Well - it's official......

[last2cents]

I am now an asset case.

So for those of you that have been down that road - what happens now? Will I still get a discharge around the beginning of December? Or does this mean that discharge will be delayed? And that this nightmare will be neverending for the rest of my life?

What are the chances of my negotiaing (sp?) a buyback with my TT for whatever it is he's looking for?

[backtoschool]

I am now an asset case.

So for those of you that have been down that road - what happens now? Will I still get a discharge around the beginning of December? Or does this mean that discharge will be delayed? And that this nightmare will be neverending for the rest of my life?

What are the chances of my negotiaing (sp?) a buyback with my TT for whatever it is he's looking for?

What did the trustee have his eye on at your 341? If it is property, then your case will be open until the property is sold. If it is your tax return, then the trustee will keep the case open until you get your tax return next winter. What are the assets in question?

[last2cents]

Well, at the 341, he made a general announcement to the group that our tax refunds were his - we all (blanket statement) have to send him a copy of our 2009 returns, and then if we're getting a refund, forward the check to him.

I already know I'm not getting a refund, so that's not an issue.

I have two issues - an insolvent business.....AND.......

What I'm sure he's looking at as a preferential transfer (or fraudulent transfer)....that involves my fiancee....

Last year, a piece of real estate was purchased - with my funds providing the down payment, and his funds paying the mortgage. For the most part, our fianances are separate - except in this deal The property is titled in his name only. In hindsight, we probably should have titled in both our names - but we didn't. We got seller financing, and that transaction was simply easier with just one party being on the paperwork. The other quirk in this is that my fiancee is not in the best of health......and he was concerned that if something happened to him that I would be stuck with an extra mortgage payment.......if it was titled strictly to him, the property would be part of his estate, and would probably revert back to the note holder (original seller)....so that's why we did it that way. We always planned on adding me to the title once we sold HIS other property (and paid off THAT mortgage) and once we had gotten legally married.

I'm sure that's what the TT is looking at......my business? (which is the other thing that he could be looking at)....is worthless.....and quite frankly, at this point, I'd be flipping delighted to dump the whole thing (the business) in HIS garage and let him deal with my cranky clients.

Considering that the TT probably does not know the first thing about what I do for a living - he probably won't be interested.

However, my attorney called me this evening and stopped the hyperventialitng (jeez - I really can't spell - so much for that expensive college degree).....so I'm feeling a little bit better. He agrees that the above transaction is probably the TT's focus.......

One day at a time......

[backtoschool]

Well, at the 341, he made a general announcement to the group that our tax refunds were his - we all (blanket statement) have to send him a copy of our 2009 returns, and then if we're getting a refund, forward the check to him.

I already know I'm not getting a refund, so that's not an issue.

I have two issues - an insolvent business.....AND.......

What I'm sure he's looking at as a preferential transfer (or fraudulent transfer)....that involves my fiancee....

Last year, a piece of real estate was purchased - with my funds providing the down payment, and his funds paying the mortgage. For the most part, our fianances are separate - except in this deal The property is titled in his name only. In hindsight, we probably should have titled in both our names - but we didn't. We got seller financing, and that transaction was simply easier with just one party being on the paperwork. The other quirk in this is that my fiancee is not in the best of health......and he was concerned that if something happened to him that I would be stuck with an extra mortgage payment.......if it was titled strictly to him, the property would be part of his estate, and would probably revert back to the note holder (original seller)....so that's why we did it that way. We always planned on adding me to the title once we sold HIS other property (and paid off THAT mortgage) and once we had gotten legally married.

I'm sure that's what the TT is looking at......my business? (which is the other thing that he could be looking at)....is worthless.....and quite frankly, at this point, I'd be flipping delighted to dump the whole thing (the business) in HIS garage and let him deal with my cranky clients.

Considering that the TT probably does not know the first thing about what I do for a living - he probably won't be interested.

However, my attorney called me this evening and stopped the hyperventialitng (jeez - I really can't spell - so much for that expensive college degree).....so I'm feeling a little bit better. He agrees that the above transaction is probably the TT's focus.......

One day at a time......

Well, just the tax return alone would keep your case open as an asset case, so I would not assume anything else at this point.

The house will be a problem, since transfers to "insiders" go back two years. When did you give your fiance the money for the house?

In any case, an asset case gets discharged 60-90 days from the 341, but stays open until all property that the trustee takes is sold and the proceeds are distributed to the creditors. Discharge is what you want anyway.