Bankruptcy Administrator Notice

[AnotherBK]

Just to be sure i got this right, i was on Pacer and saw this...

As required by 11 U.S.C. 704(b)(1)(A), the Bankruptcy Administrator has reviewed the materials filed by the debtor(s). Having considered these materials in reference to the criteria set forth in 11 U.S.C. 707(b)(2)(A), and, pursuant to 11 U.S.C. 704(b)(2), the Bankruptcy Administrator has determined that (1) the debtor(s) case should NOT be presumed to be an abuse under 707(b) and (2) the product of the debtor's current monthly income, multiplied by 12, is less than the requirements specified in 704(b)(2)(A) or (B).. (Xxxxxx, Xxxxxx) (Entered: 09/14/2009).....

So basically is this just saying thiers no abuse and our income is low enough for the chapter7 ? Dont know why they cant just say that, it would take alot less typing.

[Lookadat]

Just wondering, Did you go through a 2004 examination?

[AnotherBK]

Im gonna say no because i dont even know what that is..lol

[AngelinaCat]

You are right. This is very good for you. You are one your way!

[AngelinaCat]

Just wondering, Did you go through a 2004 examination?

No, he had his 341. This is normal paperwork follow-up.

[AnotherBK]

Thank goodness, i am finally starting to breath easier now. Now keeping my fingers crossed till discharge.

[AnotherBK]

So me and DH talked lastnight and right now the only bills we have left are Home $315
Utilities $316
Truck $569
All per month...the thing is Bankruptcy is giving us the chance to start fresh. After food, gas, B-days, X-mas, kids stuff that ALWAYS seems to come up and insurance there isnt anything left. The husband has a truck thats paid for, and our neighbor whom we have know for years came over the other day and said he has to many vehicles so gave us a truck outright.
We are wondering should we surrender the truck that we still pay for? We would still have 2 trucks ( a 1979 Ford and 1993 GMC) BUT neither one will fit all of us in it at once (family of 5), but with the extra money we could save and pay cash for a car in just a couple months.
We are afraid that we may just be keeping the truck out of pride and attachment to "stuff" because its my dream truck and brand new. At the same time we are tired of being broke.
We already had our 341 hearing so is it to late? And if not will we have to go back to court if we decide not to keep it?

[AngelinaCatHub]

Pride of ownership of "stuff" helped get you into this. I think it wonderful of your neighbor to give you a vehicle. That is the way it used to be decades ago, before the year of keeping up with Jones were invented. Is the new truck equal to or better than what you have. Just to be safe, I would move no Titles or sell nothing until after your discharge. Say nothing. It would be a shame to have to surrender such a gift of love. 'Hub

[hereforinfo]

I would get rid of that $569 truck payment in a heartbeat. It's much better to have savings and security than a new truck.

[mom2three09]

I know how ya feel, I really loved my SUV too. But it had a hefty payment of $600 per mo. so I knew I had to suck it up and let it go back to Chrysler. And that's exactly what we did...dropped it off at the dealership and said our good byes lol ;) Honestly, it was hard but it was for the best. We are allowed a fresh start and that's exactly what we're going to get out of all of this stress and financial payment to our attorney!

[AnotherBK]

Yeah our neighbor really is great. One of my biggest regrets is that our kids are ages 12 and 10 yr old twins, I have NEVER been able to take them on vacation. They have never been to the beach or even six flags. I figure this way we can finally have a savings and take them places so they have some great memories.
Till we buy a used car we will have to take 2 vehicles when we go places as a family but i think it will be worth it.

But is it to late to change our minds and surrender it since we already had 341? Will we have to go back to court? We wanted to reaffirm it but the attny said we had 60 days (now 50) to change our minds.

[Calthius]

If you have signed a reaffirmation agreement you can notify the court that you have changed your mind and want the reaffirmation canceled. You have 60 days from the time the court has approved the reaffirmation agreement to change your mind.

If you haven't signed a reaffirmation agreement, when you get one don't sing it. If you decide to reaffirm it has to be done before your case is discharged.

[lifelesson]

sorry wrong thread

[lifelesson]

sorry the last post went on the wrong thread. Sorry.

[Kingxray]

Just to be sure i got this right, i was on Pacer and saw this...

As required by 11 U.S.C. 704(b)(1)(A), the Bankruptcy Administrator has reviewed the materials filed by the debtor(s). Having considered these materials in reference to the criteria set forth in 11 U.S.C. 707(b)(2)(A), and, pursuant to 11 U.S.C. 704(b)(2), the Bankruptcy Administrator has determined that (1) the debtor(s) case should NOT be presumed to be an abuse under 707(b) and (2) the product of the debtor's current monthly income, multiplied by 12, is less than the requirements specified in 704(b)(2)(A) or (B).. (Xxxxxx, Xxxxxx) (Entered: 09/14/2009).....

So basically is this just saying thiers no abuse and our income is low enough for the chapter7 ? Dont know why they cant just say that, it would take alot less typing.

Good for you! Wish that statement was entered on my case. Unfortunatley, it is just the opposite ie: "case should be presumed to be an abuse under 707"etc. Good luck. You're in good shape.