptions available, I did an honest assessment of what my work suits, etc would bring at a consignment shop or if I sold them on ebay.

Thanks
I find your posts very informative and your honesty refreshing.

[backtoschool]

Thanks
I find your posts very informative and your honesty refreshing.

Thanks bf2bf!

I am trying to put my answers into the archive of this forum with as much detail as possible so that high income and formerly high income chapter 7 filers can have some reference material to search on that is relevant to their situations.