Now an asset case... yay!

[backtoschool]

backtoschool, I am on my day 43 so I guess I should be expecting my report sometime soon.

I think you will see an interim report soon on pacer, and that will tell you what the assets are.

[RBisDebtFree]

If the Trustee can quash the creditors lien on the home... it's $500K or assets that you own. It would not matter what you owe on it, as your liability is discharged in the Bankruptcy. The key is whether the creditor has a valid lien. If they do not, then they are out of luck. The Trustee will either file a Motion To Determine Secured Status and Avoid Lien and/or file a Motion to Sell Free and Clear of Liens.

Makes sense!

[AngelinaCatHub]

I must say, RBisDebtFree, you are taking this quite well. We became an asset case and here is how. Our exemptions became above what was allotted by $5400. It also extended our 60 day club to 90 days. I was told to list all my stuff with numbers and such for a hearing for a sale. I was offered in the same document a compromise to purchase my stuff. It was $450 no interest for 12 months that equaled exactly $5400. Then, I got a 2004 after the Trustee hired an attorney to administer this. It was for inside payment to my god-daughter. They were going to reclaim that back and I wrote the lawyer as well as calling him and asked if I could pay that in a lump sum after six months (my retirement annuity matures) and he agreed. So after a year we got discharged finally. They collected $10500. Then I had some medicals who objected and denied. I owed IRS $27K so here is what was shared. Each person the Trustee and lawyer got about $1700 bucks plus expenses. There seems to be a statutory max they can get. The rest went to IRS (HOOORRAAAYY) and no others got a thing. It was all worth it. 'Hub

[justbroke]

justbroke, that would be to determine a secured status on the house, correct?

Yes.

Also, you mentioned something about the 2009 tax refund. Did you mean that he might include that as an asset as well? What if I chance my exemptions on a W4 in a way that I have a balance due instead of a refund on my 2009 tax return?

Your attorney and/or the Trustee should have already told you about the refund. Truthfully, your attorney may have exempted your "future 2009 refund". I just mentioned it, because an anticipated refund could make you an asset case as well.

Thanks for the info all...I am concerned about my tax refund which is mostly eitc, child tax credit and reimbursement for daycare expenses. Does anyone know if those monies are "welfare" benefits and not touched in PA bk?

See what I wrote above for how your attorney may have exempted the refund. Also, only EIC is protected from the grips of the U.S. Trustee.

[backtoschool]

Yes.

Your attorney and/or the Trustee should have already told you about the refund. Truthfully, your attorney may have exempted your "future 2009 refund". I just mentioned it, because an anticipated refund could make you an asset case as well.

I initially thought that was why I was an asset case, but my trustee did not go after my return yet. If the trustee is going after the return, my lawyer said that it will be listed in the interim report with a small or indeterminate value. From what I can tell, the interim report is not binding as to the value of the assets. It only shows what assets have been fully administered and which ones have not.

[RBisDebtFree]

Thanks for so much information everyone!

I agree, I guess it is going very smoothly for me, I hope that I will get to keep my exempt assets and (maybe my 2009 tax return refund, if any) and, of course, get my discharge. It appears that asset cases can be far worse sometimes.

Overall, I am thankful that I do not a thousand creditors hunting after me to suck out every last penny of me or sitting on a time bomb not knowing a creditor that charged off the balance will start sueing me. Being able to "give up and admit yourself" and be forgiven through bankruptcy is a great blessing!